ARAX Holdings Corp, a prominent name in the digital asset management world, announced on Dec. 5 that it has acquired a partial stake in The Nemesis, an innovative open-world metaverse platform.
Ockert Loubser, COO of ARAX, said:
“This acquisition is not just an investment; it’s a commitment to shaping the future of how we interact in the digital world.”
ARAX disclosed that it has acquired a 20% stake in The Nemesis, adding that it has the option to acquire an additional 11% stake in the company.
As part of the deal, The Nemesis will deploy on Core Blockchain, a platform from ARAX’s recently acquired subsidiary Core Business Holdings. ARAX separately announced the deployment of the native Core Token in November.
The current deal will also involve CorePass, the official wallet for Core Coin and Core Token. As part of the agreement, ARAX will work with The Nemesis to develop connectors to CorePass using a Unity SDK.
ARAX additionally noted that the strategic partnership will extend ARAX’s digital asset and management capabilities through the Core Business Holdings Ecosystem by increasing demand for Core Token and Core Coin.
The company further added that the deal will help it engage with customers. ARAX described possible developments related to fintech, healthcare, and services industry solutions as well as industrial solutions.
What Is The Nemesis?
The Nemesis is a metaverse platform that uses an Ethereum-based token called NEMS for payments and as an in-game reward token. The Nemesis additionally uses non-fungible tokens (NFTs) to represent ownership of virtual land claims, collectible companion characters, and in-game cars.
According to ARAX’s announcement, the metaverse sector has attracted approximately 400 million monthly active users. It added that, by the mid-2030s, the metaverse could have an economic impact of €489 billion in the EU and $760 billion in the U.S. based on external statistics.