ARAX Holdings Corp, a prominent name in the world of digital asset management, announced on December 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 revealed 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 be deployed on Core Blockchain, a platform of Core Business Holdings, a recently acquired subsidiary of ARAX. 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 further noted that the strategic partnership would expand ARAX’s digital asset and management capabilities across the Core Business Holdings ecosystem by increasing demand for Core Token and Core Coin.
The company further added that the deal would help it engage with customers. ARAX outlined possible developments related to solutions in the fintech, healthcare and services sectors as well as industrial solutions.
What is Nemesis?
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 territorial claims, Collectible companion characters and in-game cars.
According to ARAX’s announcement, the metaverse industry has attracted approximately 400 million monthly active users. He adds that by the mid-2030s, the metaverse could have an economic impact of €489 billion in the EU and $760 billion in the US, based on external statistics.