Nemesis welcomes ARAX Holdings as they acquire a significant 20% stake
ARAX Holdings Corp, a prominent player in the field of digital asset management, has recently made a significant move by acquiring a 20% stake in The Nemesis, a dynamic open-world metaverse platform.
This acquisition, which was announced on December 5th, also includes an option for ARAX to acquire an additional 11% stake in the future.
Ockert Loubser, the Chief Operating Officer of ARAX, highlighted the importance of this acquisition, stating that it represents a crucial step towards redefining interactions within the digital realm.
The Nemesis operates on an Ethereum-based token system, utilizing NEMS for transactions and as in-game rewards. The metaverse platform also incorporates non-fungible tokens (NFTs) to represent various virtual assets, such as land, companion characters, and vehicles.
In a strategic move, The Nemesis will be deployed on Core Blockchain, a platform owned by Core Business Holdings, a subsidiary recently acquired by ARAX. In November, the asset manager announced the deployment of the native Core Token.
As part of the deal, CorePass, the designated wallet for Core Coin and Core Token, will also be involved. ARAX intends to collaborate with The Nemesis to develop connectors for CorePass using a Unity SDK, thus enhancing the utility and reach of their digital assets.
ARAX’s strategic partnership with The Nemesis is expected to strengthen its digital asset management capabilities within the Core Business Holdings Ecosystem. This is anticipated to drive the demand for Core Token and Core Coin, while also allowing ARAX to explore new customer engagement opportunities in various sectors, including fintech, healthcare, and industrial solutions.
Underlining the growing importance of the metaverse, ARAX highlighted statistics showing that there are approximately 400 million monthly active users in this sector. Furthermore, it projected 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.
This development aligns with the European Union’s strategy to become a leader in virtual world development, as reported by crypto.news in November. The EU aims to strengthen its businesses and reduce reliance on non-EU technological resources, with the European Commission advocating for new standards and global governance in the metaverse.
