WAX is a decentralized platform that allows gamers to trade virtual assets such as skins, digital items and more with other players. It has been in development for several years now and is finally nearing completion.
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WAX is a cryptocurrency that has been around for quite some time. It was created by the team behind OPSkins, which is known to be one of the most successful marketplaces for trading virtual items. Read more in detail here: wax wallet.
Although recent events may have aided the video game industry’s development, it cannot be disputed that the video game business has experienced a tremendous boom in growth over the last decade or so. The yearly sales of products inside such virtual worlds have peaked at a staggering $100 billion in the gaming business, which begs the question: what’s next? Our WAX review is here to go further into the so-called “King of NFTs.”
WAX seeks to rewrite the books on digitalized commodities, what they are, where we may exchange them, and how we can bring the value of what is otherwise a collection of 1s and 0s dressed up in glittering clothes out into the real world. There are some who continue to wax poetic (pun intended) about the value of tokenized products, and if you read along with our WAX review, you may find a whole new universe we haven’t yet discovered.
Non-fungible tokens, or NFTs, are rapidly gaining traction as a new method to exchange things on the internet by tokenizing them on a specialized blockchain network backed by reliable and secure cryptocurrencies. It has been marketed as a means for us to produce, buy, sell, and exchange anything online while maintaining a high level of authenticity and value. Everything from video games, films, music, books, and artwork, as well as the little items in between, may be tokenized using WAX’s vast decentralized network. Continue reading to find out what the future holds.
What Exactly Is WAX?
Worldwide Asset eXchange is abbreviated as WAX. It’s a decentralized blockchain platform that’s intended to be an open, transparent, fair, immutable, trustworthy, and widely accessible marketplace for exchanging virtual commodities, and it’s tokenized as an NFT. These things may include everything from video game accessories to collectable memorabilia and rare trade cards. Traditional markets are often concentrated inside a controlled environment. A storefront inside a video game, for example, may only be accessible from within the game and is managed by a third party.
It makes it more difficult to get access and restricts what you may trade, as well as making you more vulnerable to forgeries and frauds, as well as paying manipulated and inflated costs. Furthermore, digital products produced in the conventional sense do not have any real-world worth. This is where the strength of NFTs, as well as markets like those driven by WAX, comes into play. Digital products are verified and authorized utilizing WAX’s decentralized network’s blockchain, and a wide range of commodities may be traded smoothly.
WAX has been aggressive in contacting new markets and customers to cooperate to introduce innovative NFTs to its system as one of the most popular NFT exchanges. We’ve seen whole collections sell out in minutes on WAX, distributing hundreds of thousands of one-of-a-kind products tokenized by the platform’s own WAXP coin. We’ve seen how collectors and avid fans have exchanged NFT products for thousands of dollars apiece on its secondary markets — in other words, marketplaces for second-hand goods.
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What Can WAX Be Used For?
You may simply create, purchase, sell, and trade different kinds of tokenized digital assets, or NFTs, using WAX’s blockchain. Weapons, armor, vehicles, properties, character skins, clothes, power-ups, bonuses, accomplishments, and anything else that might be used or cherished were among the first things to be traded on WAX. Trading and playing cards, unique goods, collectable artworks and posters, and other items have helped them expand outside the growing game business.
WAX has seen rapid growth in recent months, as its blockchain platform continues to draw big brands and personalities to join its markets, enabling them to engage with their fans via a new medium. The following are some of their most recent collaborations:
William Shatner — A renowned and iconic Hollywood figure with a 60-year career in show business, best known for his role as Captain Kirk in Star Trek. His personal mementos were tokenized as a huge collection of NFT trading cards, which sold 10,000 packs including 125,000 photos commemorating important and memorable events in his life in only 9 minutes!
Topps is a brand of trading cards. They’re one of the most well-known trading card companies in the world, and their accomplishments with NFTs are as impressive. The Garbage Pail Kids (GPK) franchise’s inaugural auction of NFTs on WAX’s blockchain sold out in only 28 hours. Even more impressive, in only 67 minutes, it sold 20,000 packs containing 240,000 personalized cards from the GPK Goes Exotic series, totaling $204,800.
Deadmau5 – Deadmau5 – Deadmau5 – Dead Deadmau5’s new RAREZ brand will be released as part of a new partnership with WAX. Another push towards blockchain use from the music business is a series of collectable goods on WAX worth an estimated $100,000 for over 6,000 distinct NFT packets.
Atari is a video game company. Atari, the famous and legendary creator of classic video games from the past, is collaborating with WAX to offer digital pop-culture artwork inspired by their iconic box art from the golden era of classic video games 40 years ago. Cover art that has been brought to life with 3D graphics and animated renderings in a beautiful and creative manner allows you to relive that experience.
Street Fighter — Following a new cooperation between WAX and Capcom, the famous Street Fighter world and its recognizable characters will make their way to the blockchain. Rare collectable trade cards are available, as well as a novel new crafting mechanism that enables you to mix similar cards to create a more powerful and unique card.
Despite WAX’s efforts to extend and lure its NFT markets into more popular audiences via partnerships and collaborations, a slew of new initiatives have come aboard on their own, attracted by the platform’s ease-of-use and large userbase. Another list we discovered for our WAX evaluation is as follows:
Bitcoin’s Beginnings – A global cooperation of artists has produced a continuous collection of unique and valuable artwork to commemorate Bitcoin’s history and numerous accomplishments mentioned on WAX. Through unique cards, containing clues to join a treasure hunt for 1 Bitcoin, you may own a piece of history to commemorate Bitcoin’s ongoing growth and success.
Art that Uplifts – Uplift Art, a humanitarian organization, has released a new line of entertainment cards that include original artwork and music on WAX. Their main aim is to assist generate money for charity activities, and they recently raised over $20,000 for a school in Haiti by selling 486,664 tokens.
Kogs is a POGs-style game from the 1990s that utilizes WAX-minted tokens as a playable object. You may purchase, sell, trade, and accumulate KOGs tokens, or you can use them to compete against other players in online tournaments using KOGs-powered games. Within its virtual environment, you can also spend its NFTs to unlock unique features and functionalities in other RFOX-powered games.
Blockchain Heroes is a collectable trading card set with 40 original characters based on key people in the blockchain sector, divided into nine different rarities. To commemorate blockchain, they feature fully animated characters, 3D visuals, collectable artifacts, and more, all of which are only accessible on WAX.
The Background of WAX.
William E. Quigley, Jonathan Yantis, and John Brechisci Jr. created WAX in 2017. They’re also renowned for creating the notorious OPSkins, the world’s biggest online marketplace for trading in-game items. It used to support popular games including Counter-Strike: Global Offensive (CSGO), Player Unknown Battlegrounds (PUBG), and King of the Kill (KotK). WAX, on the other hand, has a considerably longer history, with its founders having amassed 20 years of expertise in the early days of e-commerce and other online marketplaces.
Two token sales for WAX’s native WAXP coin were conducted. The first, in October 2017, raised $45.5 million by selling 520 million WAXP tokens in two rounds to institutional investors and chosen public participants. A public ICO was conducted later in November 2017 to sell 136.9 million WAXP tokens to the general public, generating additional $9.6 million towards the WAX blockchain’s ongoing development.
Have there been any changes or updates to WAX?
WAX was originally built on the Ethereum blockchain, however it was subsequently ported to EOS in a modified form. As a result, after the main-net launch, the original ERC-20 WAXP tokens were swapped for a new standard. WAX, on the other hand, is constantly adding new “bridges” to better support cross-chain compatibility and interoperability with the Ethereum blockchain, ensuring that developers can easily migrate to WAX while maintaining seamless access to both chains’ ecosystems, such as working with ERC-721 and ERC-1155 NFTs.
This is the biggest network update to come from the WAX blockchain at the time of writing this WAX review; a new DeFi-inspired “tokenomic” model to create a hybrid inter-blockchain, connecting WAX’s NFT tokenization functionality and versatile marketplaces, and combined with Ethereum’s superior monetary abilities and scale. The aim is for WAX network members to profit from more efficient use of and optimization of their core operations for both WAX and Ethereum.
In other words, WAX will power the consumer-facing marketplace, while Ethereum will handle the more sophisticated economic elements of operating the WAX blockchain. Users on both chains have reaped the advantages. Users will be able to accumulate Ethereum-based NFTs – such as those tokenized with the ERC-721 and ERC-1155 utility coins – and trade them on WAX without paying gas costs. Network fees are transferred to the WAX community in the meanwhile.
This project aims to create WAX one of the first public blockchains to adopt a 4th-generation economic model, in which the value of a token is directly tied to economic activity across many interconnected blockchains, each chosen for its optimum performance and usability. For our WAX study, here’s a thorough look at some of the new components for this new inter-blockchain tokenomic model:
WAXP to Ethereum Bridge — By burning their WAXP tokens, WAXP holders will be able to convert their holdings to WAXE.
WAXE is a new ERC-20 utility token that allows users to participate in the new WAX tokenomics by depositing both WAXE and ETH into a WAXE-ETH liquidity pool.
WAXE-ETH Liquidity Pool — A liquidity pool for the WAXE-ETH trading pair, with depositors earning WAXE-ETH Liquidity Pool tokens.
WAXE-ETH Liquidity Pool Token — An ERC-20 token that may be staked into the WAX Economic Activity Pool in order to earn WAXG and ETH.
WAXG — A new ER-20 governance token that can be used to vote on network governance or burned to obtain additional ETH from the Piggybank Pool.
The WAX Economic Activity Pool is an Ethereum smart contract that will manage two pools:
The WAX Distribution Pool was created to store wealth generated by the WAX blockchain. Fees produced on the WAX blockchain will be converted to ETH and paid to holders of WAXE-ETH, who may then stake them in the WAX Economic Activity Pool.
Piggybank Pool — Created to collect wealth generated from the WAX blockchain indefinitely. WAXG token holders who choose to burn their tokens in the WAX Economic Activity Pool will earn a portion of the ETH-denominated value in the Piggybank Pool.
For Whom Is WAX Intended?
WAX is for everyone who wants to consume and accumulate virtual products, as well as producers who want to develop something with a monetary worth. WAX provides not just a large platform with markets to easily trade these assets, but also decentralized apps (dAPPs) that are strong enough to allow you to create your own NFTs.
WAX’s blockchain guarantees that you may trade them in locations that are widely accessible, transparent, and maintain verified authenticity, as well as on a decentralized network that spans the globe – not only inside the traditional limits of restricting shops within one environment or another.
More than 320,000 active users are using WAX at the time of writing this WAX review article, with over 300,000 average daily transactions. They’ve exchanged over 100 million distinct NFT products, with more than 50 million of them produced entirely on WAX, for a total value of more than $50 million. This demonstrates WAX’s development potential, as well as the rapidly growing market for NFTs and their broad variety of applications.
Gamers may trade goods to improve their in-game experiences, such as rare and powerful weapons in shooters, unique armor in a medieval role-playing game, or larger turbos for your racing vehicle. Trading cards may be bought and sold, with the goal of accumulating a large collection to compete with friends or for bragging rights.
To commemorate the event, fans may gather mementos such as stickers and posters from their favorite bands. You might produce your own limited-edition masterpieces for collectors, similar to a Picasso or Da Vinci painting, but with the additional benefits of digitization, such as animated or 3D art.
A summary of WAX’s features.
From a user’s perspective, the WAX Cloud Wallet, or WCW, is the primary interface for utilizing WAX. You can see all of the NFTs in your inventory right here. WCW includes a feature that enables players to receive NFT creators’ prizes or unique drops. You may also explore the numerous decentralized apps (dAPPs) developed on WAX that power its vast network of marketplaces – whether via primary or secondary products markets – using the WCW application.
One of WAX’s greatest advantages is how simple it is to get started with WCW. You may create a new account using a “two-click” registration procedure or log in with one of the numerous sign-in methods available, such as your Facebook, Google, Steam, Twitter, Discord, Reddit, Twitch, Line, and other accounts. This feature makes using WAX much simpler than using other decentralized blockchain systems, including account recovery.
This has long been the primary roadblock to widespread adoption of blockchain services, since it often requires complex and dangerous set-up processes like as connecting to third-party wallets, juggling lengthy seed phrases, and ensuring that your keys are kept secure. In the majority of cases, losing such keys or seed phrases will result in you losing access to your account. WAX removes those inconvenient aspects, but more sophisticated users may choose to utilize the WCW wallet to lock down their account in a more secure manner.
WAX also has a developer site and offers assistance and efforts to help them continue to grow their services. This all-inclusive approach makes it easier for developers to jump on board and create their own WAX-powered platforms, complete with seamless integration with the WCW wallet, powerful APIs for accessing a vast amount of data, and a blockchain that is secure, fast, efficient, cost-effective, and robust. WAX’s blockchain has already generated over 54 million blocks with a block time of 500 milliseconds and a throughput rate of 5,000 TPS to sustain its virtual economy.
WAX and EOS are also backwards compatible. This implies that EOS developers may simply migrate or replicate their dAPPs to operate on WAX. WAX has also developed its own decentralized random number generator (dRNG), which developers may use to build provably fair, tamper-proof, and transparent systems. It may be used in video games, but it could also be used in other applications like lotteries or giveaways.
Because this sector is constantly expanding in size, WAX is far from the sole platform that offers an NFT marketplace. Other alternatives and potential rivals to WAX include:
OpenSea is the biggest NFT marketplace and a direct rival to WAX, since it connects markets from a range of different services and platforms in one location. Artwork, trading cards, collectable items, sports cards, utility tokens and prizes, as well as whole domain names, may all be found here and traded.
Enjin — A linked marketplace powered by Enjin’s blockchain for all Enjin-built decentralized games. Users may trade weapons, armor, perks, power-ups, clothes, and other items – even across other games – on this platform. Enjin has seen rapid growth since its creation, and it was recently recognized as the first gaming-focused cryptocurrency in Japan.
Decentraland — Decentraland is a huge online virtual game that is a blockchain version of The Sims, and it is another gaming-based platform. Users may exchange clothes and other wearables, unique names for your online avatar, real estate, and whole worlds inside Decentraland on its expanding NFT marketplace.
Rarible – One of the most popular NFT markets for independent artists is Rarible. It lacks WAX’s corporate or industrial reach due to A-tier partnerships, but it does feature a thriving economy where people may produce and trade artwork and other entertainment-related products.
Conclusion of the Review of WAX
As we get to the end of our WAX study, we’re left wondering how much larger the NFT sector might become. As we said in the beginning, many different things may be tokenized into an NFT to add value to themselves inside a virtual ecosystem and then transfer that value back into the real world. It enables both consumers and producers to discover a whole new universe while also reaching out to a larger audience. We’ve heard that a 70-year-old lady in Florida is collecting William Shatner’s trading cards, proving that it’s not only the young, tech-savvy, and passionate that are jumping on board.
Given its proactive strategy to recruiting new users and developers, as well as its strong ties to key industry leaders via the WAX Advisory Council, WAX’s growth is far from over. Its members include executives and leaders from Google, Microsoft, Marvel, Atari, Magic Leap, Exploding Kittens, Unity, Topps, and other companies, all of which are working to push and bring the blockchain industry’s power down to general usage. There will undoubtedly be difficulties ahead, such as regulatory worries about excessive online spending and age limits, but overall, WAX has a lot to offer.
Sustainability in the Long Run
Mission and Values of the Project
User-friendly design and ease of usage
Easy to use, particularly for those who aren’t computer savvy.
Market is diverse and broad, with unique partnerships.
WCW wallet, a first-party software, allows you to explore everything from a single interface.
The regulation of in-game monetization is quite strict.
There is no specialized WCW wallet app for iOS or Android.
WCW lags behind other wallets in terms of multi-layer security.