Table of Contents:
- Introduction
- What is WAX Token?
- Who Invented WAX Blockchain?
- Key Features of WAX Blockchain
- The Role of WAX Blockchain in Digital Assets & NFTs
- Top Projects on WAX Blockchain
- Future of WAX Blockchain
- Conclusion
From being just, a source of entertainment to a way of earning real money, Blockchain has transformed the whole gaming industry. Thanks to the rapidly evolving blockchain technology, we can buy, sell, and create digital goods like never before. But, as exciting as it sounds, many Blockchain platforms make the process too complex or too costly. Even, they have set their potential limit as well. This is where WAX Blockchain steps in, offering an easy, secure way to buy, sell, create, and trade your digital goods.
WAX Blockchain is designed to fulfill the needs of gamers and digital collectors to solve the challenges of speed, security, and cost that other blockchain struggle with. So, what makes WAX Blockchain different from others? In this blog, we will see how WAX Blockchain is changing the crypto economy.
The WAX (Worldwide Asset eXchange) Blockchain is a decentralized platform, specially designed for virtual goods, video games, collectibles, and NFTs (Non-Fungible Tokens). Wax Blockchain aims to create, buy, sell, and trade virtual and digital assets in a secure, transparent, and efficient way.
WAX Blockchain has its native cryptocurrency, named WAX Token (WAXP). It is used in various activities within the platform. Let’s get to know about that.
What is WAX Token (WAXP)?
Source: naijatechguide.com
The WAX Token is the native cryptocurrency of WAX Blockchain. It plays a central role in the ecosystem, enabling users to interact with decentralized applications (dApps), trade digital assets, and participate in governance.
Why is WAXP Important?
WAXP serves as a backbone for the WAX ecosystem, facilitating frictionless transactions and interactions. It enables people to trade digital assets at minimal costs, access NFT marketplaces, and vote in the governance of the blockchain. Users contribute to network growth and security through staking and usage of WAXP.
Since its innovation, WAX Blockchain has attracted a global community of gamers, creators, and traders, making it a major player in the world of NFTs and digital assets. But how was WAX Blockchain invented?
Who Invented WAX Blockchain?
The WAX blockchain was developed by William Quigley and Jonathan Yantis, who co-founded an online marketplace for virtual video game assets named OPSkins. The concept of WAX stemmed from the increasing need for the safe and efficient trading of digital products especially within the gaming industry.
In 2004, a peer-to-peer secondary market emerged where players could sell virtual items from games like World of Warcraft for real-world money. As a result of growing interest led to the creation of, OPSkins in 2015. OPSkins dominated the online exchange of game assets such as skins or weapons making it easier for users to buy, sell, or exchange these items. This led them to think that by adopting blockchain technology they could revolutionize this area further.
By 2017 they finished the WAX Initial Coin Offering (ICO) which effectively initiated the Worldwide Asset eXchange (WAX) Blockchain. Their ambition was to make virtual goods trading quicker than before as well as safer and accessible thereby solving numerous issues related to regular marketplaces.
But why WAX Blockchain is different from other blockchain platforms? What is so special about WAX Blockchain? Let’s dive into that.
Key Features of WAX Blockchain:
1. Built for Virtual Goods and NFTs:
WAX Blockchain is designed for virtual assets trade such as video game items and NFTs. In this platform, users can create, buy, sell, and trade digital goods easily. WAX Blockchain is the recommended blockchain for gaming and virtual collectibles.
2. Delegated proof of stake (DPoS) consensus mechanism:
WAX Blockchain employs a delegated proof-of-stake mechanism which permits faster as well as more efficient transactions as opposed to conventional proof-of-work systems. Therefore, in DPoS, token holders elect trustworthy validators leading to enhanced transaction speed as well as scalability.
3. WAXP Token:
WAX Blockchain also has its own native token known as WAXP that powers transactions on the platform. The uses of WAX include staking, governance participation, transaction fees, and trading on WAX’s ecosystem.
4. NFT Marketplace:
WAX Blockchain is a thriving marketplace for Non-Fungible Tokens (NFTs) that allows users to mint, trade, and sell them. It supports famous collections of NFTs as well as partnerships with companies such as Topps and Capcom for exclusive digital assets making it even more attractive.
5. Energy-efficient and eco-friendly:
Unlike blockchains like Bitcoin and Ethereum which consume a significant amount of energy, WAX is highly energy-efficient due to its DPoS mechanism. This makes it an eco-friendly option for digital asset trading.
6. Cross-Chain Compatibility:
WAX Blockchain interoperability has been emphasized, especially with Ethereum. For instance, through WAXP-to-WAXE conversion users can shift their assets and engage in decentralized finance (DeFi) applications based on Ethereum platform.
7. WAX Cloud Wallet:
The WAX Cloud Wallet is user-friendly enabling the creation of the user account and interaction with the blockchain without much complexities in cryptocurrency wallets.
8. Governance and Voting:
DPoS system by WAX Blockchain allows token holders to elect the block producers who participate in the governance of the platform. This helps maintain decentralization while ensuring efficient operations on the network.
9. dApp Ecosystem:
WAX Blockchain fosters various decentralized applications (dApps) among them games and entertainment ones. Developers can easily develop using WAX since it provides high transaction speeds and NFT features.
As we already have an idea, WAX Blockchain has played a crucial role in the world of digital assets and NFTs by providing a blockchain platform specifically designed to enable the creation, buying, selling, and trading of these virtual goods. Let’s explore the important role of WAX Blockchain in digital assets and NFTs.
The Role of WAX Blockchain in Digital Assets & NFTs:
1. Specialized marketplace for virtual goods and NFTs:
WAX Blockchain is designed to promote creating, buying, and swapping digital assets, positioning it as a prime market for NFTs. This marketplace supports multiple asset types such as in-game items, collectibles, and digital art to enable seamless trading amongst users without the intervention of intermediaries. By partnering with familiar brands, WAX Blockchain enables the tokenization of massive digital well-known brands, Topps, famous for its baseball cards, and Street Fighter, famous for its collectibles.
2. Simple and easily accessible NFT creation:
Creating NFTs on the WAX blockchain is much easier to do as compared to other blockchains, which are very technical and have a high cost of fees. With WAX Blockchain, users and creators can easily mint NFTs at low fees and list them without much hassle on marketplaces. That makes WAX Blockchain popular among artists, game developers, and other content creators who want to foray into the NFT space without too many barriers.
3. Speedy and Inexpensive Transactions:
on some blockchain networks, an important challenge of digital assets and NFTs relates to the high fees and time-consuming processing times, like Ethereum. The Delegated Proof of Stake mechanism of WAX Blockchain helps solve this problem by allowing users to make fast, cheap transactions. With that mechanism, users are therefore able to participate in trading even low-value digital assets without worrying about charges that would be too high.
4. Bridging NFTs Across Blockchains:
WAX Blockchain supports cross-chain compatibility, especially with Ethereum. Therefore, users can swap their WAX-based NFTs to Ethereum to participate in decentralized finance applications using WAXP-to-WAXE token bridge. This increased ability to become liquid and versatile will help digital assets on the WAX blockchain.
5. WAX decentralized applications for gaming and digital collectibles:
WAX Blockchain hosts a wide range of dApps, with the largest concentration being in games and digital collectibles, in which NFTs play a central role. For example, many blockchain-based games use NFTs as game items, and that provides gamers with assets to own, trade, and leverage on their gaming assets. Such NFTs could represent such varied things as unique characters and rare items, thereby giving players a way to create real-world value from their gaming efforts.
6. Partners with Leading Brands:
WAX Blockchain collaborations with well-known brands and franchises have placed the platform as a player in the NFT space. For example, WAX Blockchain has collaborated with companies such as Capcom and Funko to create rare, limited-edition NFTs with notable collectible value. Such collaborations add to the stature of WAX Blockchain while helping to bring a wider audience to the world of digital assets and NFTs.
Now, let’s explore notable projects on WAX Blockchain.
Top Projects on WAX Blockchain:
1. Alien Worlds:
Source: altcoinbuzz.io
Alien Worlds is a blockchain-based play-to-earn game where players mine planets in search of valuable assets. NFTs are used as native assets on the platform, which, in this case, comprise tools, land, and characters. Players get TLM or Trillium through participating in mining, staking, and governance activities in general.
WAX Blockchain is leveraging fast transaction speeds and minimal cost with their games in this regard. Various in-game assets are represented as NFTs, allowing players to own and trade unique items.
2. RPlanet:
Source: nftevening.com
RPlanet is a decentralized platform that offers the creation, collection, and trading of NFTs as unique digital assets. It’s focused on a play-to-earn model where users participate in a futuristic metaverse, mining for resources and crafting NFTs in the process. RPlanet is certainly focused on developing an exciting and engaging NFT ecosystem.
Users combine different elements to craft their own unique NFTs. Players can extract resources and will use them to create or trade NFTs. RPlanet is a part of a larger metaverse where people can do a variety of activities.
3. Topps NFTs:
Source: play.toppsapps.com
Topps is best known for collectible cards. The company recently launched NFT collections on WAX. The list of NFTs includes digital baseball cards, soccer cards, and many more types of collectibles. The project is a confluence of old interests in collecting card sets and the ease of capabilities offered by blockchain technology.
Every card has official branding and premium artwork. Users can trade Street Fighter NFTs on WAX’s marketplace, increasing the liquidity and price of Street Fighter NFTs.
4. Street Fighter NFTs:
Street Fighter, a popular fighting game series, has released numerous different NFTs on the WAX blockchain. Street Fighter NFTs are independent unique digital collectibles. They present character skins and artworks as in-game items for fans and collectors to enjoy and treasure.
This has been one new method of fan interaction with the game through collectibles. The majority of these items arrive in low quantities which sometimes enhances their appeal and scarcity.
5. WAX Studio:
WAX Studio is the creation platform that offers creators the ability to develop and launch their own NFT projects on the WAX blockchain. This is a more rewarding tool and resource system supporting artists and developers in making, minting, and managing their NFTs, thereby breaking into the NFT space much easier.
NFTs created on WAX Studio can be listed and traded on the WAX marketplace. The system also offers support and resources for creators through tutorials and community engagement.
Future of WAX Blockchain:
As of 2024, the future of WAX Blockchain looks promising, with continued growth and innovation in the digital assets and NFT space. WAX Blockchain is expected to further solidify its position as a leading platform for NFT trading and gaming by enhancing its ecosystem with more partnerships and integrations. The blockchain’s focus on fast, low-cost transactions and its eco-friendly approach will likely attract more developers and users.
Additionally, WAX’s efforts to bridge with other blockchains and expand its dApp offerings are anticipated to increase its adoption and utility. This WAX Creator program has already created over 150,000 NFTs. The continued development of tools for creators and the expansion of its marketplace are set to drive its success in the evolving digital economy.
WAX blockchain is paving the way for the future of digital assets and NFTs with its unique approach to fast transactions, low costs, and eco-friendliness. Whether you’re a gamer looking to earn from your favorite games or a creator eager to mint and trade NFTs, WAX Blockchain offers a versatile platform that’s easy to use and packed with potential.
What are your thoughts on WAX Blockchain’s role in the digital asset space? Do you see it as the future of NFT trading and gaming? We’d love to hear your opinions and experiences!
For more updates and insights on Web3 and other exciting blockchain developments, don’t forget to subscribe to our newsletter. Stay tuned and stay informed!
