WAX (WAXP) or the Worldwide Asset eXchange, is a blockchain platform built for trading NFTs, dApps, and video games.
They call WAX the King of NFTs because it has facilitated millions of nonfungible token (NFT) trades. WAX users include Topps, Capcom, Atari, and Sony. Topps makes trading cards for Major League Baseball and other popular sports. Some major entertainers, including Star Trek’s William Shatner, are using WAX.
They claim users can trade both virtual and physical items on WAX. Plus, they claim WAX supports top blockchain games, including Alien World, R-Planet, Koloblok Adventures, Blockchain Brawlers, Farming Tales, and Prospectors. WAX can also sell classic Atari and Capcom video games, including Street Racer, Streetfighter, and Space War.
Users can buy games and NFTs from WAX. Hence, WAX has products real people want to buy, unlike many blockchain commerce projects.
The Largest NFT Ecosystem
WAX calls itself “the Largest NFT Ecosystem.” They claim WAX supports over 60 million NFT assets generated by over 30,000 decentralized applications (dApps) and NFT projects. A dApp is a digital robot that operates on the blockchain. Some dApps can generate NFTs.
They claim WAX was attracting over 500,000 daily unique visitors, and generating 23 million transactions daily on 29 November 2022. Plus, they claim there were over 13 million WAX accounts.
WAX uses a proprietary NFT technology they call vIRL®. They mint the vIRL® NFTs with the Atomic NFT standard. WAX claims Atomic is the most energy efficient standard on the WAX blockchain.
A worker proposal system they call WAX Labs allows developers to propose WAX projects. WAXG Governance token stakers vote on WAX projects. WAXP token holders can earn Ethereum (ETH) and WAXG Governance Tokens as rewards.
WAX DeFi
WAX is also a decentralized finance (DeFi) system that monetizes NFTs. Wax features include a marketplace, a WAX Cloud Wallet, exchanges, an NFT Services Suite, Intelligent Property Licensing, a Patent Portfolio, a decentralized exchange (DEX), and Blockchain Services. The WAX Developer Hive builds Wax.
Large companies using WAX include Atari, Matel, Topps, Sony Pictures, Hasbro, and AMC Theatres. Pop culture brands on WAX include Saw, Robotech, Funko, and Bratz.
WAX is a high capacity blockchain. The WAX explorer estimates WAX was processing between 34 and 630 transactions per second (TPS) on 29 November 2022. WAX had created 327.174 million NFTs as of 1 December 2022.
This means WAX can support high volumes of NFT transactions without crashing. In contrast, other blockchains can crash because they only support a few transactions a second.
They claim WAX processed 206,452 NFT transactions in the 24 hours ending on 1 December 2022. WAX’s ecosystem contained 216.579 million blocks and supported 13.818 million accounts on 1 December 2022.
What Value does WAX offer?
There is a strong interest in WAX (WAXP). CoinMarketCap named WAXP the 18th most-trending cryptocurrency on 29 November 2022.
Conversely, WAXP was CoinMarketCap’s 150th ranked cryptocurrency on 1 December 2022. CoinMarketCap gave WAXP a 6.059₵ Coin Price, a $138.534 million Market Cap, a $239.824 million Fully Diluted Market Cap, and a $11.943 million 24-Hour Market Volume on 1 December 2022.
WAX had a $11.943 million Centralized Exchange (CEX) Volume on 1 December 2022. They base these numbers on a Circulating Supply of 2.29 billion WAXP and a Total Supply of 3.961 billion WAXP.
In contrast, CoinGecko gave WAX (WAXP) a 6.22₵ Coin Price, a $142.264 million Market Cap, a 24-Hour Trading Volume of $12.523 million, and a $234.625 million Fully Diluted Valuation on 29 November 2022. They base those numbers on a Circulating Supply of 2.286 billion WAXP, and a Total Supply of 3.77 billion WAXP. WAXP was CoinGecko’s 188th ranked cryptocurrency on 1 December 2022.
I think WAX (WAXP) is worth examining because its exchange sells items actual people in the real world want. More importantly, WAXP is trading products for which there is a genuine demand. If you are seeking an NFT related crypto, I think WAX (WAXP) is worth examining.
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