WAX (WAXP) has been dubbed “ The King of NFTs” by its developers due to its unique combination of features. The protocolincludes a purpose-built blockchain, cryptocurrency, and the Worldwide Asset eXchange (WAX). These features make it easy for anyone to collect NFTs. Currently, WAXP is one of the most popular ways to buy online collectibles, video game assets, and NFTs (Non-Fungible Tokens).
The WAX blockchain has some impressive statistics. It’s recognized as one of the most used and transacted blockchain ecosystems in the market. The protocol boasts +400,000 Daily unique visitors. Additionally, it has handled 23 million transactions across 12 million WAX accounts. The WAX ecosystem now includes +30,000 dapps.
How Does WAX (WAXP) Work
WAX (WAXP) lives on the WAX blockchain. This advanced, purpose-built blockchain was designed to support the latest DeFi and Metaverse capabilities. It provides the system with high performance and security. The WAX Blockchain was constructed to service NFTs, video games, and collectibles.
What Problems Does WAX (WAXP) Solve?
WAX focuses on major pain points to NFT adoption. The system introduces a decentralized alternative to the market. As part of this strategy, users gain access to a suite of blockchain-based tools that empowers them to create, buy, sell, and trade virtual items. Best of all, the network is flexible enough to facilitate the trading of both virtual and physical items to anyone, globally.
Sustainability
WAX’s developers take great pride in the network’s sustainability. Currently, the major cryptocurrency networks like Ethereum and Bitcoin rely on the power-hungry Proof-of-Work consensus mechanism to remain secure. This system has resulted in an enormous toll in terms of energy consumption with Bitcoin using more electricity than industrialized nations. WAX tackles this problem head-on with its energy-efficient and carbon-neutral solution.
Financial Barriers
In the past, it could be expensive and time-consuming for a company to launch a line of NFTs. WAX eliminates the cost of launching these digital assets. The protocol enables businesses to issue NFTS with zero investment in security, infrastructure, or payment processing.
Scalability Issues
Another major concern that WAX helps to reduce is scalability issues. Networks like Ethereum have scalability concerns which have resulted in higher gas prices for users. WAX leverages a DPoS consensus mechanism to improve scalability. The network currently handles +15 million daily transactions.
Benefits of WAX (WAXP)
WAX is one of the safest options on the market. The system has a proven reputation as a convenient and cost-effective alternative. The project was built from the ground up with the goal to make e-commerce as safe as possible. The network empowers users to create fully functioning virtual marketplaces that leverage WAX’s services.
Integrations
The WAX protocol features a high level of interoperability with other networks, institutions, and legacy systems. The protocol can support an extensive selection of Dapps, marketplaces, and tokens. WAX was built primarily to support NFT adoption.
The developers have introduced a proprietary NFT format called vIRL NFTs. These assets integrate features such as dynamic functionality. They also make it easier to integrate games, marketing tools, and VR and AR commerce capabilities.
WAX Cloud Wallet
The WAX cloud wallet is a popular option in the market. There are currently over 5 million users that leverage the protocol’s easy-to-navigate interface to conduct crypto transactions. The cloud wallet integrates the MoonPay onramp which is a big plus. Users can leverage this feature to purchase cryptocurrencies directly using a credit card or bank transfer. This alternative saves users fees and time compared to using a third-party CEX.
Token
WAXP is the native utility token of the WAX blockchain. it can be used as a cryptocurrency to purchase collectibles and send value globally in a frictionless manner. Token holders can stake WAXP. It can also be used to fund the creation of NFTs.
vIRL NFT
WAXP developers introduced a new NFT token standard. This new protocol features more options and advantages over earlier NFT standards. It also streamlines the linking of real-world assets to blockchains.
Consensus
WAX is a Delegated Proof-of-Stake (DPoS) blockchain ecosystem. These networks enable users to delegate their votes to validator nodes. Validator nodes are tasked with approving transactions and keeping the state of the blockchain. They receive rewards in the form of WAXP tokens for their efforts. These rewards are split with the Validator’s delegators based on their contribution level. DPoS networks continue to make headlines because they require less power to operate than networks like Bitcoin. The downside of this consensus is that there is a little more centralization.
Governance
WAXP token holders are tasked with putting forth proposals and voting on network changes. The system leverages a weighted governance mechanism to determine the value of users’ votes. This approach has some advantages. For one, it ensures that the most invested have the most say, as they have the most to lose. It also helps to keep the community together as the project progresses.
Bottom Line
The developer behind the WAX blockchain ecosystem hit gold when they decided to make the network focus on the FNT niche. This market continues to expand with more gamers, artists, and collectors jumping into the sector weekly. You can expect this growth to only drive WAX’s adoption further.
