From decentralized apps or dApps to games and non-fungible tokens (NFTs), if a brand wants to launch a successful digital marketplace exchange, they look to WAX. The Worldwide Asset eXchange is a purpose-built e-commerce Blockchain platform for unique virtual collectibles that creators can launch to a global audience.
WAX has developed a distributed virtual goods trading platform that features video game merchandise such as skins and currencies. These are in-game cash, accessories, and clothing equivalents, all without reliance on antitrust or antiquated cross-border payment solutions. The platform’s native token is WAXP, which despite market turmoil, has steady price rise projections for 2023.
Brands launched on WAX include Atari, Capcom, Topps, Lionsgate, and Funko. The exchange also features NFTs for films and entertainers, including Saw, The Princess Bride, Deadmau5, Weezer, and William Shatner.
A Brief History of WAX
If you need to deploy stellar decentralized applications, the WAX platform has all the provisions required, whether NFT or cryptocurrency related. Packed with the tools that make your journey a success, the Blockchain was launched in 2017 to facilitate safer, simpler, and faster transactions for e-Commerce.
WAX was developed as a resource for digital trading items and incentivizing e-commerce with Blockchain, encouraging proposal voting for decentralization. William Quigley and Jonathan Yantis, alongside the team that developed OPSkins, worked to pioneer the founding of WAX’s ICO.
On the network’s basis, a set of Blockchain-based tools facilitate building decentralized NFTs and marketplaces along with P2E games and apps. There are zero gas or transaction fees for its consumers, who leverage the blockchain 500 per millisecond block time.
WAX is billed as the most convenient, fastest, and safest way to create, sell or buy virtual and physical digital collectibles. The creators had a background
for creating resources for artifact trading, especially for World of WarCraft, in their OPSkins days.
The co-founders of this platform have been pioneers of virtual product marketplaces since 1997, and while William Quigley is WAX’s CEO, Jonathan Yantis acts as COO. They developed a peer-to-peer outlet for World of WarCraft merchandise for cash in 2004 before creating OPSkins in 2015 for trading gaming assets.
How Does WAX Work?
Any web 2.0 or 3.0 operative in the game development and NFT segment, whether a studio, publisher, or magazine, has resources in the WAX ecosystem. The platform’s intended use is to deploy Blockchain and decentralized services to offer digital products related to their customer’s operations.
Despite flying under the radar, WAX has achieved a reputation for dependability in the eye of stiff NFT marketplace competition by platforms like Solana, Tezos, and Ethereum. It’s come to its prominence as a network for virtual items and digital collectibles, a highly efficient and widely used choice for enthusiasts.
WAX embodies a global accessibility mission and, based out of the Cayman Islands, provides users with thousands of dApps within a wide range of marketplaces. Among other P2E games, it’s home to hard-hitting Blockchain titles, including Prospectors, Alien Worlds, and Farmer’s World.
Besides collectible and PFP endeavors, P2E gaming is a dominant feature of WAX, with the biggest projects on the chain. The ability of the Blockchain to facilitate millions of transactions makes it the most transacted and widely used ecosystem anywhere, although it’s available for various assets.
WAX uses a Delegated Proof of Stake, DPoS, consensus protocol touted as eco-friendly and helps users earn crypto for block validation. It’s energy-efficient and creates energy-effective carbon offset NFTs as part of its sustainability mission.
How Do You Transact Crypto, NFTs, and Other Digital Products on WAX?
The WAX Blockchain team has experience in the specified industry they target, making virtual item trading the distinguishing factor in the ecosystem. Its design is secure, eco-friendly, and efficient, combining protocol microservices and Blockchain layers to fulfill the needs of developers.
WAX is a tokenomics Blockchain model that allows members of its community to stake or vote and receive rewards. Some critical microservices and Blockchain-based tools for escorting WAX integration include;
Delegated Proof of Stake Consensus Mechanism
WAX Blockchain employs a DPoS consensus mechanism combining Proof of Work or POW and PoS. In this environment, your delegated coins allow validators to have the power to approve transactions.
The power of voting on this protocol is weighted proportional to how many tokens you hold, so there’s no need for computing dominance. Also, while voting is real-time and WAX Guilds manage block production, energy consumption on WAX’s DPoS consensus is stable.
WAX Cloud Wallet
You can easily access WAX Blockchain applications with the network’s Cloud Wallet, which doesn’t require private key management. The feature is accessible on desktop and mobile and acts as a repository for collectibles besides the normal functions of sending or receiving crypto.
Connecting the WAX Cloud Wallet to dApps helps with dashboard controls for voting in the Guild as you stake your holdings. Registering using your social media account or email is also easy for a simple-to-use yet robust application. Here you’ll swap ERC-20 $WAX tokens, view NFTs, and vote proposals, among others.
WAX is a certified carbon-neutral Blockchain that’s almost 66,000 times more efficient than Ethereum or Bitcoin. In numerical terms, the mainnet for this ecosystem emits 211 tons of CO2 a year in exchange for 473.04 MW/h, a fraction of what is emitted by traditional blockchains.
The resulting carbon credits from WAX Blockchain operations go to supporting green projects worldwide. NFTs in this ecosystem have helped to offset around 4 million tons of carbon emissions compared to the energy-consuming POW mining operations of Bitcoin or Ether.
WAX visionaries and pioneers bring innovations to life at WAX Labs, a funding source where upcoming developers can pitch ideas and submit proposals for review. Votes evaluate business plans once submissions are made, evaluating the feasibility of innovative projects.
At WAX labs, users and token holders can vote on a project once the proposal is submitted, and the more coins a user holds, the weightier their voting powers are. A project receives funding approval when 10% of registered voters vote and half of them agree on its innovative capacity.
Carbon-neutral vIRL NFTs are a first at WAX and, like traditional tokens, are linked to physical objects. When you redeem one, one tree sapling worth $1 is planted by the National Forest Foundation as an initiative to reduce WAXs carbon footprint.
Having achieved carbon neutrality, this endeavor will continue until WAX Blockchain gets to carbon-negative status. NFTs are sold in various primary and secondary marketplaces, and you can use native $WAX tokens to purchase them.
WAX Block Explorer
Introduced in 2018 and processing higher transactions than any other Blockchain, Block Explorer provides records of individual transactions on the WAX Blockchain. It’s a user-friendly feature that lets you view a visual format of transactions in 3D interactive.
With the WAX block explorer, you’ll not worry about the technical terms of transactions as you can make sense of asset data. You’ll also view a 3D rendering of any NFTs you own and related ownership and transaction details.
DApps and Governance
As a purpose-built environment that’s energy efficient, the WAX blockchain performs highly when building and deploying dApps. A Developer Hive within the ecosystem contains quick-start guides, in-depth tutorials, and reference APIs for developing products.
The Blockchain converses with smart contracts in EOSIO using the WAX mainnet that features cheaper gas fees and free accounts. Use variants of the WAX token, whether WAXP, the protocols utility coin, WAXG, and WAXE, an Ethereum ERC-20 variant.
WAXG is the governance token for the platform, and you can earn it by staking WAXE in the liquidity pool. You may also use this coin for voting purposes or receive ETH after burning them.
WAX Tokenomics and Blockchain Roadmap
A future roadmap for the WAX Blockchain comes from the WAX Advisory Council, whose members include Marvel, Unity, and Atari executives. Among other prominent industry stakeholders, council members offer input on the platform’s developmental goals as posted on their official website.
Some developments from the recent WAX roadmap include developing an Ethereum altcoin bridge and partnering with Capcom. Besides supporting ERC token variant upgrades, the team actively works on completing DeFi projects and improving the WAX Cloud Wallet.
The tokenomics model for the WAX Blockchain is a hybrid with Ethereum blockchains to integrate the best features of both ecosystems. That means a WAXP holder benefits from successes by Ether in the DeFi space and the NFT marketplace.
WAX Blockchain is a thriving environment that’s already achieved numerous milestones compared to its more known counterparts. The ecosystem is now five years old, having garnered support from reputable brands with tens of thousands of NFT enthusiasts.
A practical framework for future projects requires a solid foundation, strong fundamentals, a workable road map, utility, and a great team. WAX Blockchain has all these plus the achievement of carbon neutrality as an industry first for an NFT marketplace.