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wax

What Is WAX? How To Buy, Expectations And Predictions. Everything You Need To Know About WAX

The crypto world is flooded with new projects involving NFTs, better known as Non Fungible Tokens. These are unique items that are made and sold on a blockchain network. Unlike current cryptocurrencies, an NFT is a unique item that cannot be counterfeited. WAX (WAXP) is a decentralized platform that acts as an NFT marketplace where anyone can trade NFTs.

What is WAX?

WAX itself claims to be the largest decentralized platform for non-fungible tokens for video games and the entertainment industry. The platform is a digital marketplace where you can trade digital assets with a focus on in-game items. Blockchain technology records items on the blockchain , allowing people to trade digital or physical items directly and securely to interested parties from all over the world. The platform aims to be a collective platform for, among others, makers and gamers, traders, game developers and also makers of decentralized applications. 

wax or something

WAX stands for Worldwide Asset eXchange and they trade on the blockchain through an integrated DPoS blockchain platform designed for the digital infrastructure of the commodity market. Characteristic of NFTs on the blockchain is that all information is stored on the blockchain. This way a buyer can check who the maker is and where the work comes from at all times. The interesting thing about this NFT is that a unique digital asset cannot be counterfeited. The new market therefore adds a lot of value to the digital goods flow.

The WAX ​​tokens are ERC20 utility tokens built on the Ethereum blockchain that allow virtual items to be tokenized as well as exchanged and sold for cryptocurrencies. These are items that are not only used for video games, but for all kinds of projects. Transactions on the network are enabled and controlled through the use of smart contract. See below in which a Youtuber explains what WAX means.

Delegated Proof-of-Stake blockchain

The DPoS model is designed as an implementation of technology-based democracy. This gives participants of the blockchain voting and election rights. In this way they protect the blockchain against centralization and possible malicious practices. WAX uses the DPoS centralized consensus algorithm to optimize the performance of the decentralized applications on the blockchain. 

Originate

WAX’s platform was founded by William William Quigley and Jonathan Yantis. Both have gained extensive experience in Blockchain technology over the years and use this experience to take WAX ​​to the next level. Within 12 months of launching the WAX ​​project and integrating the WAX ​​protocol, it has generated more than 150 million in trading volume.

wax team

The development of NFTs is going very fast and there is a worldwide growth of the market for these digital assets. These developments come with challenges, with WAX actively looking for solutions to stimulate the development of the sector. As the market for digital assets continues to grow and evolve, it is important to realize that NFTs play an important role in the further development of blockchain technology. Virtual items, such as video games, have already brought the market more than $140 billion.

ICO

The Initial Coin Offering of WAX took place in November 2017 and raised no less than 10 million dollars. At the start, tokens were sold for 32 cents each with a total supply of almost 57 million coins. This number was 35% of the entire token supply. The remaining tokens were allocated to the team and advisors. 

ico wax

WAX now sees itself as the king of NFT. They provide an online marketplace where anyone can buy and trade non fungible tokens with an emphasis on video games and entertainment industry. Build your own online store using B2B tools and WAX and start your own virtual online business.

WAX Blockchain

WAX has designed a blockchain and protocol token to make the e-commerce transactions faster, easier and more secure for all participants within the central network. They have created a suite of blockchain-based tools on which to build Decentralized Applications and Non-Fungible Tokens, among others. 

The WAX ​​ecosystem has seen significant growth recently through the integration of the WAX ​​token model. This was created to guarantee success in various projects that form the basis of the protocol. Such as voting, which is characteristic of the DPoS model. Users who participate in the platform are paid by strike proceeds.

WAX Tokens (WAXP)

Like any blockchain, WAX’s ecosystem also has its own native token. The WAX ​​tokens feed and control the entire ecosystem, as it were. They are used to allow participants to participate but also to reward them through rewards and strikes. At the time of writing, the WAX ​​token is in the top 150 based on CoinMarketCap’s data. The coin has a total market cap of 367 million with 3.7 billion tokens in circulation. 

WAX and DeFi? 

WAX has previously announced to launch a new model. In this way, they want to capitalize on the rapid growth and unprecedented popularity of non-fungible tokens and Decentralized Finance ( DeFi ). Both markets are conquering the crypto world and there are a lot of new projects that focus on NFT and DeFi. WAX is built on Ethereum’s network and hopes to link the value generated by selling and trading the NFTs on their platform to the price value of Ethereum. They say WAX’s protocol is unique in the world of DeFi because they see the platform as a sustainable source of the value of your strikes. 

dApps

An application runs on a standard computer system as we know it today. We often don’t realize it, but this application is owned by someone or by a group and is also managed by that organization. They have full authority over the application and how it develops and what the future holds for this application. Let’s look at Facebook : Mark Zuckerberg’s small team determines what Facebook’s functionalities are, what the interface will look like and what chat options users have. In addition to the user options, our personal data is also used and sold to advertisers. The latter is a privacy issue that previously users did not give much thought to.

We see that there is an increasing need for a decentralized organization where users themselves determine what happens and what a platform will look like. This also explains the immense popularity of both blockchain technology and decentralized apps. 

dApps can be applied on a peer to peer network or a blockchain network. BitTorrent is an example of an application that runs on a P2P network where multiple users consume content or create content themselves. This peer-to-peer model ensures that there is no central organization that can claim power or control over an application. In the crypto world, dApps run on a blockchain network in a public, open source and most importantly, a decentralized network and thus are in turn free from control and interference by external parties.

The WAX ​​platform therefore wants to offer everyone a platform where both users and developers can use dApps and build them on this platform. With a focus on the gaming and entertainment industries, these NFTs in a DeFi network are in high demand.  

Different accounts

The network uses different types of accounts. Through these different levels, WAX ensures that users have more say in the decentralized ecosystem. By binding all active users through this, the platform gets more support from the users themselves, so that they can constantly apply improvements to continue to optimize the WAX ​​protocol. 

User account

A standard user account can buy or list NFTs for sale. This concerns everyone in the network with limited participation. The majority of the accounts are user accounts. 

Guild account

Above the average user accounts is the Guild account. A so-called guild is democratically elected by WAX holders. They take the lead in the platform for a specific part, for example this can be a certain game or a category. It means that they monitor all digital transactions for the game they are responsible for and make sure that they unsubscribe from transactions as soon as they are completed. If the person does not meet the requirement, the network can choose to appoint a new person. The designation of a new guild is done on the network, by the network itself.

Transaction agent

They are responsible for the effective transfer of the digital items, the non-fungible tokens and ensure that the process runs smoothly and without any problems. He or she communicates with the buyer and seller and makes sure that the transaction goes smoothly. In exchange for these services, the transaction agent receives a reward. This is a fee that is paid in WAX tokens. A guild can remove power if a transaction agent does not perform and can remove it from its position and appoint a new one.

Advantages

  • It is possible to make direct payments via the WAX ​​platform. There are many projects where it is possible to trade NFTs, but that the potential buyer must first charge crypto through another exchange and then send it to another address. 
  • Creating and designing your own virtual assets. The great thing about the non fungible tokens is that anyone can create their own artwork and there are no limits here. You give free rein to your creativity and afterwards you can offer your digital asset on the virtual marketplaces.
  • If you are a member of the platform, a so-called WAX member, you get very interesting rewards by rating transactions. Here the user assesses the speed, among other things, so that the platform can be further optimized. Transactions are free on the network. Payments can be made in both crypto and fiat money.
  • WAX’s platform is similar to a global repository of virtual items that is accessible to everyone on the network. You can compare it with a digital catalog that everyone can consult and where you can browse in search of assets that are of interest to you. These advantages, in combination with Blockchain technology, make the WAX ​​platform an interesting tool for many users.
  • Due to the decentralized nature of the WAX ​​tokens, WAX combats problems that digital makers encounter such as high fee costs and limited access to inventory supply. 

The future of WAX technology

The hype surrounding NFT has risen to unprecedented heights in early 2021. Recently, another NFT artwork was sold for $69 million. This shows that there is indeed a demand for a network in which everyone can create and trade unique digital assets on a blockchain network. 

In a world in which NFT projects and the DeFi platforms are developing at lightning speed, it is of course important to have a unique selling point. What makes WAX unique and what is the added value compared to other projects? We see that every NFT project has a separate platform that they can trade on, WAX hopes to play a dominant role in this and thus become or become the market leader where anyone who is interested can buy and trade NFTs on their platform.

WAX Chart

 

Buy wax

When purchasing crypto coins, there are usually plenty of options to invest in this crypto. A handy way to consult the available exchanges is to look at CoinMarketCap or CoinGecko. Here you get an overview of all available exchanges where you can buy this coin and also through which trading pairs this is possible. For example, check here a screenshot of the time of writing where you can buy WAX (WASP).

wax markets

Conclusion

WAX makes the connection between the world of NFT and DeFi. Gamers from all over the world can access this platform and benefit from a secure and decentralized market for various digital assets. Which digital assets are available depends on the creators who offer their unique creation in the form of a token on the platform. As WAX continues to develop and optimize, developers will also make more use of the platform to offer their products on this decentralized marketplace. It is rumored that the platform will also play an important role in digital media in the future. 

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