WAX is one of the most transacted and used ecosystems that focuses on video games, dApps, e-commerce, and NFTs. The platform is safe, easy to use, and fast. You can create, trade, buy and sell physical and virtual items anywhere and to anyone in the world.
So, before investing in WAX, let’s dive into the crucial details of this ecosystem.
What Is WAX?
It is an Asset Exchange, and it is designed to be carbon neutral. The main focus of the platform is to make e-commerce transactions safer, easier and faster. And the blockchain is famous for its trading digital assets. In addition, the platform has a clear vision of virtual collectibles and video games.
If a brand wants to launch an NFT collection, then this web3 ecosystem has everything to provide that brand. Right now, the ecosystem is the most transacted and most used in the world when it comes to video games, dApps and NFTs.
Delegated Proof of Stake
One of the best things about this platform is that it uses delegated proof of stake or DPoS. The mechanism is also compatible with EOSIO. And the combination of EOSIO and DPoS helps the blockchain to work faster and better. It also enhances scalability. The platform supports more than 30,000 dApps and marketplaces for NFTs and gaming.
The parent company is OPSkins. The company used to be in the global market, where it bought and sold digital items. The reason behind the platform is growth is OPSkins and its experience in digital items. The company is famous and well-known in the crypto community, and it has also partnered with different gaming brands like Street Fighter, SAW, Mattel and Atari. The platform is also promoting its ecosystem within the gaming ecosystem.
Jonathan Yantis and William E. Quigley were the founders of the Wax Ecosystem. They created an ecosystem where people can create, trade, buy and sell virtual items. The ecosystem was introduced in 2015. But, they were unable to make the brand globally known until 2017.
King of NFTs
Two years after they founded the ecosystem, there were many gaming companies that were attracted to this project. The ecosystem gives these gaming brands a stable blockchain that can be used for launching NFT collections. After that, different gaming brands were able to create dApps and video games. And these gave this ecosystem a boost to grow more. Within a short period of time, the platform is able to establish itself as the “King of NFTs.”
In 2020, the platform was able to reach more than 10 million users. They launched an airdrop to celebrate their milestone. You will be amazed to know that WAX’s airdrop was ten times larger than any other NFT airdrop. After that, the platform released Willian Shatner’s memorabilia. And in only nine minutes, around 125,000 digital photographs were sold.
In the same year, Alien Worlds metaverse was launched on this platform. And the ecosystem flourished in the virtual gaming industry. The game was at the top of the most-played game in the world. The platform is easy to use, and there are a lot of features. The innovation that started in 2017 has not stopped creating new things.
One of the products is vIRL NFT, it is the most celebrated product on the blockchain. Users can own the assets as physical ownership. If you have digital assets, then you can redeem those with physical items, or you can simply transfer your ownership to others. These NFTs are unique from other NFTs. The main reason is that the NFTs have dynamic functions.
The NFTs have app-video games that are already integrated. There are also different marketing tools that you can use if you want to share your NFT as a product. These have V-commerce capabilities. One of the best things about this ecosystem is that the NFTs have been minted on carbon-neutral blockchains. And this gives the project the upper hand, that the project is giving priority to the environment.
How Does Wax Work?
First of all, the ecosystem uses the DPoS algorithm so that the producer can manage the blocks. These producers are called WAX Guilds. The blockchain produces a single block every thirty seconds. Therefore, only one Guild can produce one block. This mechanism works because it enhances efficiency.
If a Guild is unable to produce a block in the given time, then there will be no block created. The specific block will be skipped. When a block is skipped, the platform doesn’t give any rewards for that. If a Guild can produce only 50% or fewer blocks in the given time, then there will be no reward given to the Guild.
WAXP and WAXE
The platform uses a tokenomic model to increase community participation. For the model, users can stake their assets and give votes. They will also be rewarded with digital assets. If you want to participate, then you need to use an Ethereum bridge. It will allow you to convert your WAXE and WAXP tokens. The ecosystem also uses Byzantine fault tolerance to avoid any issues about creating blocks.
WAX Ecosystem: Reasons to Choose
So, why is the community growing? Here are the main reasons.
The platform is trying to build an ecosystem that is carbon-neutral. And it is 66,454 times more energy efficient than Bitcoin. The priority that the ecosystem gives to the environment makes it more credible.
Delegated Proof of Stake
The main mechanism that the platform uses is the DPoS. This makes the platform enhance transaction validation. There is also a voting power that is used for proportional scale and the number of tokens.
WAX Cloud Wallet
One of the main reasons that the ecosystem is famous is the cloud wallet. This is a handy feature that allows users to manage their private keys. Users can use the wallet from desktops or mobile phones.
There are other reasons, like-
- WAX Labs
- WAX Block Explorer
- WAX NFTs
- WAX Road Map
- The Tokenomics
To Sum Up
The Wax price prediction- the token’s price is around $0.90, and it is estimated that the price will rise up to $4 by 2027. But where can you start? The first step you need to take is to create an account in Bybit. There are other exchanges also, but this is the official exchange.
Many people ask, if Wax is a good investment or not. So, in my opinion, the platform is doing great so far. But, there is no clear scenario about the platform. So it is not a great investment but has potential. So, you can check this out for a little investment.