The WAX blockchain has become a hub for Web3 gaming. Here is the reason
Worldwide Asset Exchange, better known as WAX, is undoubtedly one of the most popular blockchains for Non-Fungible Tokens (NFTs). Known as one of the most prominent networks for digital collectibles and virtual items, it is a widely used and highly efficient choice for many NFT enthusiasts. And blockchain has earned this reputation despite flying under the proverbial radar, as landmark sales and viral collections in Ethereum, Tezos, and Solana continue to trump WAX in the court of public opinion.
Although art NFTs have been greatly expanded by WAX’s competitors, blockchain has maintained popularity as a host of digital versions of legacy collectibles such as trading cards, statues, memorabilia, etc. Because of this, many influential brands, including baseball collectible company Topps, racing giant NASCAR, toy company Hot Wheels, and more, have found a home on global asset exchanges.
Yet, while digital collectibles are king at WAX, blockchain itself is a pioneer in a different sector: the realm of Web3 gaming. WAX certainly helped popularize NFTs on par with other chains. Still, it seems a disproportionate focus on bringing Web2 gaming enthusiasts into the metaverse has only served to further expand the WAX ecosystem.
But what is the state of the unique blockchain now, years after its global debut? To find out, dive into all things WAX.
What is WAX and how does it work?
WAX was founded in 2017 by crypto pioneers William Quigley and Jonathan Yantis. Billed as the safest and most convenient way to create, buy, sell and trade virtual (and even physical) items, WAX is based in the Cayman Islands and embodies a mission of global accessibility.
WAX provides its users with access to thousands of decentralized apps (dApps) and a range of unique marketplaces. In addition to the usual NFT marketplaces, WAX is home to several top blockchain games, including Alien Worlds, Farmer’s World, Prospector, and other innovative games to earn from the game. Because gaming is such a dominant force at WAX, the chain’s biggest projects among all PFP and collectibles efforts continue to be in the play-to-earn sector.
As a popular platform for a variety of assets, WAX is often marketed as the world’s most widely used and widely traded blockchain ecosystem. And while its ability to facilitate millions of transactions per day is certainly impressive, the chain is also praised for being environmentally friendly.
Like other high-efficiency blockchains like Tezos and Solana, Wax employs a proof-of-stake (PoS) consensus mechanism. With PoS, users stake an amount of their cryptocurrency for the chance to be randomly selected as a block validator, earning crypto if selected.
By using a PoS mechanism, WAX not only encourages user loyalty but also maintains its position as energy efficient. In fact, WAX uses less than 0.00001% of the power of Proof of Work (PoW) that chains like Bitcoin and Ethereum take. And beyond their inherent expertise, the chain creates carbon offset NFTs and partners with Climate Care as part of a mission for sustainability.
Called a “purpose-built blockchain” by its creators, WAX aims to revolutionize the way brands connect with their customers while providing customers with a unique, digitally native shopping experience. In fact, WAX is so large in terms of usability that network fees, which are already significantly lower, are ultimately redistributed to the WAX community.
How to buy and sell crypto on WAX
WAXP is the native token of the WAX blockchain and is therefore used to trade NFTs across the WAX ecosystem. WAXP can be purchased through some major crypto exchanges such as Binance and Uniswap, or through third-party in-wallet apps such as Moonpay. At any rate, you’ll want to create an account on the WAX Cloud Wallet first
WAX Cloud Wallet is a unique and convenient type of software wallet called managed wallet. As the name suggests, WAX Cloud Wallet is managed by a third party Creating and logging in to a managed wallet is as easy as creating a social media account And since a third party handles it, you don’t have to enter long security keys. For alternatives to managed wallets like Wax Cloud, you can read EOS Amsterdam’s full explainer on the subject.
Once you have a WAX wallet, then comes adding funds via an exchange or third-party app Be aware of the difference between WAXP and WAXE. WAXE is an Ethereum-based ERC20 utility token issued from the WAX blockchain. Related to WAXP and WAXE but at a ratio of about 1000:1, WAXE maintains a much higher price per token.
Users can exchange WAXP for WAXE, but the tokens are not exchangeable WAXP is used for transactions on the blockchain, while WAXE exists as a way for token holders to participate in WAX Tokenmix, as detailed here. You won’t be able to get another WAXE without a swap, but it’s still important to know the difference.
How to create and mint a WAX NFT
Storing your crypto in a hardware wallet is great, but generating NFTs is easier when you use a managed or self-managed wallet like Anchor, Scatter or WAX Cloud Wallet. While NFT projects can be created and launched in a few different ways, it’s important to note that AtomicHub is a leading NFT platform for creating, trading and buying NFTs on the EOS and WAX blockchains.
To start building an NFT collection on WAX, first navigate to AtomicHub. Here, you need to sign in using one of the aforementioned wallets Hopefully, you’ve already stocked up on some WAXP, since you’ll need it for minting. After signing in, navigate to the “Create New Collection” screen.
From there, it’s pretty straightforward. You’ll be prompted to add details about your collection, link your related website or social media accounts, then set a market fee that indicates the percentage you’ll earn per secondary sale.
Of course, there’s more to it, including setting a schema, uploading images, and finally, minting. For a step-by-step guide to the AtomicHub minting process, visit the WAX blog. For information on other methods, DappRadar is the place for you.
Wax NFT Marketplace
As for other blockchains, WAX has plenty of room for enthusiasts to trade NFTs. Like Tejos and Solana, the chain doesn’t have as much of a medium-specific marketplace (like Ethereum’s music and photo NFT platforms), but still hosts a variety of influential collections.
First, AtomicHub shines as not only a creation tool, but a one-stop-shop for trading NFTs on the Wax Blockchain. Launched in June 2020, AtomicHub is an interface to the NFT standard AtomicAssets, developed by blockchain technology company Pink.gg.
AtomicHub is divided into an explorer that allows users to browse through all AtomicAssets NFTs, a marketplace where users can buy and sell NFTs, a trading section, and of course, an NFT creator portal that allows one to create their own NFT without any coding knowledge required.
Second, NeftyBlocks is undoubtedly a close second to WAX when it comes to the ubiquitous marketplace. Launched in 2021, although Nefty is a bit younger than its competitors, its founder, Juan Paniagua, made the platform his passion project after deciding Alpaca Worlds wasn’t for him. Like AtomicHub, Nefty provides a number of both creator and collector features designed to simplify collection management in WAX.
Finally, to bridge the gap between Web2 and Web3 fandoms, WDNY.io is unequivocally leading the pack on WAX. Billed as the most powerful hub for digital trading cards and collectibles, the platform regularly hosts curated drops featuring memorabilia from global brands and even cult classic film franchises. godzilla, the princess bride, And spider man. Powered by WAX Studios, WDNY.io is the most direct and chain-specific way for brands to sell on WAX and one of the most powerful marketplaces for officially licensed collectibles.
Top NFT projects on WAX
So far, WAX’s 10-million-NFT drop remains the single most influential project to come from various platforms. Featuring 10 unique badge-style NFTs, the commemorative launch celebrated the record-breaking milestone of 10 million accounts created on the blockchain. Given its magnitude, the drop may hold its place at the top of the chart, but there are many other collections that help define the WAX NFT market.
As previously mentioned, WAX is home to numerous top blockchain games that have become staples of the on-chain NFT ecosystem. Since gaming is such a dominant force, WAX’s largest collections tend to be gaming-related.
above Alien Worlds One of WAX’s most popular NFT gaming projects. Sometimes marketed as “the number one blockchain game in the world”, Alien Worlds combines decentralized finance (DeFi) and Metaverse technology into an easy-to-use, space exploration game. Blockchain BrawlerMuch newer than that though Alien WorldsFast becoming second in popularity. The game combines comedy, collectibles and WWE-esque wrestling entertainment into an action-packed game where users can earn crypto and NFTs through gameplay.
As a unique and still developing entrant into the WAX gaming market, light of victory Aims to be the first blockchain-based collectible card game centered around World War II. Featuring a blend of war history and cutting-edge blockchain technology, light of victory Blockchain perfectly encapsulates the concept of digital ownership in gaming. With all this focus on Web3 gaming, it’s important to note that WAX isn’t the only blockchain looking to foster innovation in Web3 technology. But as the play-to-earn sector grows, one thing is certain: WAX will remain a hub for innovative blockchain gaming.
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