With so many NFT-based blockchains competing with Ethereum, it’s difficult to find the best options available. Today we dive into WAX Blockchain to find out why their different and what they have to offer the NFT community.  Covered: What Is Wax Blockchain? WAXP Token vIRL NFTs What’s Next For WAX What is Wax Blockchain? The […] The post Intro To Wax Blockchain NFTs appeared first on CryptosRus.

Intro To Wax Blockchain NFTs

With so many NFT-based blockchains competing with Ethereum, it’s difficult to find the best options available. Today we dive into WAX Blockchain to find out why their different and what they have to offer the NFT community. 

Covered:

  • What Is Wax Blockchain?
  • WAXP Token
  • vIRL NFTs
  • What’s Next For WAX

What is Wax Blockchain?

The Worldwide Asset eXchange (WAX) is a proof-of-stake Blockchain for NFTs, video games, and collectibles. WAX was built with a climate-friendly blockchain being its team’s top priority. Though, WAX isn’t just eco-friendly, it’s also very cost-friendly. Especially when compared to its biggest competitor, Ethereum.

Founded by William Quigley and Jonathon Yantis, WAX has been known as the “King of NFTs” since its inception in 2017. Their WAX Cloud Wallet already has 8 million collectors and counting.

Since its launch, WAX is the most used and transacted blockchain in the world of NFTs, Dapps, and video games. It provides the safest and most convenient way to buy, sell, and trade virtual and physical items (more on vIRL below).

WAX is the all-in-one shop for any brand that needs to launch a successful NFT project. WAX can provide games, dApps, exchanges, digital marketplaces, and more.

The WAX Developer Hive is a great resource for brands to use when building on WAX. The Hive offers full documentation, quickstarts, code samples, and more.

Sony Pictures was the latest company to join a number of large brands building on WAX. TOPPS (MLB), Capcom (Street Fighter), and Atari are just a few of the brands that have already launched their projects.

Considering the eco-friendly scaling ability of the WAX protocol, it makes a lot of sense why larger brands would want to launch on the protocol.

Recommended: What Is Axie Infinity?

What Is WAXP Token?

$WAXP is WAX’s token and has several real-world applications that benefit both the brand and consumer. WAX found a way to stand out against other chains and their increasingly high fees. Instead of charging fees per transaction, WAXP relies on users staking $WAXP as a means to reserve computing resources.

Staking your $WAXP accrues rewards over time, but more importantly helps the community build towards its vision. You the HODL’er are powering the blockchain so that WAXP can continue to transact with zero fees and unlimited opportunities. Along with staking rewards, you also earn the right to vote for block producers.

$WAXP can also be used as a vehicle to purchase NFTs. Users can use WAXP tokens to buy and sell NFTs on many marketplaces including wax.atomichub.io/ and www.kogs.gg/. Also, many emerging play-to-earn (p2e) are also participating in the WAX NFT eco-system.

WAX’s tokenomics combines the continued growth of NFTs while still maintaining the capabilities of DeFi. This allows those who participate in rewards to receive them in the form of ETH or the WAXG Governance Token.

Recently, Amazon has announced their partnership with $WAXP. Amazon joined the NFT craze by investing in Dibbs.io, which is a real-time fractional collectible card market. If you couldn’t afford a Michael Jordan rookie before, now you can own a percentage of one with Dibbs.io.

What Is vIRL NFT?

vIRL, means Virtual In Real Life- which may be hard to wrap your head around. vIRL marries virtual and real items onto the blockchain. “VCommerce” is a new way to buy and sell your virtual items.

Check out the YouTube video below for a more on vIRL.

What Is Next?

Founders William Quigley and Jonathan Yantis set out an ambitious roadmap, that is still in its early stages.

Their Ethereum Virtual Machine and Ethereum Bridge is coming and has users very excited. The WAX EVM will be a a tool for developers on ETH to use WAX’s POS and avoid high gas fees and lengthy transaction times.

This also means all DeFi, GameFi, and other technologies that are compatible on ETH can also be run on the proof-of-stake chain. It’s a benefit for any project on ETH looking for an alternative.

How this works is all smart contracts compatible with ETH can function on the eco-friendly blockchain without fees. Not to mention, with their Ethereum Bridge in Alpha, users can now swap their ETH to WAXP through their WAX Cloud Wallet.

 

Be sure to join their Discord for up to date news and information.

Recommended: Pepsi Releasing Ethereum-Based NFTs

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