WAX stands for Worldwide Asset Exchange. It is a decentralized platform enabling individuals to operate a completely functioning virtual market for Non Fungible Tokens with zero investment in payment processing, infrastructure, or security. It is one of the world’s top marketplaces for online video game assets. WAX is designed to serve the population of approximately 400 million online players who are buying, collecting, and selling NFT game items already.
What is WAX – Worldwide asset exchange?
The Worldwide Asset eXchange (WAX) is the largest decentralized entertainment and video game network, considering itself as a “King of NFTs”.
WAX blockchain is a protocol committed to making non-fungible tokens (NFTs) easily accessible and affordable, not just for the wealthy.
Non-fungible tokens (NFTs) have been in mainstream headlines recently, largely due to the enormous price tags attached to some of them like for example the famous Beeple NFT sale.
However, WAX is working towards a fairer and more equitable NFT ecosystem that can allow the general public to collect affordable NFTs. Moreover, the project is designed to achieve this with minimal technical requirements. Users of WAX blockchain can seamlessly interact with NFT marketplaces using WAX Cloud Wallet. WAX allows people unfamiliar with blockchain, to approach and interact with the technology in an easy-to-understand and simple user interface.
WAX is a purpose-built blockchain and protocol token designed to make e-commerce transactions faster, easier, and safer for all participants. The WAX Blockchain uses Delegated Proof of Stake (DPoS) as its consensus mechanism and is fully backward compatible with EOS.
WAX is one of the secondary markets on WAX marketplace decentralized applications (dApps). All creators of NFTs created on WAX will receive a commission for each further sale.
WAX Tokens
WAX is linking the value generated from non-fungible tokens (NFTs) on WAX Blockchain to Ethereum to combine the two blockchains. WAX Blockchain remains the host for NFT core operational functions. However, the decentralized finance (DeFi) functions are transferred and transacted through the Ethereum blockchain. According to WAX, Ethereum is regarded as the capital vault of the “WAX NFT empire”.
This is to ensure continued sustainable growth for WAX Blockchain. The Worldwide Asset eXchange (WAX) recognizes its strengths in facilitating the creation and trading of non-fungible tokens (NFT).
WAX price at the time of issuing this article is $0.180493 with a 24-hour trading volume of $17,351,046. WAXP price is up 12.5% in the last 24 hours.
WAX Cloud Wallet
WAX Cloud Wallet is one of the easiest ways for the general public to approach investing in NFTs. WAX Cloud Wallet allows users to start investing in NFTs without any previous experience of web wallets or NFT standards.
WAX Cloud Wallet boasts a simple three-click setup for users. This will allow users to enter and freely interact with The Worldwide Asset eXchange. Read an article about more NFT marketplaces here.
WAX Cloud Wallet offers users:
- buying and staking options for WAX tokens,
- storage of non-fungible tokens (NFTs),
- interaction with the WAX decentralized finance (DeFi) ecosystem.
Additionally, recent updates to WAX Cloud Wallet have introduced a WAX News section. Plus, the wallet now features a library of all available WAX decentralized applications (dApps) linked to the application. This improves both convenience and security.
The team plans to implement many technical updates related to the WAX cloud wallet as it is indicated in their roadmap. Their tokenomic model marries the explosive growth of NFTs with the superior monetization capabilities of DeFi also mentioned in the roadmap.
WAX NFT Creator
WAX Creator is a self-service tool. It allows anyone to create NFTs like collectible cards, stickers, and digital art on the WAX Blockchain. It only takes just minutes, and it is for free as well. Basically, it requires zero technical knowledge on the part of the creator. Hundreds of thousands of NFTs have been created on the WAX Blockchain using the WAX Creator since launching in June 2019.
NFTs are minted on the WAX Blockchain and sent to the creator’s WAX ExpressTrade Inventory. Owners of these NFTs can sell them, gift them, trade them, or collect them. They can also be used to create dApps, such as a card game that’s played using custom WAX Collectable Cards.
NFTs can have generic attributes, unique attributes including random integers, descriptions, and even more.
WAX NFT Exchange
WAX supports a growing ecosystem of marketplaces. With WAX Marketplace, third parties can list, purchase, and settle the transaction all through a smart contract. Anyone can operate a fully functioning virtual marketplace with blockchain trust and transaction verification.
WAX Competitors
A computer company with 37 employees ASAP Systems – Cloud/On-Premises Inventory System & Asset Tracking Solutions. ASAP Systems is a market leader in inventory management and asset tracking systems. They are progressing as they recently tweeted that their goal is to make sure the users never lose an asset again. As they created a check-out/check-in Asset Tracking System which will give the users control over the important equipment.
Another WAX competitor is The Asset Management Exchange, which is a AMX a global marketplace designed to fundamentally transform institutional investment for all market participants. It is proposed for professional clients only. There are many more just like TrackAbout, Inc., GameXS and other companies.
WAX Summary
The market for digital goods is large and growing fast. Since the WAX project announcement in June of 2017, the market has evolved rapidly around digital goods. The Worldwide Asset eXchange (WAX) has created a blockchain that is fast and easy to use. Moreover, the dual-blockchain model between WAX Blockchain and Ethereum provides WAX with the potential for immense scalability.
Source: https://academy.ivanontech.com/
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
