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WAX NFT Blockchain: The King of NFTs

According to Dappradar.com, the Worldwide Asset eXchange (WAX), also known as the King of NFTs, is the world’s number 1 blockchain in terms of both NFT users and transactions. WAX is also the most popular entertainment NFT network.

The success of “NFTs,” or digital collectibles, has recently exploded. Millions of dollars are being spent on digital collector’s items ranging from art to sports trading cards. WAX is trying to create a more fair and sustainable NFT environment that will enable the general public to obtain NFTs at a lower cost. Furthermore, the project is planned to do this with the bare minimum of technological requirements.

The economic model of the WAX Blockchain is focused on the buying, selling, and exchanging of NFTs produced and transacted on the WAX Blockchain. Participants would use WAX tokens to execute the majority of these NFT transactions. One way to acquire WAXP is to purchase them on exchanges. Historically, WAX NFT sales have sold out in minutes, if not seconds.

WAX intends to sell carbon effect NFTs. This would be the first truly tradable carbon impact collectible in the world. vIRLs can be used to deliver these NFTs. vIRLs are NFTs that may be redeemed for a physical object or service, such as shoes, a bag, or carbon effect NFTs in this case. This technology greatly cuts the time it takes to supply physical objects. WAX consumes 125,000 times less energy than Ethereum and is carbon neutral.

WAX is combining the two blockchains by connecting the value provided by non-fungible tokens (NFTs) on the WAX Blockchain to Ethereum. NFT’s key operations continue to be hosted on the WAX Blockchain. However, the Ethereum network is used to migrate and transact decentralized finance (DeFi) features.

Many of the leading companies in the technology and entertainment industries are part of the WAX network. This comprises the majority of the WAX Advisory Council members. Furthermore, WAX is working on a series of new features, integrations, and collaborations that will help the platform grow for mass adoption.

About WAX

WAX launched vIRLs in 2018, allowing consumer product firms to connect NFTs to physical consumer goods directly. WAX, created in 2017 by William E. Quigley and Jonathan Yantis,  William Quigley worked at Disney. He received an MBA from Harvard and became a venture capitalist after leaving Disney in the early 1990s. He rose through the ranks at Idealab to become the managing director. He is the managing director of Magnetic as well as the creator of WAX. 

WAX provides the easiest and most easy way for anyone, anywhere in the world, to make, purchase, sell, and exchange virtual objects and physical goods (NFTs and vIRLs). More than 100 million digital collectibles have been traded via WAX, including Major League Baseball (via Topps MLB collectibles), Capcom’s Street Fighter, and world-famous entertainers Deadmau5 and Weezer.

 

 

 

Image: Simon

*Disclaimer: Fyggex, does not give any guidance, advice or recommendations to neither invest or not in any available normal currency or digital currency directly or indirectly via any trading platform, exchange or provider. Our sole purpose is to make you aware of the related real or potential risks and opportunities so that you can make your own research prior to any financial decisions you may want to take. Past performance and position are not a guarantee of risk-free future returns.

Sources

on.wax.io/wax-io/

on.wax.io/mint-green/

academy.ivanontech.com/blog/exploring-the-worldwide-asset-exchange-wax

github.com/worldwide-asset-exchange/defi

www.globenewswire.com/news-release/2021/04/27/2218202/0/en/Weezer-is-coming-to-the-Blockchain.html

dappradar.com/nft/marketplaces

coinmarketcap.com/currencies/wax/

dappradar.com/blog/is-wax-king-of-nfts