You know WAX (WAXP)

Wax

Every day a project within the cryptocurrency world causes a sensation among the enthusiast community, with Non Figible Tokens (NFT) now capturing the attention and money of investors. One of these interesting projects is WAX, but before analyzing this platform and its token (WAXP) you should know that the information presented here is entirely informative, it does not represent an investment recommendation at all.

WAX is a blockchain specially designed to develop platforms for the exchange of virtual goods. In fact, WAX is the most used and transacted blockchain ecosystem in the world of NFTs, decentralized applications (dApps) and video games, according to DappRadar data. The great advantage of WAX is that it allows any developer to create a business of buying and selling virtual goods without the need to invest in infrastructure or security.

Some of the most popular blockchain games, such as Alien Worlds and Framers World, are developed on the WAX blockchain. The price of its token, the WAXP, has grown 222% in the last month. At the time of writing, the WAXP price is USD 0.4671.

As WAX describes in its whitepaper, building a business on a blockchain is still very complicated. Therefore, WAX is self-promoting itself as a platform that helps make the transition from traditional enterprise to blockchain enterprise as simple as possible. WAX's blockchain platform is designed to create mass-market applications, thanks to its layer of microservices, which make it easy for developers to manage blockchain accounts and transactions.

Another advantage of WAX is the protocol it uses for its NFTs, known as NFT vIRL. These NFTs have a large number of dynamic functionalities. Among other things, they include application/video game integrations, marketing tools and, above all, e-commerce capabilities. What's more, the great advantage of these NFTs is their ease of linking to real-world objects so that ownership can be transferred without the need to ship anything until both parties are ready.

Two of the most important NFT marketplaces today are developed on WAX: AtomicMarket and NeftyBlocks. AtomicMarket has had a turnover of over $140 million in the last month, with nearly 230,000 unique users participating. NeftyBlocks, meanwhile, has moved a total of $11 million and had more than 40,000 users.

As they underline in their whitepaper, one of the main objectives of WAX since its birth was to become the blockchain of reference for the development of blockchain games, something they are gradually achieving. Currently, WAX has more than 7 million user accounts playing its games and more than 400,000 daily users. Two of the most popular blockchain games: Splinterlands and Alien Worlds are built on the WAX blockchain.

The WAX platform is especially appealing to game developers because of its ample bandwidth and high scalability, which allows 8,000 transactions per second. In addition, as for gas, WAX only charges 2% of the price on each sale.

Unlike other blockchains, which charge per-transaction fees, WAX uses a shared resource that relies on users betting WAXP as a means to reserve computing resources. When WAXP is wagered, the scarcity of the token increases (as it is reserved and stored until a user claims it) and rewards accrue over time. The tokens wagered always belong to the users and can be claimed at any time.

In addition, users who wager tokens also get the right to vote for block producers and get voting rewards, paid out of token inflation.

Posted Using LeoFinance ^Beta