In this article, we will analyze a project with huge potential that is often underestimated; The WAX blockchain. WAX is often treated as a second-rate NFT blockchain compared to Ethereum, but I am sure it will soon become the main blockchain for NFTs.
There are far more transactions of NFTs on WAX than on Ethereum. But the market value of transactions on Ethereum is far greater. WAX specializes in microtransactions, those often made by games on the blockchain.
In fact, unlike Ethereum, WAX was explicitly created for NFTs. WAX, or Worldwide Asset eXchange, is a carbon-neutral designed for e-commerce transactions. It’s known explicitly for digital trading assets.
We have already mentioned that the WAX blockchain boasts more transactions than Opensea. This is because it is specifically made for numerous transactions, which is ideal for games or projects requiring many transactions. In 2021 it had more transactions than Opensea.
We could say that Ethereum (via Opensea) allows NFTs to be stored as a form of collection, while WAX (via Atomic Market) is mainly used to make transactions.
But there is much more than that. WAX’s products are:
- A blockchain with meager transaction costs
- A marketplace called AtomicHub
- A new type of NFT called Virl NFT
Wax Blockchain: It’s all about videogames
WAX blockchain is hyperfocused on video games and virtual collectibles. Through continuous innovation in the industry, it has become one of the most recognizable web3 ecosystems for providing everything a brand needs to launch a successful NFT collection.
It is no coincidence that it is considered the most widely used blockchain for video games and launching NFTs collections.
To optimize e-commerce usability the blockchain uses a delegated proof of stake (DPoS) mechanism that is compatible with EOSIO. This combination of DPoS and EOSIO compatibility helps the blockchain achieve greater speed and scalability.
Currently, the platform supports more than 30,000 useful DApps and marketplaces for games and NFT. Its rapid development is mainly due to the support of its parent company, OPSkins, which used to be a leading global brand for buying and selling digital items.
Among the most famous collections are Spider-Man, Panda NFT, Bitcoin Origin, Alien Worlds, Farmersworld, Funko.
Wax’s NFT marketplace is called AtomicHub.
Atomichub allows the creation of permanent NFTs galleries on the blockchain, which cannot be deleted.
Some more exciting features are:
AtomicBridge allows users to convert NFTs to the AtomicAsset standard. The original NFT is stored in the AtomicBridge account instead of being burned. Users can then retrieve their original assets at any time.
The Explorer page lists all NFTs created with the AtomicHub standard. The page is divided into multiple sections that allow users to filter and display different collections, NFTs, and models.
The Auction system also allows NFT owners to sell their NFTs through an auction. Thus NFTs can be sold either on the market at a fixed price or through auctions.
Wax: the invention of the Virl NFTs.
Virl NFTs is an exciting idea from WAX. These NFTs are linked to actual physical objects or services and serve as a certificate of ownership, claim ticket and/or key. Leading brands are rapidly adopting vIRLs as an effective way to share their collectibles and increase brand awareness.
Funko Pop! has embraced vIRLs in a big way with unique vinyl pieces of Big Boy and Teenage Mutant Ninja Turtles. If your particular nostalgic taste is a bit more sci-fi, The Outer Space Men made a splash with physical collectibles guaranteed in every card pack and an ultra-rare action figure. As we mentioned, the band Weezer also jumped on the vIRL trend and tied collectible pins to Ultra Rare NFTs.
But vIRLs are not just shelf toys. WAX is committed to being a clean and carbon-neutral blockchain.
Wax is a booming project. Although it is not a small cap anymore it has tremendous growth potential. Many games are turning to WAX as the only platform that allows them to run a game on the blockchain with reduced costs.
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