What is WAX?
The World Asset eXchange (WAX) is a decentralized platform designed to make e-commerce transactions faster, easier, and safer for all participants. It is a purpose-built NFT blockchain and protocol token that utilizes delegated proof of stake (DPoS) as its consensus mechanism. WAX is fully compatible with EOS and has been created with custom features and incentive mechanisms to optimize its usability in e-commerce and encourage voting on guilds and proposals.
The WAX platform was founded in 2017 by William Quigley and Jonathan Yantis. Quigley is a Harvard-trained CPA with a decade of experience in the crypto space, while Yantis has been involved in digital asset trading and sales since the late 1990s. The team behind WAX has studied the interest gamers have in blockchain technology and its incorporation into the video game industry. As a result, in 2019, WAX developed and released a variety of new features and membership options.
WAX's unique blend of convenience, security, and eco-friendliness has made it the digital marketplace of choice for brands such as Atari, Hasbro, and Sony. The platform's dedicated blockchain and token streamline digital asset creation and exchange, while its use of DPoS ensures that it is as eco-friendly and optimized as possible. Creators can use WAX's features to launch and sell NFTs, and develop decentralized apps that offer users a variety of play-to-earn gaming experiences.
The WAX ecosystem can be accessed by creating a WAX Cloud Wallet and depositing WAXP tokens into it. The WAXP token can be used to purchase NFTs and staked for rewards, including ETH and WAXG Governance Tokens. The team behind WAX has also announced plans to offer vIRL NFTs, a type of NFT that is associated with a physical product and can be bought, sold, and traded before being redeemed for its physical twin. The WAX price page is part of the Crypto.com Price Index, which features price history, price ticker, market cap, and live charts for the top cryptocurrencies.
Another use case for WAX is in the gaming industry. The platform allows game developers to easily create and distribute in-game items as NFTs, giving players ownership over their virtual assets. This also allows for secondary marketplaces to form where players can buy and sell these items with each other.
WAX also offers a feature called WAX ExpressTrade, which allows for fast and easy trading of NFTs without the need for a wallet. This makes it accessible for even non-crypto users to participate in the buying and selling of digital assets.
In addition to its utility in the gaming and e-commerce industries, WAX also has potential for use in other areas such as collectibles, art, and real estate. The platform's focus on carbon neutrality and eco-friendliness also sets it apart in the industry and is likely to attract environmentally conscious users and businesses.
The WAX team is constantly working on improving and expanding the platform's capabilities. Recently, they announced the development of a new feature called WAX Custom NFTs, which allows for the creation of unique and customizable NFTs for brands and businesses.
Overall, World Asset eXchange (WAX) offers a unique and innovative solution for digital asset transactions, with a focus on making the process faster, easier, and more eco-friendly for all participants. Its utility in the gaming and e-commerce industries, as well as its potential for use in other areas, make it a promising player in the NFT and digital asset space.
The investment information, comments, and recommendations provided here do not fall under the scope of investment consulting. Therefore, making an investment decision based solely on the information and comments provided here may not yield results that meet your expectations.
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