The rise of NFTs has brought about a new way of owning digital assets, and WAX is one of the prominent players in this market. In this article, we will explore the WAX blockchain, its NFT marketplace, and creator tools. We will discuss how WAX makes NFT creation and trading accessible to everyone, its features, and its benefits for creators and collectors.
What is WAX?
WAX is a blockchain that focuses on creating a marketplace for digital assets, including NFTs. The WAX blockchain was launched in 2017, and it is built on top of the EOSIO software. WAX has its own cryptocurrency called WAXP, and it is used to facilitate transactions on the platform.
WAX NFT Marketplace
The WAX NFT marketplace is a decentralized marketplace where anyone can buy, sell, or trade NFTs. The marketplace offers a variety of NFTs, including gaming items, collectibles, and artwork. The WAX marketplace is unique in that it is designed to make NFT trading accessible to everyone. There are no gas fees, and the platform is user-friendly, making it easy for anyone to navigate.
WAX Creator Tools
WAX offers a range of creator tools to make it easy for anyone to create and sell their own NFTs. The WAX Creator is a user-friendly platform that allows creators to create their own NFTs without any coding knowledge. Creators can upload their own artwork, set their own prices, and sell their NFTs directly on the marketplace.
Benefits of Using WAX for Creators and Collectors
Benefits for Creators
WAX offers several benefits for creators, including:
- Low Transaction Fees: WAX has some of the lowest transaction fees of any NFT platform, making it easier for creators to sell their NFTs without incurring high fees.
- User-Friendly Creator Tools: WAX offers user-friendly creator tools, making it easy for anyone to create and sell their own NFTs without any coding knowledge.
- Exposure: The WAX marketplace has a large user base, giving creators exposure to a wider audience.
Benefits for Collectors
WAX also offers benefits for collectors, including:
- Diverse Range of NFTs: The WAX marketplace offers a diverse range of NFTs, including gaming items, collectibles, and artwork.
- User-Friendly Marketplace: The WAX marketplace is user-friendly, making it easy for collectors to find and purchase NFTs.
- Verified Authenticity: WAX verifies the authenticity of NFTs sold on its platform, giving collectors peace of mind.
WAX is a decentralized blockchain that enables the creation of marketplaces for digital assets, including NFTs. It uses delegated proof of stake (DPoS) as its consensus mechanism, and its goal is to make NFT creation and trading accessible to everyone.
WAX has its own cryptocurrency called WAXP, which is used for transactions on the platform. It is also used for staking and voting in the WAX network. WAXP has a total supply of 3.7 billion tokens, with a circulating supply of around 1.4 billion tokens.
WAX Cloud Wallet
The WAX Cloud Wallet is a user-friendly wallet that allows users to store and manage their WAXP tokens and NFTs. It is a browser extension that can be installed on Chrome, Firefox, or Opera. The WAX Cloud Wallet makes it easy for users to interact with the WAX blockchain without needing to download a full node.
WAX NFT Standards
WAX has created several NFT standards to ensure that NFTs on its platform are interoperable and can be easily traded. These standards include:
- Simple Assets: A standard for creating fungible and non-fungible tokens on the WAX blockchain.
- Atomic Assets: A standard for creating more complex NFTs, including those with multiple properties and attributes.
- WAX Stickers: A standard for creating digital stickers that can be used in messaging apps.
WAX has formed several partnerships to increase the adoption of NFTs and expand its ecosystem. Some of its notable partnerships include:
- TOPPS: WAX has partnered with TOPPS to create NFTs for the Garbage Pail Kids and MLB collectibles.
- William Shatner: WAX has partnered with actor William Shatner to create his own line of NFTs.
- Marvel: WAX has partnered with Marvel to create NFTs for popular comic book characters.
WAX uses a deflationary tokenomics model for its WAXP token. A portion of the transaction fees on the WAX blockchain is burned, reducing the total supply of WAXP over time. This is intended to create scarcity and increase the value of the token.
WAX has an ambitious roadmap for the future, with several planned upgrades and features. Some of its planned upgrades include:
- WAX 3.0: A major upgrade to the WAX blockchain, which will include improved performance and scalability.
- WAX Bridges: Bridges to other blockchains, which will enable the transfer of assets between different ecosystems.
- WAX NFT Marketplace 2.0: An upgraded version of the WAX NFT marketplace, which will include new features and improved user experience.