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The WAX Blockchain has been around for years, and its transaction count has been astounding. WAX claimed the transaction count was entirely real, and linked to in-game item trading. WAX is a blockchain with a fast block time of 1 second, capable of running thousands of transactions in each block.
WAX was also an exception to the usual path. For most play to earn projects, a blockchain was created first, and the GameFi and item trading functionalities were added later. WAX was the ultimate front-run, building its blockchain as an extension of the OPSkins marketplace back in 2018. The very fast, low-fee and low-friction WAX blockchain was specifically tailored to the needs of that marketplace.
It is no wonder then that WAX appeared as one of the most prominent play to earn hubs in 2021. WAX is different from almost all other alternatives, though it has adapted some of the features of faster blockchains.
What is the WAX Asset
WAX is the native token of a delegated proof of stake blockchain. This means a handful of selected computation representatives quickly produce and distribute blocks.
WAX is also used to buy RAM and CPU resources on the blockchain, as well as buy and sell NFTs.
WAX has a rather volatile market price, with an absolute peak at $2.65 during the 2017 bull market, and a 2021 peak at $0.79. As of December 2021, WAX held at around $0.50, a relatively low per-unit value. The total supply of WAX is around 3.8B, of which 1.86B are in circulation.
WAX can be held after creating an account on WAX Cloud Wallet, an online service protected by a private key similar to other blockchain wallets. To create a new wallet, the private keys are derived from a random number generator, to be used offline and avoid the potential for tainted private keys.
How to Get WAX
Getting WAX is similar to acquiring other tokens. Swaps are available for those with access to Binance International. Changelly also carries WAX for swaps or direct card purchases.
The WAX cloud wallet can also be accessed with a social media profile, and is one of the most user-friendly tools to access a metaverse of NFTs and other assets. With its relatively easy access, WAX is a direct way to join several play to earn games.
WAX is also available as an in-wallet purchase, with the main cloud wallet linking to several swapping or exchange services. WAX can also be bridged to Ethereum for projects that use this version of the asset.
Is WAX Risky
Like other digital assets, WAX may hold various risks. The WAX wallet uses social media profiles as protection, and is best used as a hot wallet for immediate usage.
The WAX market price may also vary significantly due to the relatively slim trading volumes on exchanges.
Using the WAX ecosystem requires a wallet connection and some tokens, and there may be risk on the side of games and marketplaces. Some of the games may also be incomplete or insufficiently popular, though demanding an upfront payment to acquire digital assets such as tools. But WAX is a low-cost way to explore the play to earn metaverse without the significant and unpredictable gas fees of Ethereum.
Who is Behind WAX
WAX Blockchain, standing for Worldwide Asset Exchange, has been around since its ICO in 2017. At that time, the project raised $42M and attracted several investors from the blockchain space.
Investors included Hashed, Distributed Global, Andreas Schwartz, and more recently, Non-Fungible Chan and Node Capital.
WAX Studios is the game-building branch of the blockchain startup. The studio is currently promoting its Blockchain Brawlers play to earn game, and has opened a new edition of NFT skins through the Binance NFT marketplace.
How Active is WAX
According to DappRadar, WAX Blockchain is one of the most active hosts for distributed apps. Daily, around 325,000 active users join the various games and dApps on the plastform.
Alien Worlds and Farmers World are among the most active games, alongside Blockchain Brawlers. Because of the direct entry point and ease of acquiring WAX, this blockchain is easily as active as Ethereum and Binance Smart Chain.
WAX has the advantage of appealing to the gaming community more readily, while remaining relatively on the sidelines for pure cryptocurrency enthusiasts. WAX is at the tail of the top 100 tokens by market capitalization, with a total value just below $1B. The platform may have a significant upside, as its price and exposure for now lag behind the value of play to earn tokens.
Play2Moon will explore the WAX ecosystem in detail, reviewing some of the most successful and widely used games.