WAX (WAXP) - The King of NFTs?
Recently, with the explosive growth of the cryptocurrency market, NFTs—token systems based on blockchain technology—are becoming a hot topic, flooding the internet.
Introduction to WAX
Established in 2017, WAX, known as "The King of NFTs," is the Worldwide Asset eXchange, the world's most utilized blockchain ecosystem for NFTs, dApps, and gaming.
It operates as a decentralized marketplace, providing the highest security and convenience for buying, selling, and exchanging virtual items (NFTs) and in-game assets with anyone worldwide.
Special Advantages of WAX
Asset Security:
During transactions, purchases, and exchanges, user assets are safeguarded through smart contracts, minimizing risks of theft and fraud.
High Liquidity:
All NFTs from various games can be traded on the platform using WAX tokens or WAX pegged tokens.
Low Transaction Costs:
Low transaction fees make payments more manageable, benefiting both sellers and buyers in saving costs.
Decentralization and Wide Market:
It creates a global-scale decentralized marketplace for trading NFTs, facilitating over 2 million transactions weekly.
How WAX Operates
WAX operates with four main components:
Users: Owners of digital assets, NFTs, participating in buying, selling, and trading virtual items.
Guilds: Role in verifying transactions and block production, earning commission rewards.
Transfer Agents: Facilitate smooth transfer of items between buyers and sellers.
Contracts: Enforceable agreements within the WAX platform.
What is WAXP Token?
WAXP is the utility token within the WAX Protocol platform, used for:
Purchasing, selling, and trading NFT items on the marketplace.
Paying gas fees within the WAX Protocol network.
Staking WAXP for rewards and accessing decentralized applications (dApps) on the network.
WAXP Token Storage Wallets
WAXP tokens can be stored in ERC20-compliant wallets such as:
Metamask
C98 Wallet
Trust Wallet
Alternatively, tokens can be stored on exchange wallets like Binance, Kucoin, Huobi Global, Gate.io, etc.
Tokenomics
Technical Specifications:
Token Name: WAX Protocol
Ticker: WAXP
Blockchains: Ethereum, WAX
Total Supply: 3,770,303,327 WAXP
Token Distribution:
WAX Team and Founders: 25%
Contributors and Advisors: 10%
Market Development: 30%
Token Sale: 35%
WAX's Roadmap
Development Team
WAX was founded by Jonathan Yantis and William Quigley, CEOs of Cashel Enterprises, an investment firm with a crypto portfolio encompassing over 40 blockchain projects.
Partners
Current partners include prominent names like Kyber Network, Robot Cache, Bancor, Jaxx, SALT, and more.
Conclusion
The WAX platform supports millions of users in trading, buying, and exchanging on a single decentralized platform.
Leveraging the advantages of escrow services, security, and payments will attract more participants to this ecosystem as the NFT market continues to grow.
Gamefinity will continue to compile the latest news related to the WAX Protocol in future articles. We hope this article provides useful information for you.
Disclaimer: Information sourced from Whitepapers and official project sources. This article is for informational purposes only and should not be considered investment advice.
