Although it may have been helped by recent events as people strive to keep themselves entertained while confined indoors, it cannot be denied that the video game industry has seen a massive explosion in growth for the past decade or so. As the annual sales of goods within those virtual worlds have peaked within the gaming industry at a whopping $100-billion, it thus leads us to the question – what's next? In comes our WAX review to look deeper into the so-called the “King of NFTs.”
WAX aims to rewrite the books on digitalized goods, what they are, where we can trade them, and how we could bring the value of what is otherwise a collection of 1s and 0s clothed in glitzy garments out and into the real world? There are those that continue to wax lyrical (pun intended) about the value of these tokenized goods, and if you read along with our WAX review, you might discover there's a whole new world that we've yet to explore.
NFTs, or non-fungible tokens, are quickly becoming a new way to trade items on the internet, tokenizing them on a specialized blockchain network backed by robust and secure cryptocurrencies. It has been promoted as the way forward for us to create, buy, sell, and trade anything online, as a way for them to have marked authenticity and value. With WAX's expansive decentralized ecosystem, you can tokenize everything from video games, films, music, books, artwork, along with the smaller things in-between. Let us read on to discover what the future holds.
What Is WAX?
WAX is an abbreviation of Worldwide Asset eXchange. It is a decentralized blockchain platform designed as an open, transparent, fair, immutable, trustworthy, and widely accessible marketplace to exchange virtual goods, tokenized as an NFT. These items range everything from items used in a video game, collectible memorabilia, or rare trading cards. Traditional marketplaces are often centralized within an enclosed ecosystem. For example, a storefront within a video game can only be accessed within that game, controlled by a third party.
It makes it harder to get into and limited in what you can exchange, while also prone to forgery and scams or paying manipulative and inflated prices. Moreover, the digital goods that have been created in the traditional sense do not have real-world value. This is where the power of NFTs comes in, along with marketplaces such as those powered by WAX. On WAX's expansive decentralized network, digital goods are certified and authenticated using its blockchain, and a diverse array of goods can be transacted seamlessly.
As one of the most popular NFT exchanges, WAX has continually been proactive in approaching new markets and clients to collaborate to bring unique NFTs to its system. We've seen entire collections being sold out on WAX in a matter of minutes, distributing hundreds of thousands of unique items tokenized by its native WAXP cryptocurrency. Even on its secondary markets – in other words, markets for second-hand goods – we've seen how collectors and keen enthusiasts have traded NFT items worth thousands of dollars each.
What Can You Do With WAX?
Powered by WAX's blockchain, you can easily create your own, buy, sell, and trade various forms of tokenized digital assets, or NFTs. WAX was initially designed to trade highly sought-after or collectible items in video games, such as weapons, armor, vehicles, properties, character skins, clothing, power-ups, perks, achievements, and anything else that could be used or treasured. However, they have since grown beyond the burgeoning gaming industry through trading and playing cards, special merchandise, collectible artworks and posters, and more.
WAX has experienced incredible growth recently, as its blockchain platform continues to attract major brands and personalities onboarding onto their marketplaces, allowing another medium to interact with their audiences. Here are some of their most recent partnerships:
- William Shatner – A beloved and legendary Hollywood personality spanning over 60 years of stardom, most memorably as Star Trek's Captain Kirk. His personal memorabilia was tokenized as a large collection of NFT trading cards, which has managed to sell 10,000 packs filled with 125,000 photographs marking pivotal and memorable moments in his life and was sold out in just 9 minutes!
- Topps – They're one of the most well-known makers of trading cards in the world, and their achievements with NFTs are just as respectable. Its first sale of NFTs on WAX's blockchain from the Garbage Pail Kids (GPK) franchise sold out in just 28 hours. And even more remarkable, its most recent sale of the GPK Goes Exotic series has sold 20,000 packs containing 240,000 individualized cards in just 67 minutes – worth $204,800.
- Deadmau5 – A new collaboration with WAX will see the famous deadmau5 release their new RAREZ brand. A series of collectible merchandise on WAX worth an estimated $100,000 for over 6,000 unique NFT packs are being listed, another push into blockchain adoption from the music industry.
- Atari – Ever an iconic and legendary maker of video games from yesteryear, Atari is launching a collaboration to sell digital pop-culture artwork on WAX, inspired by their iconic box art that covered the golden age of classic video games from 40 years ago. You can relive that memory with cover art that has been brought to life with 3D graphics and animated renders in a stunning and artistic form.
- Street Fighter – An upcoming collaboration after WAX inked a new partnership with Capcom, WAX will see the iconic Street Fighter universe and its memorable characters make their way to the blockchain. They offer rare collectibles in the form of trading cards and a unique new crafting mechanic that allows you to combine similar cards, then creating a more powerful and unique card.
Although there have been many partnerships and collaborations initiated by WAX to expand and entice its NFT marketplaces into more mainstream audiences, there has also been a suite of new projects onboarding on WAX independently, seeing its ease-of-use and broad userbase as a huge attraction. Here's another list that we've found for our WAX review:
- Bitcoin Origins – An ongoing collection of rare and collectible artwork has been created by a wide collaboration of artists worldwide to celebrate Bitcoin through its history and many achievements listed on WAX. You can own a piece of history to mark the continued rise and prosperity of Bitcoin through special cards, including clues to enter a treasure hunt for 1 Bitcoin.
- Uplift Art – A humanitarian-based initiative, Uplift Art has issued a new collection of entertainment cards that display unique artwork and music on WAX. Their ultimate goal is to help raise money for charitable events and have recently raised over $20,000 through 486,664 tokens to build a school in Haiti.
- Kogs – They are a 90s-style POGs-type game that uses WAX-minted tokens as a playable item. You can buy, sell, trade, and collect KOGs tokens, or you could use them to battle other players on KOGs-powered games in online tournaments. You can also use its NFTs to unlock special features and functions in other RFOX-powered games within its virtual ecosystem.
- Blockchain Heroes – A collectible trading card pack featuring 40 original characters inspired by important figures within the blockchain industry, across 9 unique rarities. These include fully animated characters, 3D graphics, collectible artifacts, and more to celebrate blockchain, made exclusively available on WAX.
The History Behind WAX.
WAX was founded in 2017 by William E. Quigley, Jonathan Yantis, and John Brechisci Jr. They are also well-known as the creators of the infamous OPSkins, which was the world's largest online marketplace for exchanging in-game goods. It once supported major titles such as Counter-Strike Global Offensive (CSGO), Player Unknown Battlegrounds (PUBG), King of the Kill (KotK), among others. However, WAX's history goes back much further than that, having indirectly accumulated 20 years of experience from its founders in the pioneering of e-commerce and other online marketplaces.
WAX held two token sales for its native WAXP cryptocurrency. In October 2017, the first was selling a total of 520-million WAXP tokens in two stages to both institutional investors and select public participants, helping to raise $45.5-million. Later in November 2017, a public ICO was held that sold 136.9-million WAXP tokens to the public, raising another $9.6-million for the WAX blockchain's continued development.
Has WAX Had Any Changes Or Updates?
Originally, WAX was created on the Ethereum blockchain but later migrated to a modified version on EOS. As such, the original ERC-20 WAXP tokens were exchanged to a new standard following the launch of its main-net. However, WAX is continually building more ‘bridges' to better support cross-chain compatibility and interoperability with the Ethereum blockchain, ensuring that developers could easily migrate to WAX while also retaining seamless access between the ecosystem of both chains, such as being able to work with ERC-721 and ERC-1155 NFTs.
At the time of writing this WAX review, this is the biggest network update to come from the WAX blockchain; a new DeFi-inspired ‘tokenomic' model to create a hybrid inter-blockchain, connecting WAX's NFT tokenization functionality and versatile marketplaces, and combined with the superior monetary abilities and scale of Ethereum. The goal is for network participants on WAX to benefit from better utilizing and optimizing their core activities for both WAX and Ethereum.
In other words, the consumer-level marketplace will be powered by WAX, and Ethereum will sit alongside it to handle more complex economic aspects of running the WAX blockchain. This has multiplied benefits for users on both chains. This ‘bridge' will allow users to collect Ethereum-based NFTs – such as those tokenized with ERC-721 and ERC-1155 utility cryptocurrencies – and trade them on WAX without having to pay gas fees. Meanwhile, network fees are redistributed to the WAX community.
This endeavor hopes to make WAX among the first public blockchains to push into a 4th-generation economic model, where a token's value is directly linked to economic activity on multiple interconnecting blockchains, each selected for its optimal performance and usability. Here is a comprehensive look at some of the new components for this new inter-blockchain tokenomic model for our WAX review:
- WAXP to Ethereum Bridge – This new ‘bridge' will allow WAXP holders to convert their holdings to WAXE by burning their WAXP tokens.
- WAXE – A new ERC-20 utility token for holders to participate in the new WAX tokenomics and then deposit both WAXE and ETH into a WAXE-ETH liquidity pool.
- WAXE-ETH Liquidity Pool – A liquidity pool for WAXE-ETH trading pair valued using its pricing algorithms, where depositors could also earn WAXE-ETH Liquidity Pool tokens.
- WAXE-ETH Liquidity Pool Token – An ERC-20 token can be used to stake into the WAX Economic Activity Pool to earn WAXG and ETH.
- WAXG – A new ER-20 governance token, where you can either burn WAXG to receive more ETH from the Piggybank Pool or use WAXG to vote on network governance.
The WAX Economic Activity Pool is a smart-contract on Ethereum that will govern two separate pools:
- Distribution Pool – Designed to accumulate value derived from the WAX blockchain. Fees generated on the WAX blockchain will be converted on ETH and distributed to WAXE-ETH holders, who can then stake them into the WAX Economic Activity Pool.
- Piggybank Pool – Designed to perpetually accumulate value derived from the WAX blockchain. WAXG token holders who decided to burn their tokens in the WAX Economic Activity Pool will receive their allotted percentage of ETH-denominated value stored in the Piggybank Pool.
Who Is WAX For?
WAX is designed for anyone that either wants to consume and collect virtual goods or for creators wanting to create something that could be of tangible value. WAX offers not just a wide platform with marketplaces to exchange these assets with ease but also the decentralized applications (dAPPs) that are powerful enough for you to build NFTs of your own.
WAX's blockchain ensures that you can exchange them in places that are widely accessible, made transparently, retaining certified authenticity, and on a decentralized network spread around the world – not just the usual boundaries of limiting stores within one environment or another.
As of the time of writing this WAX review article, over 300,000 average daily transactions are being used by more than 320,000 active users worldwide. Between them, they have traded over 100-million unique NFT items, with more than 50-million of those having been created brand-new on WAX itself – with a total combined value of more than $50-million transacted. This, then, shows the potential for WAX's growth and the continually developing market for NFTs, and its wide range of usability.
Gamers could exchange items with one another, further augmenting their in-game experiences, from rare and powerful weapons used in shooters, a special armor in a medieval role-playing game, or bigger turbos for your race car. One could buy and sell trading cards, amassing an entire collection to do battle with your friends, or for bragging rights.
Fans could collect memorable merchandise such as stickers and posters from their favorite bands to mark the occasion. You could create your own rare masterpieces for connoisseurs to collect, just like one would a painting from Picasso or Da Vinci, but with the added advantages of digitalization such as animated or 3D art.
Overview of WAX's Features.
From a user's point-of-view, the main interface for using WAX is through the WAX Cloud Wallet or WCW. Here, you can view all the NFTs that you own in your inventory. WCW has a function that allows users to earn rewards or special drops from NFT creators. Through the WCW application, you could also browse through the many decentralized applications (dAPPs) built on WAX that powers its huge network of marketplaces – whether through primary or secondary-goods markets.
One of the best features of WAX is its easy onboarding process with WCW. You have the option of a ‘two-click' registration process for a new account, or use one of the many sign-in options available to log-in, such as your accounts on Facebook, Google, Steam, Twitter, Discord, Reddit, Twitch, Line, and several others. This onboarding feature means that access to WAX is made far easier than comparable decentralized blockchain platforms, including easy ways to perform account recovery.
This has long been the main obstacle for mainstream adoption of blockchain services, as it normally often involves complicated and risky set-up procedures such as having to connect to third-party wallets, and juggling through long seed phrases, and ensuring to keep your keys safe. Losing those keys or seed phrases would mean that you will no longer have access to your account, in most instances. WAX eliminates those inconveniences, although more experienced users could opt for more secure ways to lock-down their account using the WCW wallet as an option.
WAX also has a dedicated developer portal and provides support and initiatives to continually expand their offerings. This inclusive approach makes it easier for developers to jump aboard to build their own platforms powered by WAX, with seamless integration to the WCW wallet, connected to powerful APIs to tap into a wide stream of data, and with a blockchain that is secure, fast, efficient, cost-effective, and robust. WAX's blockchain has already produced more than 54-million blocks at a speedy 500-milliseconds block-time and with a high-throughput speed of 5,000-TPS to support its virtual economy.
WAX is also backward-compatible with EOS. This means that developers who have created dAPPs on EOS could easily migrate or duplicate those apps to run on WAX. WAX has also built its own decentralized random number generator (dRNG) for developers to integrate into their applications, creating a provably fair, tamper-proof, and transparent mechanism. It could be easily deployed in video games but could also extend to other applications such as lotteries or giveaways.
Alternatives To Wax.
WAX is by far not the only platform to offer an NFT marketplace, as this particular industry is rapidly growing in size. Here are some other alternatives and would-be competitors to WAX:
- OpenSea – This is the largest NFT marketplace and is considered the main competitor to WAX, as it also has interconnecting marketplaces from a variety of different services and platforms in one place. Here, one can find artwork, trading cards, collectible memorabilia, sports cards, utility tokens, and rewards, or entire domain names to be exchanged.
- Enjin – An connected marketplace for all Enjin-built decentralized games, powered by Enjin's blockchain. Here, users can exchange various goods such as weapons, armor, perks, power-ups, clothing, and so on – even between different games. Enjin has already seen massive growth since its inception and has recently become the first gaming-centric cryptocurrency approved in Japan.
- Decentraland – Another gaming-based platform, Decentraland is a large online virtual game, which is a blockchain version of The Sims. On its growing NFT marketplace, users could trade clothing and other wearables, special names for your online avatar, or real-estate and entire worlds within Decentraland.
- Rarible – Rarible is among the most popular NFT marketplaces for individual creators. It does not have the corporate or industrial reach of WAX through A-tier collaborations, but it has a healthy economy where one can create and exchange artwork and other entertainment-related goods.
WAX Review, Conclusion
At the closing of our WAX review, we find ourselves wondering how much bigger the NFT sector could potentially grow. As we've highlighted in our introduction, there are many sorts of items that could be tokenized into an NFT to bring value to itself within a virtual ecosystem and bring it back into the physical world. It allows both consumers and creators to explore a whole new world and reaching into a wide array of new audiences. It's not just the young, tech-savvy, and enthusiastic that are getting on board, as we've heard that a 70-year older woman in Florida is collecting William Shatner's trading cards.
WAX has certainly not seen the end of its growth yet, given its proactive approach to attracting new users and developers, as well as its close connections to major industry players through the WAX Advisory Council. Its members include executives and figures at Google, Microsoft, Marvel, Atari, Magic Leap, Exploding Kittens, Unity, Topps, and more to help propel and bring the power of the blockchain industry down to mainstream adoption. There are no doubt challenges that lay ahead, such as regulatory concerns over excessive online spending and age-restrictions, but in all, there's a lot to look forward to from WAX.
- Ease of Use
- Long-Term Sustainability
- Project Values and Mission
- Ease of use and good user-interface
- Easy onboarding, especially for non-tech savvy users
- Diverse and expansive marketplace, with special collaborations
- First-party WCW wallet lets you browse everything from a single app
- In-game monetization is heavily under regulatory scrutiny
- WCW wallet does not have an optimized app for iOS or Android
- WCW lacks behind the robustness of multi-layer security from other wallets