Everything to know about WAX Blockchain, a hub for Web3 Gaming

The Worldwide Asset Exchange, better known as WAX, is undoubtedly one of the most popular blockchains for non-fungible tokens (NFT). Known as one of the most prominent networks for digital collectibles and virtual objects, it is a widely used and highly effective choice for many NFT enthusiasts. And the blockchain has achieved this reputation despite flying under the proverbial radar, as landmark sales and viral rallies on Ethereum, Tezos, and Solana continue to trump WAX in the court of public opinion.

While art NFTs have been proliferated by WAX’s competitors, the blockchain has maintained its popularity as a host for digitized versions of legacy collectibles such as trading cards, figurines, memorabilia, etc. Because of this, many influential brands, including baseball collectibles company Topps, racing giant NASCAR, toy company Hot Wheels and more have found a home on the Worldwide Asset Exchange.

Still, while digital collectibles are king at WAX, blockchain itself is a front-runner in another sector: the realm of Web3 gaming. WAX has certainly helped to popularize NFTs in parallel with other chains. Still, it seems that a disproportionate focus on bringing Web2 gaming enthusiasts into the metaverse has only served to further expand the WAX ​​ecosystem.

But what is the status of the unique blockchain now, years after its global debut? To find out, let’s dive into all things Wax.

What is WAX and how does it work?

WAX was founded in 2017 by crypto pioneers William Quigley and Jonathan Yantis. Billed as the safest and most convenient way to create, buy, sell and trade virtual (and even physical) items, WAX is based in the Cayman Islands and embodies a mission of global accessibility.

WAX gives its users access to thousands of decentralized apps (dApps) and a number of unique marketplaces. In addition to general NFT marketplaces, WAX is home to several top blockchain games, including Alien Worlds, The farmer’s world, Prospectors, and other innovative games to earn money. Since gaming is such a dominant force at WAX, the biggest projects in the chain, of all PFP and collectibles, continue to come from the play-to-earn sector.

As a popular platform for a wide variety of assets, WAX is often marketed as the most used and most traded blockchain ecosystem in the world. And while its ability to facilitate millions of transactions per day is certainly impressive, the chain is also praised for being environmentally friendly.

Similar to other highly efficient blockchains such as Tezos and Solana, Wax uses a Proof-of-Stake (PoS) consensus mechanism. With PoS, users stake an amount of their cryptocurrency for the chance to be randomly selected as a block validator, earning crypto when selected.

By using a PoS mechanism, WAX not only encourages user loyalty, but also maintains its position as energy efficient. In fact, WAX uses less than 0.00001% of the energy for Proof of Work (PoW) that chains like Bitcoin and Ethereum take. And beyond their underlying efficiency, the chain also creates NFTs for CO2 offsetting, partnering with Climate Care as part of a mission for sustainability.

Billed by its creators to be a “purpose-built blockchain,” WAX aims to revolutionize the way brands connect with their customers while providing consumers with a unique, digitally native shopping experience. In fact, WAX is so big on ease of use that the network fees, which are already significantly low, are eventually redistributed to the WAX ​​community.

How to buy and sell crypto on WAX

WAXP is the native token of the WAX ​​blockchain and is therefore used to trade NFTs throughout the WAX ​​ecosystem. WAXP can be purchased through some of the major crypto exchanges such as Binance and Uniswap or via third-party wallet apps such as Moonpay. In any case, you will first create an account on WAX Cloud Wallet.

WAX Cloud Wallet is a unique and convenient type of software wallet called a managed wallet. As the name suggests, WAX Cloud Wallet is managed by a third party. Creating and logging into a managed wallet is as easy as creating a social media account. And since a third party manages it, you don’t need to write down long security keys. For alternatives to managed wallets like Wax Cloud, read EOS Amsterdam’s full explanation on the subject.

Once you have a WAX wallet, adding funds will come via an exchange or third-party app. Note the difference between WAXP and WAXE. WAXE is an Ethereum-based ERC20 tool issued from the WAX ​​blockchain. WAXP and WAXE are related, but at a ratio of about 1000:1, with WAXE maintaining a much higher price per token.

Users can exchange WAXP for WAXE, but tokens cannot be exchanged. WAXP is used to trade on the blockchain, while WAXE exists as a way for token holders to participate in WAX tokenomics, detailed here. You shouldn’t be able to get WAXE other than by trading, but it’s still important to know the difference.

How to make and emboss a WAX NFT

Storing crypto in a hardware wallet is great, but creating NFTs is easier when you use either a managed or self-managed wallet, such as Anchor, Scatter, or WAX Cloud Wallet. While NFT projects can be created and launched in a few different ways, it is important to note AtomicHub, a leading NFT platform for creating, trading and buying NFTs on the EOS and WAX blockchains.

To start creating an NFT collection on WAX, first navigate over to AtomicHub. Here you must log in with one of the mentioned wallets. Hopefully you’ve already stocked up on some WAXP, as you’ll need it for embossing. After logging in, navigate to the “create new collection” screen.

From there it’s pretty easy. You’ll be asked to add details about your collection, link to your related website or social media accounts, and then enter a marketing fee that dictates the percentage you’ll earn for each secondary sale.

Of course, there’s a bit more to it, including setting a form, uploading photos and finally, embossing. For a step-by-step guide on the AtomicHub embossing method, check out the WAX ​​blog. For information on other methods, DappRadar is the place for you.

Grow NFT marketplaces

For other blockchains, there are many places for enthusiasts to trade NFTs on WAX. Like Tezos and Solana, the chain does not have as many inter-specific marketplaces (similar to the music and photo NFT platforms of Ethereum), but still hosts a wide variety of influential collections.

First, AtomicHub shines as not just a creation tool, but a one-stop-shop for trading NFTs on the Wax blockchain. Launched in June 2020, AtomicHub is an interface for the AtomicAssets NFT standard, which was developed by the blockchain technology company Pink.gg.

AtomicHub is divided into an explorer that allows users to browse everyone AtomicAssets NFTs, a marketplace where users can buy and sell NFTs, a the trading section, and of course an NFT creator portal that allows anyone to create their own NFTs with no coding knowledge required.

Second, NeftyBlocks is definitely a close second on WAX when it comes to all-inclusive marketplaces. Launched in 2021, although Nefty is a bit younger than its competitors, its founder, Juan Paniagua, made the platform his passion project after deciding that Alpaca Worlds was not for him. Like AtomicHub, Nefty offers a variety of both creator and collector features designed to simplify methods of managing collections on WAX.

Finally, in bridging the Web2 and Web3 fandoms, WDNY.io unequivocally leads the pack at WAX. Billed as the most robust hub for digital trading cards and collectibles, the platform regularly hosts curated drops featuring memorabilia from global brands and even classic cult film franchises such as Godzilla, The Princess Bride, and Spider man. Powered by WAX studios, WDNY.io is the most direct and chain-specific way for brands to sell on WAX, and one of the most robust marketplaces for officially licensed collectibles.

Top NFT projects on WAX

So far, WAX’s 10 million NFT drop has remained the most influential project to emerge from the diverse platform. Featuring 10 unique token-style NFTs, the commemorative launch celebrated the record-breaking milestone of 10 million accounts created on the blockchain. Given its size, the drop is likely to retain its place at the top of the charts, but there are many other rallies that help define the WAX ​​NFT market.

As previously mentioned, WAX is home to a number of top blockchain games that have become staples in the on-chain NFT ecosystem. Because gaming is such a dominant force, the biggest collections at WAX tend to be gaming-related.

The aforementioned Alien Worlds is one of the most popular NFT gaming projects on WAX. Sometimes marketed as the “number one blockchain game on Earth”, Alien Worlds combines decentralized finance (DeFi) and metaverse technology into an easy-to-use space exploration game. Blockchain Brawlersalthough it is much more recent than Alien Worlds, quickly becoming a close second in terms of popularity. The game combines comedy, collectibles and WWE-esque wrestling entertainment into an action-packed game where users can earn crypto and NFTs through gameplay.

As a unique and constantly evolving player in the WAX ​​gaming market, Dawn of Victory aims to be the first ever blockchain-based trading card game centered around World War II. With a blend of wartime history and cutting-edge blockchain technology, Dawn of Victory perfectly exemplifies the concept of digital ownership in blockchain gaming. With all this focus on Web3 games, it is important to note that WAX is not the only blockchain seeking to promote the innovation of Web3 technology. But as the play-to-earn sector grows, one thing is certain: WAX will remain a hub for innovative blockchain games.