WAX is a Layer-1 blockchain optimized for NFTs and gaming with a diverse ecosystem, low transaction costs, and fast speeds.
The WAX project develops products aimed at popularizing NFTs and digital goods, supporting developers, creators, and users in the Web3 space, creating a sustainable foundation for digital assets.
MAIN CONTENT
WAX uses DPoS with 21 Block Producers, creating blocks every 0.5 seconds, enabling fast and almost free transactions.
The WAX ecosystem includes a variety of products such as WAX Cloud Wallet, AtomicHub NFT Marketplace, and vIRL NFTs to support Web3 development.
WAX has a team of experienced leaders, reputable investors, and a scaling roadmap with major partners in the gaming and technology industries.
What is WAX?
WAX is a Layer-1 blockchain based on the EOSIO platform, specialized in creating, trading, and managing NFTs, game items, and related Web3 services. It is a comprehensive platform aimed at supporting developers, content creators, and businesses in reaching the general public with digital assets.
How does WAX operate?
WAX operates based on the Delegated Proof of Stake (DPoS) consensus mechanism with 21 Guilds participating in transaction validation. Each block is created after 0.5 seconds, allowing the network to process transactions efficiently at nearly zero cost. The integrated WAX Cloud Wallet tool enables users to easily access without deep technical knowledge of private keys.
WAX strikes a balance between speed and low-cost transactions for digital assets, facilitating both newcomers and developers.
William Quigley – CEO of WAX, 2024
WAX products
WAX develops a diverse ecosystem including wallets, marketplaces, development tools, and blockchain games, creating a user-friendly and convenient environment.
WAX Cloud Wallet
WAX Cloud Wallet allows login through social media accounts like Google, Facebook, Twitter, and Apple, removing technical barriers by not requiring memory of private keys. Users can store Tokens, NFTs, participate in staking, and vote for Block Producers directly on the wallet.
Simple login using social media accounts
User-friendly interface, suitable for newcomers
Supports NFTs, DeFi, and DApps on the WAX network
AtomicHub – NFT Marketplace
AtomicHub is the leading NFT marketplace on WAX, supporting the creation and trading of NFTs without gas fees. The platform is deeply integrated with WAX Cloud Wallet, featuring filtering, whitelisting, and schema functionalities for a smooth experience.
Create NFTs with no gas fees
Direct integration with WAX Cloud Wallet
User-friendly interface, supporting a variety of features
vIRL NFTs (Virtual In Real Life)
vIRL NFTs are NFT products representing physical goods. Owners can exchange the NFT for the real product or trade it further on the marketplace if desired. For example, a pair of Nike shoes can be purchased as an NFT, unopened, and can be resold, or opened to take the actual product.
WAX Labs
WAX Labs is a community funding fund for projects developing the WAX ecosystem such as DApps, games, and NFT tools. The fund operates transparently through community voting mechanisms, encouraging creativity and expanding the decentralized network.
Encouraging ecosystem development
Transparent governance mechanism
WAX Developer Tools
WAX provides an SDK, API, and comprehensive documentation to support developers in deploying NFTs, marketplaces, games, or connecting data from traditional systems. The tools support various standards such as RESTful API, WebSocket, and smart contracts written in C++.
Blockchain Brawl Game and other integrated games
WAX supports millions of players through prominent blockchain games like Blockchain Brawlers, Alien Worlds, and many other P2E, strategy, and collectible games. The platform provides wallets, NFTs, marketplaces, and integrated staking for games.
Notable Features of WAX
Specialized for NFTs and gaming with optimized design.
Almost free transactions thanks to staking tokens for network resources.
Friendly to newcomers and a large community.
Recognized as a carbon-neutral blockchain, partnering with ClimateCare.
Overview of WAX Token and Tokenomics
WAXP is the utility token of the WAX network, with a total supply of approximately 3.77 billion and a circulating supply of 3.5 billion tokens. The token is used for staking to receive CPU, NET, voting for Block Producers, paying transaction fees, and participating in governance activities.
Token Allocation Staking Rate & Rewards 50% Development Team 20% Reserve Fund 15% Investors & Partners 10% Community & Marketing 5%
Roadmap
In the 2024 – 2025 period, WAX focuses on expanding the use of vIRL NFTs in e-commerce, developing bridges to EVM chains, deploying zk-rollups to enhance scalability, intensifying AAA Web3 game integration, and expanding DeFi.
Project Team, Investors, and Partners
Project Team
WAX was founded by William Quigley and Jonathan Yantis, two veteran experts who previously developed OPSkins – the leading marketplace for trading game items. William Quigley is also a co-founder of Tether and has held the position of CEO at Disney, while Jonathan Yantis has over 20 years of IT experience and developed NFT products on WAX.
The combination of leadership experience and technical expertise of the founding team provides a solid foundation for WAX to lead in the NFT and blockchain gaming space.
Jonathan Yantis – COO of WAX, 2024
The technical team includes experts who have worked at Amazon, Google, and Blizzard, reinforcing the capability to develop and operate the network.
Investor
WAX raised $9.6 million through an ICO round in 2017 at a token price of $0.32. Although the current ROI is negative at about 92.9%, the highest ever reached was 15.66 times the initial investment, reflecting a period of strong growth. In 2022, WAX raised an additional $10 million from OKX Ventures to expand the ecosystem.
Partners
WAX collaborates with many leading entertainment and technology names such as Funko, Topps, Capcom, Atari, and AWS. These partners support NFT issuance, maintain cloud infrastructure, and provide payment gateways to help users easily purchase WAXP.
Summary
WAX stands out as a deeply specialized application blockchain for NFTs and gaming, with fast transaction speeds, low costs, and a diverse ecosystem. Despite market fluctuations, the project continues to attract attention from the community and investors, demonstrating sustainable growth potential in the Web3 era.
The information above is not investment advice.
Frequently Asked Questions
What distinguishes WAX from other blockchains? WAX is optimized for NFTs and gaming with almost free transactions, fast speeds thanks to DPoS, and a rich, user-friendly ecosystem. Is WAX Cloud Wallet secure? WAX Cloud Wallet allows login through social media platforms, reducing the risk of losing private keys and is suitable for newcomers to blockchain. How to participate in WAXP staking? Users can stake WAXP through supported wallets to receive CPU, NET resources and vote for Block Producers, contributing to network operation. How do vIRL NFTs work? vIRL NFTs represent physical goods, allowing owners to exchange for real products or resell the NFT on the marketplace. Who is behind the WAX project? WAX was co-founded by William Quigley and Jonathan Yantis, experienced experts in cryptocurrency and digital technology.
Source: https://tintucbitcoin.com/wax-waxp-la-gi/
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