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- Labeled as ‘The King of NFTs’, WAX is helmed as the topmost NFT network in the world.
- WAX is used extensively in the Blockchain ecosystem for NFTs, dApps, and Online Games
WAX, an acronym for Worldwide Asset Exchange, is a digital marketplace operating on Blockchain technology. Free of any Intermediaries or mediators, WAX is decentralized, and it is one of the most used digital assets. Due to its low NFT creation cost, zero transaction cost, resilient security, and being a Marketplace of convenience, it is the most used Blockchain ecosystem in the world.
Exploring Perks of WAX
WAX is widely used as a blockchain for transactions and managing assets in the operational working of NFTs(Non-fungible tokens), dApp(decentralized applications), and Video Games. The consensus mechanism used is where it distinguishes itself from others. It uses the third-generation consensus mechanism ‘DPoS’(Delegate Proof of Stake), considered to be an enhanced version of its predecessor ‘PoS,’ ‘DPoS’ enables the token holder to elect their top 21 miners, thus making it possible to withstand thousands of transactions per second.
Generally, the transfer of NFT costs tens of dollars, and it can take minutes in networks like Ethereum built on the ‘PoW’(Proof of Work) consensus mechanism. A similar transaction on WAX can be done without a single penny and in a minuscule time of 0.5 seconds only.
The Staking Model used by WAX makes it equipped to do more transactions in a specific time frame. Other blockchains use a transactional cost model, making users pay fees for each transaction. On the other hand, through the Staking Model, WAX doesn’t require any payment from its users.
Benefits of Using WAX for NFTs and GameFi
Apart from having an Ecosystem that persuades smooth, fast, and secure functioning of NFTs, WAX also holds one of the most comprehensive and most popular NFT Marketplaces in the Crypto Ecosystem known as ‘Atomichub.’ Having impeccable stability and Scalability, Atomichub can easily bear instant selling and trading of multiple NFTs. In Addition, WAX also has its own NFT creator, making it possible for anyone with a WAX account to create NFT in minutes for free.
Zero transactional cost on WAX and low NFT creation cost support creating and trading NFTs accessible to everyone, and it opens up newer opportunities for NFT platforms and Gaming ventures. Compared to tens of dollars in NFT creation in Ethereum, it takes a mere 0.03 dollars in WAX blockchain, making it a preferable option.
WAX has been proven to be a solid blockchain in the Gaming sector as it can teach thousands of users, and the fact that it is equipped with a third-generation consensus mechanism, ‘DPoS,’ makes it a viable place to run next-generation Blockchain games. Leveraging NFTs in-game is one of the pros for Gaming companies operating using WAX, as they can include NFTs in different aspects of their game, like using them for governance, battles, and more.
All in all, WAX has expedited the trade of millions of NFTs from various big Collectible trading card companies like Topps(Major League Baseball), Capcom, Sony’s Funimation, Funko, Atari, and many more. Its robust security feature and strong community support base make it a leading NFT network in this widespread Crypto landscape.
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