On November 3rd, WAX (WAXP) was officially listed on HotsCoin. WAX, short for Worldwide Asset eXchange, is a blockchain dedicated to NFTs (Non-Fungible Tokens). It is built on the Delegated Proof of Stake (DPoS) consensus mechanism and is compatible with the EOS blockchain. WAX provides a comprehensive set of features for NFT projects, including games, dApps, exchanges, and digital marketplaces, making it an ecosystem where leading brands, artists, creators, and developers can leverage blockchain technology. WAX's vision is to be the most comprehensive and user-friendly NFT ecosystem. Currently, WAX is available for trading on HotsCoin.
HotsCoin Notes on WAX Token Information:
- Circulating Supply: 3,370,365,281.476 WAXP
- Total Supply: 4,074,142,101.446 WAXP
- Circulating Market Cap: $199,908,432.206
- Fully Diluted Market Cap: $241,651,955.22
HotsCoin Highlights Key Events for WAX:
- January 16, 2019: WAX successfully raised $250,000 in funding.
How the WAX Platform Operates:
The WAX platform combines the WAX protocol blockchain with a microservices layer to provide users with a comprehensive set of blockchain-based tools, allowing them to securely and conveniently create, purchase, sell, and trade virtual items.
HotsCoin Insights into the WAX Protocol Blockchain:
WAX utilizes the Delegated Proof of Stake (DPoS) consensus algorithm, relying on a group of WAX Guilds (also known as block producers) to manage block production.
HotsCoin Observations on the WAX Token Model:
The WAX token model aims to incentivize various activities to drive the development of the WAX ecosystem, including staking, rewards, and voting.
HotsCoin Insights into WAX Staking Rewards:
WAX staking rewards comprise a voting and reward system aimed at increasing community participation in selecting guilds and blockchain improvement proposals. Token holders can perform the following actions:
- Stake WAX tokens.
- Vote through compatible wallets.
- Earn WAX staking rewards.
- DApp developers can also benefit from staking WAX tokens as it helps reserve system resources (CPU and network).
WAX Claims to be the NFT King with a Comprehensive Approach
WAX, known as the Worldwide Asset eXchange, is a public blockchain based on EOS and tailored for high throughput using the DPoS consensus mechanism. WAX boasts a theoretical TPS (Transactions Per Second) exceeding 3000, with relatively low gas fees.
Since its establishment, WAX's focus has been on the NFT and gaming ecosystem. This focus aligns with the backgrounds of its core executives. WAX's Chief Operating Officer, Jonathan Yantis, founded Ultima Online in 1998, an online store that allowed users to exchange in-game asset items, which bears similarities to today's NFT space. In addition, Frederic Chesnais, the CEO of the renowned game developer Atari, has joined WAX's advisory board. William Quigley, WAX's CEO, previously co-founded Tether and has extensive investment experience in the crypto space.
HotsCoin also notes that WAX's comprehensive approach in the NFT space is unparalleled among similar public blockchains. Specifically, WAX not only plays a foundational role in the NFT space but also reduces the barriers for user engagement with NFTs through its innovative NFT creation protocol, AtomicHub. Through AtomicHub, any user can create their NFT in four simple steps. Furthermore, WAX has upgraded a protocol to support dynamic display features for vIRL® NFTs, enhancing user experience. WAX has over 325,000 daily active users and more than 5 million blockchain wallet accounts.
Apart from NFT creation, HotsCoin has noticed WAX's efforts to create a marketplace similar to OpenSea, offering users a highly liquid NFT trading platform. While its trading volume cannot match OpenSea's for various reasons, this demonstrates WAX's comprehensive approach in the NFT space, with its official website confidently claiming to be the "NFT King."
Currently, the most significant evidence of WAX's leading position in the NFT space, aside from user-friendliness and underlying technological architecture, is its extensive partnerships outside of the crypto world. Major entities such as Major League Baseball, sports and entertainment trading card provider Topps, Japanese game developer Capcom, 1980s American cult animation Garbage Pail Kids, Hollywood star William Shatner, iconic movie IP Godzilla, and American rock band Weezer have all partnered with WAX to release NFTs, joining the metaverse movement.
In conclusion, while WAX has advantages in its underlying technology and external collaborations, it faces fierce competition. Although it once led the NFT industry, its position has somewhat declined with changing market focus. WAX needs to innovate and nurture high-quality NFT projects to regain its competitive edge and increase the price and market value of its token, WAXP. This will require further development and wider adoption for WAX to realize its ambition of becoming a key player in the NFT ecosystem.
The information provided in this report is for reference purposes only and does not constitute investment advice. Before investing, individuals should have a thorough understanding of the relevant projects and risks and should seek professional advice if necessary. HotsCoin will continue to monitor the project's ecosystem. (Report date: October 2023)