Every consumer product that cannot be eaten will become an NFT. This clearly bodes well for WAX, as we’ve been dubbed ‘The King of NFTs”.William Quigley – CEO and Co-founder of WAX.io
Because of development expressly for NFT creation and trading, Worldwide Asset eXchange outperforms every other blockchain in this realm: 4.4M monthly visits, more than 134M minted NFTs, 800K traders on the platform, 12M accounts. Here we are going to outline why.
On the WAX blockchain, the user is not charged with anything thanks to the delegated Proof-of-Stake consensus algorithm – it protects WAX from misusage and centralization. dPos mechanism dispenses more efficient technology by virtue of which transactions take much less time.
dPos is performed by implementing on-chain democracy. WAX token holders allocated their tokens for the candidates – so-called WAX guilds. In simple terms, they are in charge of producing blocks on the WAX blockchain.
NFTs on WAX run the gamut, including digital in-game assets, artworks, collectibles from widely known authors such as Funko, MLB, Street Fighter, Atari. With this fact out of the way, more than 130 projects are top-rated by DappRadar rankings.
Even if the audience wants to snooze common trends, there are many indie collections capturing attention.
WAX is environmentally friendly.
Worldwide Asset eXchange is a carbon-negative blockchain – 677 000 times more energy-efficient compared to ETH or BTC on average. To illustrate by numbers, BTC transactions possess 202 terawatt-hours per year which are approximately equal to the energy consumption of North America, Europe, and Africa countries combined (200 TWh due to Statistical Review of World Energy). Concurrently, operations on the WAX blockchain do not require much computing power annually – 0.000223 TWh.
The resilience and scalability of the network are especially focused on game developers and art publishers. Because of the low gas fees, WAX can scale up to 8000 transactions per second and tolerate queues of network activity outshining Ethereum, Polygon, and Solana. The transaction number of that magnitude affords to bind 23M transactions per day. Again, seamless processing stands up not without dPoS principle.
Fast onboarding embodies easy verification on the marketplace. Compared with Ethereum, to get verified on OpenSea, the creator needs to take over 100 ETH in trading volume explained by avoiding the collection fraud.
New collections on WAX are a breeze – on the AtomicHub marketplace user can find non-whitelisted collections via the search field, but usually, unverified collections do not appear.
Plus, to apply WAX, the user does not need to dispose of much tech-savviness.
Two-clicks social login implies almost no-barrier entrance. As a great bonus, the community of WAX followers is well-primed to give a welcoming response to all newbies on any convenient medium: Discord with Play2Earn, Collectibles, and Defi channels; regular Twitter Spaces voice chat, or Telegram.
On top of that, WAX facilitates mass adoption of NFTs outperforming other protocols combined by transaction number.
Covering 60% of the market share, WAX remains the most used blockchain in the world.
This article should only be used as an informational resource. No info provided by Dapplica should be considered as financial advice. There are no clues or hints given, or predictions included in this entry. Before trading, please do your own research or request professional assistance.