The platform, which calls itself the “king of NFT”, claims to be the market’s # 1 marketplace on DApp Radar – with more users than the rest of the top 10 combined.
WAX (also known as Worldwide Asset eXchange) provides a secure and convenient way to create, buy, sell and exchange non-exchangeable tokens. A coveted acquisition recently sold for $ 60,000, and executives say average daily sales have increased since early 2021.
Some of the world’s most famous names have launched NFT sales through WAX, including electronic music legend Deadmau5, Star Trek actor William Shatner and gaming giant Atari. Topps – one of the most well-known theme card manufacturers – has digitized this old hobby by issuing Garbage Pail Kids token cards throughout the platform.
Digital collectibles produced by A-listers have proven to be extremely popular on the platform, with some NFT packages sold out in less than nine minutes. Shatner’s trading cards were particularly desirable, not least because they included unique depictions of his personal life and career. The series also had several special features, including the ability to exchange certain cards for physical memories that were personally signed by Shatner.
WAX recently topped 600,000 accounts – and as interest in NFT grew, the number of daily active portfolios on the platform increased by 145.9% in January alone.
Leaders say that sales of NFTs in secondary markets are booming, generating millions of dollars in profits for cryptocurrency enthusiasts who report coveted acquisitions. New partnerships are popping up all the time, and WAX is in the process of releasing exclusive codes for characters from Capcom’s Street Fighter series.
The game started
WAX also allows developers to create their own blockchain games, and some of these games have proven to be very popular. One of them is Alien Worlds, which has now topped the DApp Radar game rankings. Described as an experience that represents “DAO and DeFi in Space”, the title focuses on making money on NFT players in the game – and giving players the opportunity to battle against other scientists. Icons were created to represent avatars, earth, gadgets, minions and weapons – with only 3343 NFTs.
In January, WAX also launched a new token model that “combines the explosive growth of NFT with the superior revenue-generating potential of DeFi” – with rewards in the form of ETH tokens and WAX management.
With WAX, anyone can create NFTs – and according to the platform, it creates “great opportunities for revenue generation for brands and collectors” due to the way these digital assets are verified. Blockchain technology means that it is easy to see the tokens’ complete ownership and trading history.
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Developing an NFT can also be a liberation for artists who can have full control over creativity and receive fair compensation for their work. In addition to generating revenue when tokens go through the first sale, artists also receive at least 6% of each subsequent transaction that takes place in the secondary markets.
As with traditional trading cards, one of the most important steps in organizing a successful NFT sale is to ensure that rare tokens are scarce enough to increase demand among buyers. Cryptocurrency fans who buy a standard deck of cards usually have only a 0.2% chance of receiving extremely rare tokens with special animations.
NFT also provides innovation in the trading card sector. William Shatner’s sale introduced a piece concept where the cards were divided into three separate pieces. Collectors must then trade with each other to collect all the pieces needed to form a complete map.