Artists were among the first to exploit their art on the Internet using NFTs, also known as non-fungal tokens. Every day: $ 69 million Beeple’s overwhelming sales made headlines around the world, followed by massive sales of digital artist Buck, Warhol, and even a tweet from Jack Dorsey – well, that was his first tweet.
It was not just artists who surfed the Internet; Musicians can see how they can get much more compensation than what Spotify is currently offering.
Kings of Leon has released their eighth album on blockchain, offering fans a mix of digital NFT and physical vinyl. This sale was made by Yellow Heart in the USA, and the beauty of this multi-million dollar sale was that over 75% of all sales went directly to the band, far more than a record contract would offer. … kicker? The group continued to donate most to the Abandoned Roads Foundation. Everyone wins.
A special aspect of NFT that has been spotted are collectibles; Sell NFTs in bulk and at a low price in the same way that physical trading cards have used them in the last century. In particular, the WAX blockchain positions itself as the king of NFTs with a growing community of collectors, traders and avid NFT enthusiasts; And already 100 million scary digital collectibles.
With the stereotype-breaking combinations of Funko, William Shatner and Street Fighter Capcom and an active aftermarket, WAX has quickly established itself as the world’s most used Tier 1 blockchain – with 16 million daily transactions and over 5.5 million active users this month.
It also boasts a carbon neutral blockchain that uses about 100,000 less energy than Ethereum (ETH), as evidenced by three years of 8,000 transactions per second on the WAX blockchain.
Funko, the owner of Teenage Mutant Ninja Turtles (TMNT), followed the same path as Turtles Leon last month, releasing NFT on WAX, but also offering the chance to win a rare and exclusive IRL Pop! issue. It only takes minutes to sell out, and there seems to be an increasingly popular trend towards combining digital and IRL editions.
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So what’s the next show?
WAX aims to build on its success by announcing two new approaches to Ethereum compatibility. The first development of the Ethereum Virtual Machine (EVM) has begun and will be distributed on the WAX blockchain in the coming months. This will enable energy efficient and affordable Ethereum smart contracts to run on the WAX blockchain.
“WAX and Ethereum are two of the largest blockchain ecosystems in the world,” said Lee Jenkins, WAX Product Director. “By adding EVM to WAX, we can integrate these ecosystems so that the best Ethereum projects can make their applications available on the blockchain that are environmentally sustainable, low cost and high speed. And scalable with WAX.”
With WAX EVM, smart contracts used in Ethereum will soon be processed using WAX technology. All Ethereum-compatible smart contracts can be run on the WAX blockchain without commission – while avoiding changes in source code and providing faster uptime for smart contract users.
WAX EVM opens up the possibility for Ethereum developers to take advantage of WAX and Proof of Stake (PoS) technology to avoid exorbitant gas charges and long transaction times, and revolutionize the way blockchains interact with each other.
This also means that all innovative Decentralized Finance (DeFi), GameFi and other Ethereum-compatible technologies can now also be run on WAX.
The other component is the Ethereum Bridge, which is currently in alpha testing and can be accessed via the WAX cloud wallet, allowing six million users to transfer crypto assets between blockchains, including ERC-20 tokens such as ETH, Binance USD (BUSD), Tether (USDT) and DAI (DAI).
This happens at the same time as the WAX token is listed on Binance (BNB), Gate.io and AOFEX.
In September, WAX also announced 100 million WAX tokens for DeFi Innovation. The foundation is dedicated to supporting new and innovative Defi and GameFi projects, building on WAX and benefiting from it.