Ethereum is the uncontested leader of the smart contract industry. Thanks to its pioneering status, it has managed to gather the largest number of dApps onto its platform. The most influential decentralized exchanges and NFT marketplaces are on Ethereum. This ensures mass adoption.
That being said, this incredible popularity has also brought its set of drawbacks. Ethereum has trouble scaling with mass demand. It remained even after the merge to a more ecological proof of stake consensus mechanism. This is especially true with metaverses, games, and NFTs. These applications require a large number of complex transactions.
Blockchains like the Worldwide Asset Exchange (WAX) are specifically built with NFTs in mind. This means that they are made to scale with high microtransaction demand. They provide a great environment for minting, holding, and exchanging NFTs.
So before you convert your WAX to MATIC, read our article depicting some of the strong fundamentals of the WAX blockchain.
How WAX Works
WAX was purposefully built to accommodate NFT transactions. When it was released in 2017, it represented a true scaling solution for creators wishing to mint NFTs on a scalable blockchain. Ethereum’s gas fees can be prohibitive for NFTs and games, making the user experience quite unpleasant.
This DPoS blockchain ensures high scalability. It provides users with cost-effective NFT minting, ready to accommodate mass adoption. The token holders delegate their tokens to guilds, which produce blocks on the chain. Block time can be as low as 0.5 seconds, allowing for near-instant finality, essential when minting NFTs or playing games.
Building New Blockchains on WAX
The WAX network is a sovereign blockchain that provides a scalable platform for running dApps. The way blocks are produced on WAX is specifically suited for NFT creation and handling, thanks to the low gas cost and lightning-fast speeds.
While you can’t build blockchains with WAX as you would in the Cosmos ecosystem, developers can create decentralized software as well as fungible and non-fungible tokens to empower it.
WAX also implements a bridge with Ethereum that acts as a financial instrument for staking and burning WAXP tokens.
To be more precise, the WAX chain uses the WAXP token as its governance and gas currency. These WAXP tokens need to be burned to receive WAXE tokens on the Ethereum chain.
The WAXE token can then be plugged into various Ethereum-based DeFi instruments and provide users with passive yields. At the same time, burning WAXP allows the protocol to control the circulating supply and restrict it so that the value increases over time.
The biggest advantages of the WAX platform are the partnerships with renowned real-world companies. The platform has patented NFTs connected to real-world collectibles like Funko and Hot Wheels, among others.
The vIRL market allows users to hold digital collectibles that can be linked to physical items in the real world and exchange them on an open market.
The AtomicHub is an NFT hub for creators and collectors, where they can mint, list, and collect digital assets. The WAX chain has partnered with multiple companies. They include Hasbro, Atari, Marvel, Nickolodeon, etc. They release highly collectible branded NFTs.
Moreover, mainstream users and creators can use this same platform to list their own collections and reach a huge crowd for their sales. This hub has become a staple in the NFT industry as, in addition to listings, it provides real-time stats such as volume and trends.
The WAX blockchain is an NFT-centric platform that is built with Web3 in mind. With NFTs being one of the main pillars of Web3, WAX could reach new heights in the next bull run as it has a lot going for it. High-profile partnerships, scalable technology, a vibrant community, and powerful creation tools are just a sample of what this platform provides its users.
While some investors are planning to swap KLAY to MATIC come the next bull market, you might want to consider reserving a spot in your portfolio for WAX, as it has massive upside potential.