The WAX blockchain is the brainchild of the Worldwide Asset eXchange, and is dedicated to the creation, selling, and trading of non-fungible tokens (NFTs). WAX is also behind the WAX Advisory Council, featuring members from multi-billion dollar companies and global gaming brands. Using an innovative tokenomic model, WAX creates incentives for all WAX token holders within the community, with the potential to use the WAX Protocol Token (WAXP) to earn a passive income. Also, WAX blockchain offers simple development options to design and deploy decentralized applications (dApps). Some of these dApps include decentralized marketplaces and NFT creators for users to mint their own WAX NFTs.
In this article, we’re going to dive deep into The Worldwide Asset eXchange (WAX) ecosystem. We’ll be exploring how WAX blockchain is implementing developments to cater to mass adoption. Moreover, we’ll look at the WAX tokenomic structure, the different WAX tokens and functions they hold, and what to expect in the future from WAX. Also, we’ll provide a breakdown as to how to create your own NFTs using WAX blockchain.
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What is WAX (The Worldwide Asset eXchange)?
The Worldwide Asset eXchange (WAX) is the largest decentralized entertainment and video game network, branding itself as a “King of NFTs”. WAX blockchain is a protocol committed to making non-fungible tokens (NFTs) easily accessible and affordable, not just for the wealthy.
Non-fungible tokens (NFTs) have been in mainstream headlines recently, largely due to the enormous price tags attached to some of them. However, WAX is working towards a fairer and more equitable NFT ecosystem that can allow the general public to collect affordable NFTs. Moreover, the project is designed to achieve this with minimal technical requirements. Users of WAX blockchain can seamlessly interact with NFT marketplaces using WAX Cloud Wallet. WAX allows people unfamiliar with blockchain, to approach and interact with the technology in an easy-to-understand and simple user interface.
WAX NFT sales have historically sold out in minutes, sometimes even seconds. Previous popular WAX NFT sales include the Topps Garbage Pail Kids (GPK) Series 1 in May 2020 and the Topps GPK Goes Exotic in July following the hype around the popular Netflix series “Tiger King”. Also, the Blockchain Heroes Series, created by The Bad Crypto Podcast was released shortly after in August.
These NFTs have continuously traded on the secondary markets on WAX marketplace decentralized applications (dApps). All creators of NFTs created on WAX will receive a commission for each further sale. Thus, allowing NFT artists to make a passive income.
WAX Advisory Council
The Worldwide Asset eXchange (WAX) formed the WAX Advisory Council in 2020, to structure the future roadmap developments for WAX. Also, the WAX Advisory Council features members from leading global businesses and household name companies such as Google and Microsoft.
WAX Advisory Council was created to bring together the minds of the world’s largest gaming and entertainment companies. WAX Advisory Council is in place to shape the future of WAX, to become the chosen blockchain for the gaming and entertainment industries. Alongside the aforementioned global leaders, Marvel, Unity, and Atari are all members of WAX Advisory Council. Others include Animoca Brands, The Bad Crypto Podcast, and many more.
Members of WAX Advisory Council are expected to provide input and expertise on development matters regarding WAX Blockchain. This covers both potential challenges and also future product developments. This input can then influence the future developments of WAX blockchain.
In the latest WAX inter-blockchain tokenomics model, WAX is linking the value generated from non-fungible tokens (NFTs) on WAX Blockchain to Ethereum to combine the two blockchains. WAX Blockchain remains the host for NFT core operational functions. However, the decentralized finance (DeFi) functions are transferred and transacted through the Ethereum blockchain. According to the Worldwide Asset eXchange, Ethereum is regarded as the capital vault of the “WAX NFT empire”.
This is to ensure continued sustainable growth for WAX Blockchain. The Worldwide Asset eXchange (WAX) recognizes its strengths in facilitating the creation and trading of non-fungible tokens (NFT). WAX also acknowledges the challenges it faces with the scaling of its decentralized finance operations. To ensure there is an infrastructure in place capable of mass adoption, WAX uses Ethereum, believing it “is best positioned to become the monetary system for all blockchains”.
WAX Tokenomic Structure
There are several key components to the WAX tokenomic model:
The WAX blockchain native WAX Protocol Token (WAXP) is a fourth-generation utility token. The value is “directly linked to economic activity on multiple blockchains”. Holders can choose to convert their WAXP tokens into WAXE tokens using the Ethereum bridge.
The WAXE token is an ERC-20 Ethereum-based WAX token. Users can only access WAXE tokens by burning WAXP tokens through the Ethereum bridge.
WAXE-ETH LP token
WAXE tokens and ETH can be deposited into the WAXE-ETH Liquidity Pool (LP) to generate WAXE-ETH LP tokens. The WAXE-ETH LP tokens received for depositing WAXE and ETH tokens can be staked in the WAX Economic Activity Pool. Furthermore, users can earn either ETH or WAXG tokens as rewards.
WAXG is the governance token for the Worldwide Asset eXchange ecosystem, however, it is also an Ethereum-based ERC-20 token. Participants of the WAX Economic Activity pool will receive WAXG tokens, which can then be burned in exchange for ETH using the PiggyBank pool. Alternatively, WAXG token holders can use tokens to vote on protocol updates and changes to protocol governance parameters.
WAX Economic Activity Pool
The final component to complete the WAX tokenomic model is the WAX Economic Activity Pool smart contract on Ethereum. The smart contract is designed to govern two pools: the Distribution Pool and the PiggyBank Pool.
The Distribution Pool accumulates the WAX fees generated from the WAX Blockchain. The fees are then converted into ETH and rewarded to WAXE-ETH LP token holders across the WAX Economic Activity Pool. The smart contract also governs the PiggyBank Pool, responsible for accumulating and distributing ETH-denominated value in exchange for burning WAXG tokens.
Decentralized Applications (dApps) Built on WAX
Nearly unbelivably, the WAX blockchain surpassed Ethereum in terms of NFT trading activity last year. This comes as no surprise with the easy and affordable opportunities to purchase NFTs across various WAX decentralized applications (dApps).
Released in June 2020, WaxStash is a decentralized NFT marketplace created on WAX Blockchain. WaxStash provides escrow service for NFTs alongside the buying, selling, and trading of NFT assets.
The community-governed marketplace offers a “Pack Breaks” feature, which allows collections of non-fungible tokens (NFTs) to be sold as ‘slots’. Each slot represents a potential NFT airdrop. Once the slots are filled, the NFT pack automatically opens and airdrops the NFTs to the wallet addresses. During this split-second process, both the NFT packs and the respective slots go through several levels of randomization. This is to ensure distributions are verifiably equal and fair.
WaxStash is the only community-driven NFT marketplace offering innovative “pack breaks”. Moreover, the WaxStash marketplace is home to the popular Garbage Pail Kids (GPK) and Alien Worlds NFTs.
Another popular decentralized application (dApp) created on WAX Blockchain is atarinft.io. Atari, one of the world’s largest gaming companies, has created its own series of certified non-fungible tokens (NFTs), launched on the WAX Blockchain. Atari has created a decentralized marketplace to purchase and trade digital Atari collectibles, with the facilities to showcase these on social media platforms too. There are six different types of Atari collectibles: Common, Uncommon, Rare, Super Rare, Super Rare Golden Edition, and Ultra Rare.
WAX Cloud Wallet
WAX Cloud Wallet is one of the easiest ways for the general public to approach investing in non-fungible tokens (NFTs). Even with no prior knowledge of blockchain, WAX Cloud Wallet allows users to start investing in NFTs without any previous experience of web wallets or NFT standards.
WAX Cloud Wallet boasts a simple three-click setup for users. This will allow users to enter and freely interact with The Worldwide Asset eXchange. WAX Cloud Wallet offers users buying and staking options for WAX tokens, storage of non-fungible tokens (NFTs), and interaction with the WAX decentralized finance (DeFi) ecosystem.
Additionally, recent updates to WAX Cloud Wallet have introduced a WAX News section. Plus, the wallet now features a library of all available WAX decentralized applications (dApps) linked to the application. In turn, this improves both convenience and security.
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Create NFTs on WAX
AtomicHub is a decentralized application (dApp) created on the WAX Blockchain. The AtomicHub platform created by Atomic Assets is one of the most recommended non-fungible token (NFT) creator application for beginners on WAX. To mint your own WAX NFTs, an account is required to view the NFT creator functions.
The AtomicHub platform allows users to upload files in image, video, and audio formats. To create WAX NFTs, users start by creating a new “Collection”. Collections require an image, and a collection name exactly 12 characters long.
Next, the collection requires a display name, which can be of any character length. Following this is the opportunity to link any social media profiles to the brand or collection, including a personal website. Then, the collection needs a description section, explaining to potential buyers what the NFT collection is about. Finally, a market fee will need to be set, as a commission rate on every future sale of the NFT, on any WAX-powered secondary market.
After clicking “Create Collection”, the next step is creating a ‘Schema’. Schemas are similar to collections but are referred to as being like ‘series’ within the collections. A schema will confirm all the NFT attributes along with the image and name. Once the schema is complete, this will lead you to the “Mint New Asset” button.
To mint a new asset, users will need to upload the NFT image and fill in the remaining attributes. This will include the name and short description of the NFT. Be sure to complete this carefully as, once minted, the information becomes immutable. Then, click ‘Mint’ to see the new NFTs appear in your WAX Cloud Wallet! Additionally, it’s possible to create templates of NFTs to easily mint similar NFTs in the future!
The Worldwide Asset eXchange (WAX) roadmap is subject to change, depending upon any newly favored developments suggested by WAX Advisory Council. However, at present, The Worldwide Asset eXchange has a public six-month roadmap on its website from January to June 30th, 2021. Thus far, we have seen the development of the Ethereum bridge to support altcoins, a new partnership with Capcom, plus several collaborations and a new decentralized application (dApp) created on WAX blockchain.
WAX.io is expected to receive a revamp and development of the Ethereum bridge to support ERC-721 and ERC-1155 tokens. Moreover, completion of the decentralized finance (DeFi) developments can be expected later this year alongside WAX Cloud Wallet improvements including mobile support.
The Worldwide Asset eXchange & WAX Token Summary
The Worldwide Asset eXchange (WAX) has created a blockchain that is fast and super easy to use, designed with the creation and trading of non-fungible tokens (NFTs) in mind. Moreover, the dual-blockchain model between WAX Blockchain and Ethereum provides WAX with the potential for immense scalability.
WAX blockchain has already seen NFT trading volumes higher than that of Ethereum. Also, WAX is host to NFTs created by some of the leading gaming companies in the world, like Atari. The Worldwide Asset eXchange (WAX) network incorporates some of the largest businesses in the technology and entertainment industries. This includes most members of WAX Advisory Council. Furthermore, WAX has a chain of developments, integrations, and upcoming partnerships that will further facilitate the platform to scale for mass adoption.
Non-fungible tokens (NFTs) have a broad array of use cases, though they are predominantly used in the collectibles and gaming communities at present. If you’d like to learn how to program your own gaming NFTs on a more technical level, see our Ethereum Smart Contract Programming 201 course. This course is designed to help you create your own tokens using different token standards using the Solidity programming language.
Following this, our Ethereum Game Programming 101 course will provide further learning about the design and deployment of NFTs using the Truffle Suite. Ivan on Tech Academy provides all the educational material needed to create and deploy your very own decentralized application (dApp) within just a few weeks! Also, don’t forget to follow us on Twitter @Academy_IOT to let us know your thoughts about WAX token!