What is WAX (WAXP)?
, short for Worldwide Asset eXchange, is a blockchain ecosystem focused on the development of NFTs, dApps, and blockchain games. It is one of the most widely used ecosystems for NFTs and attracts millions of users daily. WAXP is the native token of the WAX ecosystem. In this guide, we will delve deeper into what WAX is, who founded it, how it works, how it differentiates itself from other projects, how it can be used in the future, and more.
Who founded WAX (WAXP)?
WAX was founded by William E. Quigley and Jonathan Yantis. Both have extensive experience in the crypto industry and backgrounds in the entertainment sector. Quigley was previously involved with Disney and Eurodisney, while Yantis co-founded the first digital assets marketplace. Together, they founded WAX with the goal of creating an ecosystem where NFTs, dApps, and blockchain games can thrive.
How does WAX (WAXP) work?
WAX is built on a purpose-built blockchain specifically designed for the development of NFTs. It utilizes the Delegated Proof-of-Stake (DPoS) consensus mechanism, which enables fast transactions and high scalability. The WAX ecosystem provides various services and resources, such as exchanges, a WAX Cloud Wallet for storing NFTs and tokens, intellectual property licensing, decentralized exchanges (DEX), and various marketplaces for trading NFTs and assets. Additionally, numerous games run on the WAX network, making it a popular choice for gamers.
How does WAX (WAXP) differentiate itself?
What sets WAX apart from other projects is its focus on the development of purpose-built NFTs. The ecosystem provides developers with the tools and resources to create NFTs that have a specific function within dApps or games. Additionally, WAX has introduced vIRL NFTs, which offer more advanced functionalities such as integration with app/video games and v-commerce capabilities. The WAXP token has various functions within the ecosystem, including being a medium of exchange, staking and voting, funding WAX Labs, and use within DeFi systems.
How can WAX (WAXP) be used in the future?
In the future, WAX (WAXP) can play a significant role in furthering the adoption of NFTs, dApps, and blockchain games. The ecosystem provides developers with the opportunity to build innovative projects and offers users a chance to participate in the emerging digital economy. With the continued growth of the NFT market and the popularity of blockchain games, WAX appears well-positioned to become a major player in this industry.
Additional information about WAX (WAXP)
In addition to the aspects mentioned above, WAX (WAXP) has also collaborated with major brands and entertainers such as Topps, Capcom, Funko, Atari, Sony's Funimation, Deadmau5, and William Shatner. The team behind WAX consists of experienced professionals with backgrounds in both crypto and the entertainment industry.
Can I make money with WAX (WAXP)?
Yes, it is possible to make money with WAX (WAXP)
. As a user, you can stake WAXP tokens
and participate in the network's consensus process. By staking tokens, you contribute to the security of the network and can earn rewards. Additionally, you can also participate in the WAX community and vote on important decisions within the ecosystem. It is important to do your own research and understand the risks and potential rewards of investing in WAX (WAXP) before deciding to participate.