A platform that dubs itself as “the King of NFTs” says it is now the No. 1 marketplace on DApp Radar — with more users than the rest of the top 10 combined.
WAX (also known as Worldwide Asset eXchange) delivers a safe, convenient way to create, buy, sell and trade non-fungible tokens. One coveted collectible recently sold for a cool $60,000 — and executives say average daily sales volumes have surged since 2021 began.
Some of the world’s best-known names have launched NFT sales through WAX, including the electronic music legend Deadmau5, Star Trek actor William Shatner, and the gaming giant Atari. Topps — one of the world’s best-known manufacturers of themed trading cards — has also embraced the digitization of this age-old hobby by releasing tokenized Garbage Pail Kids cards through the platform.
Digital collectibles released by A-listers have proven exceedingly popular on the platform, with some NFT packs selling out in as little as nine minutes. Shatner’s trading cards were especially desirable, not least because they featured never-before-seen pictures from his personal life and career. The series boasted several special features too, including the ability to redeem certain cards for physical memorabilia personally autographed by Shatner.
WAX recently surpassed 600,000 accounts — and as interest surrounding NFTs grows, the number of daily active wallets on the platform surged by 145.9% in January alone.
Executives say that the sale of NFTs on secondary markets is booming — generating millions of dollars in profit for crypto enthusiasts who list sought-after collectibles. New partnerships are emerging all the time, with WAX set to release exclusive tokens starring characters from Capcom’s Street Fighter series.
WAX also allows developers to build their own blockchain-based games, and some of these titles have proven exceedingly popular. One of them is Alien Worlds, which has now topped DApp Radar’s game rankings. Described as an experience that delivers “DAOs and DeFi in space,” the title focuses on monetizing in-game NFTs for players — and gives gamers the opportunity to battle against other explorers. Tokens have been created to represent avatars, land, tools, minions and weapons — with just 3,343 land NFTs in existence.
In January, WAX also launched a new tokenomic model that “marries the explosive growth of NFTs with the superior monetization capabilities of DeFi” — with rewards offered in the form of ETH and WAX Governance tokens.
Through WAX, anyone can create NFTs — and the platform says it creates “exciting monetization opportunities for brands and collectors” because of how these digital assets are provably authentic. Blockchain technology means that it’s easy to view the full ownership record and trading history of tokens.
Developing an NFT can also be a liberating experience for artists, who can enjoy full control over their creations and receive fair compensation for their work. As well as receiving revenue when tokens undergo their primary sale, artists also receive at least 6% from every subsequent transaction that takes place in secondary markets.
Just like traditional trading cards, one crucial step in arranging a successful NFT sale involves ensuring that the rarest tokens are scarce enough to be in high demand among buyers. Typically, crypto enthusiasts who purchase a standard pack of cards may only have a 0.2% chance of receiving super rare tokens with special animations.
NFTs are also delivering innovation in the trading card sector. William Shatner’s sale introduced the concept of shards, where cards are divided into three separate pieces. Collectors then need to trade with each other in order to collect all of the shards that are required to form a complete card.
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