Home CryptocurrencyAltcoins What is WAX?

What is WAX?

by Pragati Shrivastava
, What is WAX?

WAX, a decentralized platform that powers and supports virtual marketplaces and provides a security infrastructure and payment processing. The platform is the world’s leading marketplace for online video game assets. It aims to serve the 400+ million online players who collect, buy and sell in-game items. Any project/team can tokenize in-game items and virtual goods for use and exchange in real-world transactions. Millions of gamers have created their own virtual store on the platform. WAX tokens power the exchange and settlement of transactions and they are also used to distribute rewards among HODLers.

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So how do you get WAX tokens?

You can buy them against BTC, ETH, USDT or USD on popular cryptocurrency exchanges. These tokens are listed as WAXP. WAXP is listed on Huobi, Bibox, EtherDelta and Bancor Network.

What are the top benefits of WAX?

The top benefit of holding WAX is that, HODLers earn rewards. These are called WAX Staking Rewards. To earn WAX staking rewards, users to set up an account on WAX’s platform. You can stake your tokens and then vote weekly. You can read the process about staking rewards on this website.

Here are a few simple steps:

  • Follow the instructions to create a WAX Account (Blockchain/All Access Account)
  • Buy WAX tokens and store them in the WAX wallet
  • Stake your tokens using the Scatter wallet
  • Allow your tokens to be staked

Once you finish staking you can start voting.
Visit the WAX website for more FAQs and details.

How do you vote on WAX?

Vote for WAX Guilds by visiting their website and clicking on “VOTE”. The minimum number of Guilds to select is 16. The platform motivates users to maximize their Staking Rewards.

How does WAX work?

WAX operates on the “skins” concept. Skins are virtual assets that allow gamers to customize game interface, characters, weapons and more. WAX aims to tap into a multi-billion dollar industry. Online gamers use these platforms to appeal to a global audience. OPSkins attracts an audience of over 200,000 and uses the Ethereum blockchain to create a decentralized marketplace.

OPSkins facilitates in-game items. It acts as an escrow or third-party mediator. When a buyer decides to buy an item, it can be bought from OPSkins. The item gets delivered to the OPSkins character and then delivers the funds to the seller.
WAX Team’s focus towards making it easy for users to trade blockchain-backed game items instead of centralized ones.

There are predictions that Game Developers will increasingly support trading of in-game items. WAX’s latest whitepaper was published in August 2019 and it currently functions as a smart contract platform similar to Ethereum, EOS, NEO, TRON.

In this article, we’ve learned the important things about WAX and however early it is to tell, WAX will eventually take over the market for NFT trading. We will be watching this blockchain and we’ll update this article with changes in the future.

ICYMI

Crypto, Trader, News. had the opportunity to sit with Evan Vandenberg, the Director of Development at WAX. Visit our YouTube channel to watch the interview or the recap on our website.






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