What is WAX (WAXP)? Latest information about the WAX project

In the booming era of Web3, WAX emerges as a blockchain specifically dedicated to Non-Fungible Tokens and gaming. With a diverse ecosystem and impressive transaction speed, WAX is gradually establishing itself as the ideal platform for those looking to exploit the potential of digital assets. What makes this project special? Let's explore the project with Allinstation through the article below!

What is WAX?

WAX (Worldwide Asset eXchange) is a Layer-1 blockchain optimally designed for creating, trading, and managing digital assets such as Non-Fungible Tokens, in-game items, and Web3-related services.

Built on the EOSIO platform, WAX provides a comprehensive solution for game developers, content creators, and Web3 businesses, aiming to popularize Non-Fungible Tokens and digital goods for the masses.

How does WAX work?

WAX uses a Delegated Proof of Stake (DPoS) consensus mechanism with 21 Guilds (Block Producers) to verify transactions. A new block is created every 0.5 seconds, ensuring extremely fast processing speed and near-zero costs.

Additionally, WAX integrates the WAX Cloud Wallet tool, which allows users to avoid complex private key memorization, making blockchain access easier without deep technical knowledge.

WAX Products

WAX is not just a simple blockchain but also builds a comprehensive ecosystem for digital asset trading, especially Non-Fungible Tokens and gaming. Below are the outstanding products that have contributed to the platform's success

WAX Cloud Wallet

This is WAX's official wallet, designed to help users access blockchain as simply as possible without remembering complex private keys or security phrases. Users can log in using Google, Facebook, Twitter, Apple accounts, and immediately use the wallet to store tokens, Non-Fungible Tokens, participate in staking, or vote for Block Producers.

Outstanding features:

• Easy login with social media accounts
• User-friendly interface, suitable for beginners
• Supports Non-Fungible Tokens, DeFi, and DApps on WAX

AtomicHub – NFT Marketplace

AtomicHub is the largest Non-Fungible Token marketplace on the WAX blockchain, where users can create, buy, sell, and trade Non-Fungible Tokens quickly and cost-effectively. This is where many famous Non-Fungible Token collections like Funko, Street Fighter, MLB, Hot Wheels… are issued.

Outstanding features:

• Free Non-Fungible Token creation (no gas fees)
• Integrated with WAX Cloud Wallet
• Intuitive interface, supports filtering, whitelisting, schema…

vIRL Non-Fungible Tokens (Virtual In Real Life)

This is WAX's unique Non-Fungible Token product representing actual physical goods. When owning a vIRL Non-Fungible Token, users can choose to "redeem" to receive the real product or continue trading that Non-Fungible Token on the marketplace.

Application examples:

• Buying a Nike shoe via Non-Fungible Token
• Reselling on the Non-Fungible Token market if not opened
• If opened, receive the actual shoe delivered to you

WAX Labs

WAX Labs is a community funding fund operated by WAXP token stakers. Projects or individuals can submit proposals to develop the WAX ecosystem (DApps, games, Non-Fungible Token tools…) and receive funding from the fund. Proposals are voted on by the community through the governance system.

Significance:

• Encourage community to build and expand the ecosystem
• Create transparency and decentralization in fund usage

WAX Developer Tools

WAX provides a complete set of development tools including SDK, API, integration guides, and documentation to support developers in building applications on the WAX blockchain. These tools allow easy deployment of Non-Fungible Tokens, marketplaces, games, or data bridging from Web2 systems.

Advantages:

• Detailed and frequently updated documentation
• Support for RESTful API, WebSocket, and smart contract in C++

Blockchain Brawl Game and Other Integrated Games

WAX is supporting a range of blockchain games with millions of users. Notable examples include:

• Blockchain Brawlers – an NFT wrestling game exclusively released on WAX
• Alien Worlds – one of the most globally active NFT games
• R-Planet, KOGs, Farmer's World – popular strategic, P2E, and collection games. WAX not only provides infrastructure for games but also supports wallet integration, NFTs, marketplace, staking, and other Web3 features.

WAX Highlights

• Optimized for NFT and Gaming: Protocol specifically designed to serve in-game asset and NFT transactions.
• Near-free transactions: Users can stake tokens to perform free transactions on the network.
• User-friendly: Interface simplifies the onboarding process for new users.
• Commitment to sustainable development: One of the first blockchains recognized as "carbon neutral" through collaboration with ClimateCare.

Overview of WAX Token and Tokenomics

Basic Information

• Token Name: WAX
• Ticker: WAXP
• Blockchain: WAX Blockchain
• Token Type: Utility Token
• Total Supply: 3,770,303,327 WAX
• Circulating Supply: 3,504,099,552 WAX
• Contract: 0x2a79324c19ef2b89ea98b23bc669b7e7c9f8a517

Token Distribution

• Staking & Rewards: 50%
• Development Team: 20%
• Reserve Fund: 15%
• Investors & Partners: 10%
• Community & Marketing: 5%

Token Release Schedule

Token Utilities

• Staking to receive network resources (CPU, NET)
• Voting for Guilds (Block Producers)
• Used for transaction fees, marketplace payments
• Participate in system governance activities

Roadmap

2024 – 2025:

• Expand vIRL NFTs application in e-commerce
• Develop bridges between WAX and EVM chains
• Deploy zk-rollups solutions for scalability
• Enhance support for Web3-integrated AAA games
• Expand DeFi ecosystem on WAX

Project Team, Investors, and Partners

Project Team

WAX was co-founded by William Quigley and Jonathan Yantis, pioneers in virtual asset trading platform investment and development like OPSkins – a previously very famous game item trading marketplace.

William Quigley – CEO & Co-Founder

• Before founding WAX, he was a co-founder of Tether and OPSkins – one of the world's largest game item trading platforms.
• William Quigley was an executive at Disney and a prominent angel investor in blockchain technology.

Jonathan Yantis – COO & Co-Founder

• He was previously the CTO of OPSkins and has over 20 years of experience in technology and digital infrastructure development.
• Jonathan focuses on operating NFT products and developing tools to make WAX easier for the community to use.

Additionally, WAX's technical team includes experts who have worked at Amazon, Google, Blizzard, and other leading gaming companies.

Investors

ICO – November 15 to 29, 2017

The project's ICO raised $9.6 million with a public token price of $0.32. Although the ICO investors' ROI is currently negative (only ~0.07x, or -92.9%), at its peak, the project reached an ATH ROI of 15.66x (+1,466%), reflecting significant market interest during the early stage.

June 2, 2022

WAX announced a new funding round (specific terms not disclosed) led by OKX Ventures, raising an additional $10 million to expand the ecosystem and develop new products. This funding round demonstrates the confidence of major investment funds in WAX blockchain's long-term potential, especially in the NFT and gaming sectors.

Partners

WAX has built partnerships with many major brands and prominent Web3 companies.

Entertainment & Gaming Partners

• Funko – Famous toy brand, releasing NFT collections on WAX
• Topps – Company specializing in baseball, NBA, Star Wars card releases via NFT
• Capcom, Atari, Hasbro – Long-established game and entertainment companies partnering to release NFTs
• Alien Worlds, Blockchain Brawlers – Blockchain games deeply integrated with WAX

Technology & Platform Partners

• Amazon Web Services (AWS) – Storage and cloud infrastructure for WAX system
• Simplex, MoonPay – Payment gateways helping users buy WAXP with bank cards
• AtomicHub – NFT marketplace specifically developed for the WAX network

Summary

WAX is a blockchain specialized for NFTs and gaming with a strongly developing ecosystem, user-friendly technology, and extremely low transaction costs. Despite market fluctuations, WAX maintains community and investor interest, showing the project's long-term development potential in the Web3 space.

Please note this is not investment advice.