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- The NFT sector was in the news for the second time in 2021, thanks to a month-long 972 percent spike in the price of Axie Infinity, just days before Bitcoin’s (BTC) price dropped below $30,000 for the first time
- Atari, Topps, William Shatner, and Capcom are among the project’s current collaborators, and a browse through the project’s Twitter feed reveals previous campaigns for Street Fighter V Series 2 cards and limited edition Bratz collectibles
- Token holders may also convert their WAXP into WAXE, an Ethereum-based version of the token that can be utilized to participate in DeFi by providing liquidity on decentralized exchanges and yield farms
The NFT industry was making headlines for the second time in 2021, driven by a month-long 972 percent increase in the price of Axie Infinity, just days before Bitcoin’s (BTC) price fell below $30,000. Worldwide Asset eXchange, or WAX, is another NFT-focused protocol that has been gaining fundamental strength in recent months.
WAX claims to deliver the safest and most simple method to manufacture, buy, sell, and exchange virtual things to anybody, anywhere in the world. According to data from Cointelegraph Markets Pro and TradingView, the price of WAX’s WAXP token rose 70% between June 27 and July 9 to a high of $0.151 before falling to $0.11 due to the Bitcoin-led sell-off.
The expanding number of well-known companies releasing collectibles on the project’s blockchain, an active network with quick transaction times, and its integration into decentralized finance via cross-chain interoperability with the Ethereum (ETH) network are three reasons for the rise in WAXP.
WAX has been able to capitalize on nostalgia as a powerful source for drawing an audience eager to connect with a product by working with some well-known companies in the United States. Atari, Topps, William Shatner, and Capcom are among the project’s current collaborators, and a browse through the project’s Twitter feed reveals previous campaigns for Street Fighter V Series 2 cards and limited edition Bratz collectibles.
Popular collectibles such as baseball cards and Garbage Pail Kids, as well as more recent games such as Alien Worlds (TLM), provide users with a range of alternatives that help draw a diverse audience to the WAX network, resulting in an increase in on-chain activity.
Looking at the 24-hour activity of the top-ranked blockchains, which WAX leads by a huge margin, is a second indicator of the WAX network’s rising strength. According to Blocktivity, WAX’s 24-hour activity has surpassed 17 million operations and is now more than double that of its nearest competitor, Stellar (XLM). WAX has more than six times the amount of activity on EOS, the company that created the EOSIO software that the WAX network uses.
WAX has been able to do yield farming and staking on the Ethereum network since the release of a cross-chain bridge. According to statistics from Staking Rewards, the WAX blockchain uses a delegated proof-of-stake consensus architecture, which means that the easiest option for token holders to earn a return on their holdings is to stake WAXP on the network, which earns an annualized reward rate of 4.42 percent.
Token holders may also convert their WAXP into WAXE, an Ethereum-based version of the token that can be utilized to participate in DeFi by providing liquidity on decentralized exchanges and yield farms. The WAX network is well-positioned to continue to attract new users and sustain a high level of on-chain activity by giving possibilities linked to NFTs and DeFi, two of the trendiest industries in the cryptocurrency industry.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
