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Highlights
- Not only Fantom, Solana, and Cardano, but blockchains like WAX are also gaining traction
- WAX crypto has gained over the past 24 hours, and any further rise depends on a slew of factors
- WAX blockchain is primarily focused on gaming and NFT development services
Last year was largely dominated by non-fungible tokens and metaverse coins. But one cryptocurrency, Solana, which is a blockchain network, also managed to become a top performing asset.
Though Ethereum’s network is the most popular, other blockchains like Fantom and Cardano are also drawing developers’ and investors’ interest. But apart from these high market cap blockchains, there is a range of options for developers to build decentralized apps and launch NFTs.
One such blockchain is WAX, which claims to be a ‘purpose-built’ ecosystem. Let’s find more.
What is WAX blockchain?
On its official website, the network claims to be a blockchain that can support NFTs and games. WAX can also support decentralized exchanges and digital marketplaces. The primary stress of the network is on NFTs.
Users can mint and launch NFTs using WAX. The network was used to launch the collectibles of Topps, Funko and many other NFT players. Blockchain games usually have NFT underpinnings to allow the users to earn and trade in-game assets. WAX can support blockchain games.
The network, based on proof-of-stake consensus, claims to be eco-friendly. It also provides wallet that can help store and trade digital assets.
Also read: Top 5 cryptocurrencies to watch in February 2022
WAXP crypto
WAX crypto is nothing but WAXP token. The token is primarily used for staking purposes within the WAX network.
WAX blockchain claims that by staking WAX tokens, the holders can participate in block development. It also claims that the network functions without any fee on transactions. WAX also has a separate WAXG token that serves as the governance token. WAXP crypto is used to trade NFTs.
WAX crypto price
WAX crypto is trading at nearly US$0.3 as of now. It has gained nearly six per cent over the past 24 hours, and the market cap is approximately US$638 million.
Where to buy WAX crypto
WAX can be traded using exchanges like Binance, Crypto.com, and Huobi Global.
WAX crypto price prediction
The price performance of WAX this year has been similar to other cryptocurrencies like Bitcoin. WAX crypto was trading at nearly US$0.45 on January 1, 2022, which means it has lost value so far.
The peak price of WAX crypto was US$0.93 that it attained in mid-November last year. WAX may be able to reach US$1 by the end of first quarter, but for this, the blockchain must find more users. The price movement of cryptos like BTC and other market factors may also impact WAX price. NFTs and blockchain games are a popular trend, and WAX may rise if the network is preferred by developers.
Also read: YouTubers and cryptocurrencies: Should you be influenced?
Bottom line
WAX is in the crowded blockchain network category, which has players like Ethereum and Fantom. In the near-term, WAX crypto may rise if the wider cryptocurrency market is hit by positive sentiments. Besides, if WAX network is able to demonstrate any advantage over Ethereum, the native WAX coin may have a fair chance to gain value.
