- WAX (WAXP) is an eco-friendly blockchain for video games, NFTs, and collectibles.
- Its climate-friendly NFT eco-system provides a suite of tools for creators, developers, artists, and leading brands to leverage the power of blockchain.
- It claims to have over 400,000 daily unique visitors on its website, with over 23 million transactions per day.
WAX (WAXP) claims to be an eco-friendly blockchain for video games, NFTs, and collectibles. On Friday, the WAXP token declined as part of the broader crypto market rout.
The global market plummeted 8.03% to US$1.65 trillion at 8:14 am ET, dragging down the WAXP token by more than 15% to US$0.1906 at the same time.
Except for a few stablecoins, all major cryptocurrencies were in the red zone. The slump comes a day after the Fed raised the interest rates by a half-point to stamp out the high inflation.
At 1:00 pm ET on Friday, the WAX blockchain was scheduled to start an event where the Scotty Wideye owners can burn their Scotty Wideye NFTs and score a brand-new Barry Greenhorn NFT. The event is expected to continue until 1:00 pm ET on Monday (May 9).
What Is WAX (WAXP)?
WAX is a purpose-built blockchain released in 2017. It aims to provide a climate-friendly NFT eco-system with a suite of tools for creators, developers, artists, and leading brands to leverage the power of blockchain. Its founders are William Quigley and Jonathan Yantis.
The blockchain uses a delegated proof-of-stake (DPoS) consensus mechanism designed to conduct faster, simpler, and safer e-commerce transactions. The WAX blockchain architecture supports 500-millisecond block time and zero-fee transactions for users.
Its custom features and incentive mechanisms are focused on optimizing the blockchain’s utility, mainly for e-commerce and voting on proposals. The WAX blockchain’s tools enable developers to build decentralized applications (DApps), marketplaces, and NFTs.
WAX claims to have more than 400,000 daily unique visitors on its website, with over 23 million transactions per day. The platform has about 30,000 DApps and over 12 million WAX accounts.
The games and NFT collections on WAX include Funko, Topps, Blockchain Brawlers, Atari, Lionsgate, Capcom, etc.
WAX also claims to be a carbon-neutral blockchain using the PoS system, meaning it does not use supercomputers to complete a transaction but relies on green NFT minting machines.
WAX has been certified carbon-neutral by ClimateCare, a profit-for-purpose environmental company.
The blockchain’s wallet, called Cloud Wallet, allows access to premiere NFT collections, DApps, marketplaces, video games, etc., besides NFT trading.
Its vIRLs® NFTs help curb CO2 emissions. For example, if a US$5 vIRL® NFT is redeemed, five trees are planted in return to offset roughly five tons of carbon as the sapling grows to maturity.
Also Read: Is TRON (TRX) crypto rising on USDD news?
The WAXP token has a market capitalization of US$378.02 million. Its circulating supply is 1.98 billion, and the total supply of 3.87 billion.
WAXP tokens can be traded on crypto exchanges like Binance, MEXC, KuCoin, Huobi Global, etc.
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