While Bitcoin is the first notable application of Blockchain technology, it still needed backing to create an unstoppable force. Creating other cryptocurrencies and blockchain networks before 2020 was pivotal to the crypto ecosystem’s growth. Alternatively, the launch of many Defi-focused enterprises, and NFT chains, is also spearheading the space to another realm. The crypto space is now an investment hub for crypto enthusiasts and mainstream investors. Notably, the growth of the Non-fungible token space (NFT) has been remarkable and exciting. However, one of the names contributing to that excitement is WAX.
What Is WAX Blockchain?
WAX is a Blockchain that incorporates gaming with blockchain technology and its expanding toolkit. It is a bespoke blockchain whose design is to make e-commerce transactions faster, easier, and safer. It is a blockchain network that allows users to trade rare virtual items, mostly from games and virtual worlds. William Quigley and Jonathan Yantis are the founders of the Blockchain, whose creation has been in the pipeline since 1997. However, it was not until 2017 that the network began operation after completing its ICO. Globally, with more than 500 million players, the gaming industry is a massive ecosystem.
However, WAX tends to merge blockchain technology features like decentralization, interoperability, transparency, and scalability with the growing gaming space. Today, the gaming industry players are spending over $50 billion annually on rare and collectible items. WAX is leveraging on this to become the decentralized marketplace and dapp platform for the games and virtual collectible industry. WAX allows players to own their assets, trade them, and earn rewards without restrictions. WAX’s bespoke features and incentive structures will boost its performance and user experience.
How Does WAX Work?
WAX helps brands launch successful NFT collections by providing them with games, dApps, exchanges, digital marketplaces, etc. WAX utilizes a delegated Proof-of-stake mechanism (dPOS) to achieve speed and scalability, compatible with EOS. To do this, its token holders will vote for 21 WAX Guilds, who will earn rewards for producing new blocks on the chain. WAX compatibility with EOS means that DApps built on EOS can be integrated into WAX without limitations. To boost this feature, EOS launched a rewards campaign of $250,000, aimed to reward its developers for building on WAX. WAX is a very fast blockchain, which allows the creation of new blocks in less than 0.6 seconds.
In order to optimize the network, WAX uses blockchain-based tools that will enable developers to build DApp marketplaces and NFTs. Global brands like Topps, Capcom, Atari, Funko, and Lionsgate use WAX to launch their NFT collections. The Blockchain, nicknamed “King of NFTs,” provides creators and developers with powerful tools to create award-winning video games and dApps. This suite consists of tools like WAX Cloud Wallet, SSO, and OAUTH, supporting e-commerce operations. The WAX Cloud Wallet is a gateway to premiere NFT collections, dApps, video games, and marketplaces on the Blockchain. With the wallet, users can buy, sell, and trade NFTs without stress.
What is WAXP Crypto?
The WAX blockchain token operates in three forms- WAXE, WAXG, and WAXP, with all three very important to the network. However, WAXP is the name that denotes the official token of the Blockchain. WAXP is also the reward for staking or producing blocks on the Blockchain. WAXP token holders can convert their token to WAXE via the WAXP-to-Ethereum bridge feature on the network. WAXE is an Ethereum-based ERC20 utility token staked on the Ethereum distribution contract. This is why WAXP holders must burn their tokens to access the Blockchain’s staking.
Alternatively, WAXG is an ERC-20 governance token of the chain, distributed to WAXE stakers. WAXG holders can also participate in staking by burning their tokens to obtain WAXE. Rewards distribution is not random, as it follows a specific governance principle proposed by the WAX Economic Activity pool (WEAP). WEAP is a smart contract that tracks WAX fees and distributes them to all WAXE stakers proportionately. WAXP has a circulating supply of 1,976,503,738 tokens and an infinite maximum supply. The token is available for purchase on many exchanges, including Binance, and Bitfinex.
Top 5 NFT Games On WAX
WAX currently hosts many NFT-themed games, exciting and rewarding users, especially with their play-2-earn feature. However, listed below are the five biggest games on the Blockchain.
#1 Alien Worlds
The Alien Worlds game prides itself as the largest decentralized game on earth. The game allows users connect with each other in the Metaverse to build NFT drops and strategize about planet politics. Alien Worlds is an NFT Metaverse where you can play with NFTs. To participate in planetary elections, players will have to stake their native token- Trilium. Trilium is the cross-chain token that connects the Metaverse and allows the transfer of value and voting in Planet DAOs.
Players also stake Trilium to increase the Planet’s reward pool. In the Planet DAOs, players participate in weekly elections for council candidates and submit proposals on planetary treasury distribution. Alternatively, they can also run for planetary council as against voting. In terms of strategy, players will select game cards from either WAX or Binance Smart Chain. After that, they can use these game cards for mining, fighting, and mission in the game. With more than 206,000 users and a 24hour transaction volume of up to $130k, Alien World is WAX’s biggest game.
#2 Farmers World
Apart from being the second-largest game on WAX, it is the third-largest NFT game. With more than 123,000 users and almost $9 million worth of transactions made to its DApp smart contract. The game is very popular, and highly desirable by many players in the ecosystem. It is the first farming game to function on the WAX NFT platform. It is a Farmer’s world ecosystem that allows players to select suitable tools and exploit various resources on the farm. Players, also called farmers, can buy land to build enormous farms and enjoy the fascinating experiences of being a farmer. Farmers can harvest gold and NFTs by mining and playing the game. They can also develop and build top-notch tools and warfares for future farming and war with their rewards. To get tools in the game, users can purchase them on AtomicHub or use the craft feature to create one.
Same as types of tokens in the game, there are three tool groups to exploit that resources. FWW token represents axe, saw, and chainsaw. The FWF token, if owned, is used as a fishing rod, fishing net, or fishing boat. Lastly, the FWG token is the mining excavator in the game. Players can purchase all three tokens from decentralized marketplaces or other farmers. Farmers must prepare well to win the wars against jungle monsters to earn rewards. There is also an option for breeding, where farmers prepare for battle by storing food against famine. Farmers can also build shields and protection for their valuables to expand their farms and earn rewards. The game’s latest upgrade now sees farmers rearing their livestock to produce offspring for farmer sustenance in war or famine.
#3 Dragons Valley
According to DappRadar, Dragons Valley is one of the most promising NFT games in the Blockchain space. It is a Play-2-earn game on WAX that rewards more than 12,000 users daily with tokens and NFTs. To play, players must train Dragons through various battles with the Goblins and defeat them. After winning the war, players get rewarded with tokens through battle. Players can also use these rewards for shopping items to boost the Dragons and strengthen them. The more users win and earn rewards, the more they can enjoy peace in the Valley. The game features five rarities of dragons: common, rare, epic, legendary, and mythical. While players can achieve common, rare, and epic rarities via eggs, it is daunting to achieve the legendary and mythical rarities. However, via evolution from other rarities, players can eventually reach them.
DVG (Dragons Valley Gem) is one of the primary tokens of the game, obtainable via a swap on the Alcor exchange portal. DMD (Dragons Magic Dust) is another token that powers the game. Players receive them when they win a battle with the Goblins. Like DVG, they are obtainable via swapping on the Alcor exchange portal. Players can use tokens to unlock squad slots, incubator slots, alchemy slots, and energy purposes. It is also worth mentioning that players of the game are called Dragon Trainers. Initially, all Dragon Trainers will get a free started Dragon with poor features. However, there is an option to train them to become stronger or buy Eggs.
#4 Wombat Dungeon Master
The Wombat Dungeon Master blockchain game promises to take players to the other side of adventures. With about 11,000 daily users and up to 13,000 transactions, it is one of WAX’s highly-rated games. As a player, one can set their own goals in the NFT game. Ultimately, it comes down to getting the desired NFT loot in as few dungeons run as possible. Players are dungeon masters who hide treasures (NFTs) in the dungeon for Wombats to find. Wombat can go to the dungeon in four different durations: which is: five minutes, One hour, Six hours, and 24 hours. When Wombats return, they bring the hidden treasures found underground in their toiling.
Players then earn XP to level and materials to become stronger. Alternatively, users can open a treasure chest daily, filled with points, item packs, and other cool NFT loot. To be a dungeon master and earn rewards, players must first stake their NFTs. The maximum number of stakes per Blockchain is 100. If users do not want to hide the NFTs in the Dungeon Master, there is an option to unstake them in the game. However, these NFTs will become available for claiming back after 24 hours. Today, the game offers players three different rewards: reward points, packs, and NFTs.
The Prospectors game is one of WAX blockchain’s highly-rated massive multiplayer online real-time strategy games. With daily users above 6,000 and transactions flying beyond 88,000 daily, its future looks promising. It is a virtual reality game built on EOS and integrated later into WAX. The games operate via an entirely user-generated economy. In its virtual world, the prices for in-game goods and services are determined based on supply and demand. The game allows users to mine gold and build their worlds.
All game activity happens within the game’s smart contract. The game also ensures that all the assets players own are secured in its Blockchain. Since it is a multiplayer game, it allows players to interact within the game. Users possess equal rights to control three workers who act on their behalf. Players can team up in unions (alliances) and commercial organizations for communication and more efficient work. The game currency- Prospectors Gold (PG), is the basis for economic relations among players. It is also the reward and incentive currency of the strategy game.