Launch a WAX-based blockchain and dominate the NFT industry in no time

Hey! The NFT marketplace is dominating other investment marketplaces due to the slew of advantages the former holds. While the NFT marketplace in itself is making a sheer sensation, there is a distinctive NFT marketplace that gets every attention it quite deserves. This blog will give you a comprehensive understanding of WAX (Worldwide Asset Exchange) and how it stands apart from other marketplaces.

All about WAX

WAX is an NFT blockchain that is drawing the attention of digital asset owners in recent times. This company is a pioneer in providing decentralized exchange platform development solutions, blockchain services, and similar services related to NFT.  Some of the reputed brands that have collaborated with WAX to launch their NFT collection include Topps, Funko, Capcom, Weezer, William Shatner, etc. 

What makes WAX an identical NFT marketplace?

Well, let us start out by explaining the two types of mechanisms in which any NFT platform will function. Proof-of-stake and Proof-of-work are the two mechanisms prevailing in the marketplace.

Moving on, you must know that right from minting digital collectibles to processing the transactions, the blockchain network will consume gas/electricity. Platforms working on the proof-of-stake mechanism are witnessed to consume electricity.

Whereas NFT exchange platforms that work on the proof-of-work mechanism are said to be eco-friendly as the electricity consumption is less when compared to the proof-of-stake mechanism.

This explanation is necessary to understand how WAX differs from other platforms. Let us see the distinctiveness WAX holds.

Eco-friendly NFT exchange platform

WAX blockchain has been certified as a carbon-neutral platform. WAX’s founder says that, from the very beginning, the motive is to develop an energy-efficient platform. Indeed, WAX is 125,000 times more efficient than Ethereum and Bitcoin in terms of energy consumption.

Since this platform consumes less energy it is also quite affordable to indulge in exchanges on this platform. Generally, any NFT platform charges gas fees as well as transaction fees.

Another notable trait of the WAX blockchain is that the platform is scalable to 325,000 users and 15,000,000 transactions on a daily basis.

How do transactions and exchanges on WAX take place?

Suppose you are willing to create digital collectibles on WAX. All you need to take the first step is to create an account in the WAX cloud wallet. 

• Viewing 

Here, let us take the example of viewing NFTs on the WAX cloud wallet. Firstly, you have to log in to the Automichub and then click on the “Inventory.” To head into the NFT you want to view directly, you can choose the filter option. 

• Listing 

Suppose you want to list the digital collectibles on the WAX blockchain. Inside the wallet, choose the “list on market” and enter the price you are willing to sell the digital collectible for.

• Unlisting 

Say you want to unlist the digital collectible. Head to your inventory and click on “cancel listing” , which is located below the NFT you have selected.

• Transfer

Simply, move to your inventory and choose the “transfer” option below the NFT. Once you select the transfer button, you can enter the name of the recipient. Post that you can click the “Send” button. 

What’s the latest news about WAX?

According to the press release (August 26, 2021) by Business wire, WAX has crossed 6 million users that week, thereby setting up a milestone in the journey of its growth. 

Alongside, the number of active users has surged to 550,000 in the same week. Most of all, the average number of transactions on WAX amounts to 17 million transactions on a daily basis.

Here is another latest press release (September 2, 2021) by Business wire. According to the press release, WAX announces the development of the Ethereum Virtual Machine and Ethereum Bridge. The Ethereum Virtual Machine can be defined as software that is based on blockchain technology. The crucial purpose of this machine is to develop Decentralized apps (Dapps) as the decentralized apps have less downtime and are highly secure.

Ethereum bridge development is in its alpha stage and can be accessed through the WAX cloud wallet, thereby letting its six million users transfer their crypto assets between the blockchains ERC20 and DAI.

It’s time to develop your environment-friendly WAX-based NFT blockchain

We are definite that the above imperative information on the WAX NFT blockchain would have allured you. If you wish to highlight your NFT platform from the rest and also develop a platform that doesn’t harm the environment, our analysts and developers are here to help you achieve the same.

Over the formative years, we have gained sheer experience in blockchain development, NFT marketplace development, and on-demand app development. Our developers are high on implementing the latest technologies that solve real-world problems efficiently. 

Our WAX blockchain development is an environment-friendly blockchain development approach. Team up with our maestros and get your WAX NFT blockchain developed in a few weeks.

Are you having plans to invest in WAX-based blockchain development?

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Marketing is my soul mate and writing is my side kick. Using my writing skills to share the knowledge of app development and upcoming technologies.