The hybrid WAX & Ethereum blockchain system uses the best features of both chains
GRAND CAYMAN, Cayman Islands, Jan. 13, 2021 (GLOBE NEWSWIRE) — via CryptoCurrencyWire — Worldwide Asset eXchange™ (WAX), the “King of NFTs,” today announces it has launched a new tokenomic model that allows WAX Token holders to directly benefit from WAX’s success in the NFT market.
This model marries the explosive growth of NFTs with the superior monetization capabilities of DeFi. It enables anyone who participates to earn rewards in the form of Ethereum Tokens (ETH) and WAXG Governance Tokens. Additional information about what the new model involves is available here.
Strong NFT Market Performance
The WAX Blockchain has been dubbed the “King of NFTs.” That label is due to the fact that every primary NFT sale on the WAX Blockchain has sold out in a matter of hours and, in some cases, just a few minutes. Equally impressive is the secondary trading volume for WAX NFTs. NFT secondary trading volume averages 5X more than the primary sales volume on an annualized basis.
WAX NFT partners have included major brands and personalities such as deadmau5, Atari, William Shatner, The Topps Company (Garbage Pail Kids, MLB, etc.), and upcoming ones like Capcom’s Street Fighter.
Additionally, independent projects like KOGS, Bitcoin Origins, Blockchain Heroes, Alien Worlds, and more are generating millions of dollars in primary and secondary market revenues on the WAX Blockchain, making WAX the “go-to” destination for independent developers to build thriving blockchain businesses.
In the past 30 days, the average daily NFT trading volume on WAX has grown sevenfold, with WAX’s Atomic Market leading the DappRadar marketplace rankings for total users, with more users than the rest of the top 10 combined. Additionally, two-thirds of the top 30 NFT projects on cryptoslam.io are WAX projects.
New WAX tokenomic design
The core element of the new WAX tokenomics system is its inter-blockchain design.
The WAX Blockchain is purpose-built for NFT transactions and is the top-performing blockchain in the NFT space. Ethereum has the best monetary system of any blockchain. The new WAX tokenomic model combines WAX’s operational advantages for creating and trading NFTs with Ethereum’s superior DeFi financialization capabilities.
The WAX Blockchain will continue to perform the core NFT operational functions (i.e., item creating and trading), while the capital generated from WAX NFT commercial activities will be transferred into the vast and growing network of financial services available on Ethereum.
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There are six Ethereum-based components to the new WAX tokenomic model. More information about this can be found here, and the full technical guide can be accessed here.
WAX is the King of NFTs. The WAX Blockchain is the safest and most convenient way to create, buy, sell and trade NFTs — to anyone, anywhere in the world.
WAX has created a full suite of blockchain-based tools that allows anyone to trade NFTs instantly and securely to anyone, anywhere. These include an easy-to-use WAX Cloud Wallet where accounts can be created in just two clicks using social logins, a robust developer portal, and more.
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Participants of the Worldwide Asset eXchange gain access to a global community of collectors and traders, buyers and sellers, creators and gamers, merchants, dApp creators, and game developers. For more information, please visit https://wax.io, and follow along on Twitter and Telegram.