What is WAXP Technology? Why WAX Is the Kind of NFTs?

It was long anticipated that cryptocurrency would give a new shape to financial markets, banking, and commerce but its application in fields like gaming and entertainment was very less known. Now, it looks almost surreal, especially with the non-fungible tokens (NFTs) boom coming to the crypto space.

Worldwide Asset Exchange (WAX) is a major name in the field. This article focuses on what WAXP is, its cryptocurrency, and how it is distinct from others. The core goal behind this project is to create a safe, secure, and easy platform for buying, selling, and creating non-fungible tokens, or to put it simply, virtual items. Due to WAX and other similar protocols, it is now easy for innovators to build interconnected systems that bring value to virtual assets.

What is WAXP (WAX)?

WAX is a Worldwide Asset Exchange – a blockchain-enabled network for video gaming and entertainment, or even a whole marketplace where millions of gamers can buy and sell in-game assets. WAXP is a WAX token that serves as the network’s utility token. WAXP was created to facilitate and accelerate transactions on the WAXP chain.

It brings together traders and collectors and provides them with the safest means to connect. The developers designed WAX to serve over 400 million online users and believe that WAX has reduced barriers for buying and selling in-game and other collectibles and has also increased liquidity.

WAX was founded by William Quigley and Jonathan Yantis. As digital markets were facing hurdles in development there was the need to create a smooth-running and flexible platform. It has increased user’s interest in digital assets and brought profitable trades. The project had the WAX ICO in 2017.

What are NFTs?

Non-fungible tokens represent assets that are unique and can’t be interconverted. Every non-fungible asset possesses distinct properties and features that make it impossible. NFTs usually represent collectibles – say, pieces of art of famous personalities, game money and skins, songs, collectible trading cards stored on the net. On the other hand, there’re fungible tokens like Bitcoin or Monero that are interchangeable.

It may be hard to believe for non-crypto users but people are paying hundreds of dollars for NFTs. You can buy NFTs from a variety of platforms depending upon what you are looking for. To protect the platform from the sudden rush of NFT enthusiasts, these tokens are often released in batches.

What are the differences between WAXP and Non-fungible tokens?

WAXP token is not a non-fungible token since it is a utility one. By owning WAXP tokens, you earn profits just by holding them when you vote on the WAX guilds. So WAXP is not really the same as NFTs. As with NFTs, there is no case of earning rewards.

Nevertheless, WAX and NFTs are often discussed together. WAX brings a lot of NFTs on a single platform. In other words, it provides great support for holding and trading NFTs. You have a number of tools including WAX Cloud wallet, marketplaces, and collectibles themselves.

How WAXP technology works?

Initially, WAXP was an ERC-20 token but now there are new WAX native tokens holding which requires a compatible WAX wallet. WAXP itself is still currently working as an ERC-20 token.

The WAX blockchain is a customized blockchain that consists of four main domains, contracts, users, guilds, and transfer agents. There are various types of contracts such as proposal contracts, Settlement Execution contracts, and some other limited types. A contract is basically a set of code stores on the WAX platform.

Users of the WAX network are also entitled to create service contracts when needed. Guilds are the accounts that have the right to validate a transaction. These are WAX holders that have the governance power due to their holdings. Though this is not the only criterion, as these guilds have to be selected by other users. They are also called confirming nodes and given fees for their services. Transfer agents contrastingly are users that will transfer in-game assets among other users.

How do NFTs work?

NFTs work as individual tickets storing information that determines their final value.The information can take the form of art, music, videos to anything worthy of collecting. As they hold the value they can be bought and sold just like any other physical asset.

One of the first non-fungible token projects was ERC-721 CryptoKitties, introduced in 2017. Another protocol standard, ERC 1155, brings the concept of semi-fungibility to the non-fungible tokens. It works by making unique IDs for digital assets. In short, NFTs work by allowing their users to own a licensed copy of a collectible or valuable asset in a digital form.

The worth of an NFT is set by the supply and demand. Therefore, a large number of tokens does not always mean more money to the developer. Some platforms reward their NFT developers with royalties though the concept is not very common.

How to exchange crypto to WAXP on Swapzone?

You can get WAXP at the best rate easily with Swapzone. Always ensure that you take time to find out how the market works and what you should know before acquiring the currency.

Here is how to use Swapzone for exchanging WAXP in a matter of an eye blink:

  1. Go to Swapzone.io to get your work started.
  2. Select any crypto you hold in the Send section.
  3. Specify the total amount you are going to transfer.
  4. Select WAXP in the Get Up To section.
  5. Review the offers on the screen. You will find multiple offers with the best rate listed at the top. You can also see how many minutes it would take for you to complete the exchange.
  6. Confirm the offer you wish to utilize and then enter the wallet to receive the WAXP.
  7. List the address that will take the currency you are exchanging.
  8. Wait for the deposit to be processed by the exchange service and the exchange to be done.
  9. Don’t forget to rate the exchange partner, so we can gather more information on the exchanges for future users.

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