Non-Fungible Tokens & WAXP Overview

Non-fungible tokens (NFTs) represent unique objects. Worldwide Asset eXchange (WAX Protocol or WAXP) is one of the most convenient and safest ways to create, buy, and sell these tokens through Swapzone and other exchange aggregators.

The WAX knowledge has empowered innovators to develop a highly-connected marketplace that brings a lot of value to the digital items projects.

Brief History of WAXP

William Quigley and Jonathan Yantis relied on their extensive knowledge in blockchain to create WAXP. Its growth has experienced enormous challenges over the years. However, WAX technology has played a central role in the success of the sector.

Presently, this digital goods marketplace is attempting to offer solutions for a marketplace with a total value of more than USD 2 trillion. The first year of incorporating the technology on dApps and VGO achieved a trading volume worth over USD 150 million.

What is the Difference between Wax and NFTs?

What is WAX?

As we have mentioned, WAX is a global marketplace for a wide variety of digital assets. It serves over 400 million users that collect, buy, and sell various items. The marketplace is best known for its ability to allow online players to trade physical and digital goods. So, WAXP brings together many traders and collectors, gamers, dApps creators, merchants, game developers, and buyers and sellers.

Some of the things that WAX can do are building responsive online stores and buying and selling gift cards. The number of people who are using this marketplace to create, sell, and buy NFTs is increasing today at an unprecedented rate.

As such, it is impossible to talk about WAXP and forget to mention non-fungible tokens.

What is NFT?

NFTS represent unique projects and have the following distinctive properties:

  • 100% Unique: Unlike regular or fungible tokens, NFTs are unique and, therefore, hardly interchangeable
  • Cannot Split: Users cannot split up non-fungible tokens into smaller parts
  • Represents valuable Items: NFTs typically represent lots of different things, such as ownership of assets and certificates.
  • Are Authentic and Liquid: You can use NFTs to verify digital scarcity without a centralized entity to confirm authenticity. The instant tradability of the tokens leads to an increase in liquidity.
  • Tradable: Interoperability enables free trade on multiple marketplaces. This means you can move your items outside your original environment and into the open market, where you can take advantage of plenty of viable trading opportunities and the ability to trade in many currencies.

How WAXP Works

WAX Tokens

Contrary to popular opinion, WAX tokens ($Wasp) and NFTs are not the same things. They have the following distinctive benefits:

  • Power WAXP: You can use $WASP to power the WAX ecosystem
  • Rewards: Participants receive their rewards in the form of WAX tokens. Contributors receive ten times the tokens they purchase
  • Earn More: If you own WAX tokens, you earn more when you vote for WAX guilds. This is the popular WAX staking reward process that takes only a minute or two to join and is hustle-free. You are free to unstake your $WAXP whenever you please.

WAX Guilds

There are 21WAX Guilds in every WAX blockchain that can earn a reward. Please note that you can only generate blocks once a chain qualifies to earn rewards. The rewards users can get depend on the number of blocks that a WAX Guide can generate.

You can also produce a chain in the request by using Standby Guilds.

WAX Performance Metrics

WAX automatically releases two blocks every second. However, a WAX Guild cannot produce more than a single block at a time. In some instances, it may fail to generate a block at the designated time. Other blocks jump the queue whenever this happens, ensuring that the production process always continues without any interruption.

A skipped block contends for a space in the protocol's memory pool. This way, the guild can include it in the subsequent run. Remember that users transact over 3,000 blockchains each second. The transaction rate is twice faster than the VISA system.

How NFTs Work

What makes non-fungible tokens powerful? Users are looking for the assurance that they can determine the future behavior of NFTs. Developers understand this and have introduced non-fungible token standards to increase the demand for the tokens. Keep reading for the most critical standards that keep the value of NFTs high.

ERC721

Cryptokitties pioneered ERC721 to represent non-fungible digital assets. Developers can easily import it from online libraries to create ERC721-compliant contracts. This standard is simple since it does the following: features

  • Maps unique identifiers to addresses
  • Provides an approved way to transfer the digital assets

ERC1155

The Enjin team pioneered ERC1155, a standard that brings the semi-fungibility concept to the non-fungible tokens world. It makes IDs to represent classes of assets. For instance, a crypto wallet might own 1,000 words, but an ID could represent a word like "sword." Here are its key features:

  • Highly efficient
  • ERC1155 can build ERC721
  • Plenty of resources available online for getting started with the standard

Composables

Composables is one of the standards that provide a template that allows NFTs to own fungible and non-fungible assets.

Non-Ethereum Standards

Most of the actions are taking place on Ethereum. However, non-NFT standards have also emerged on other chains. The Mythical Games team pioneered DGoods offers a feature-rich cross-chain standard that starts with EOS. It is also developing a non-fungible tokens module. So, NFTs' have excellent prospects.

What Does the Future Hold for NFTs and WAX Technology?

WAXP currently offers the solution for several platforms in the digital goods marketplace. It also provides a roadmap for more efficient future operations. WAX developers are providing the required resources to make plans successful. WAX Developer Hive mainly takes care of issues on tutorials, technical service provision, and more.

In the coming days, users will be able to interoperate more with other chains. NFTs are already benefiting from microservices and perform perfectly well with WAXP.

Without a doubt, the advancement of WAX technology means users have better ways to create, buy, and sell NFTs.

You can trade non-fungible tokens on a credible platform like Swapszone. You can exchange now by following this simple process:

  1. Go to Swapzone.io to get your work started.
  2. Select the cryptocurrency that you'd like to exchange, a coin or a token.
  3. Specify the total amount you're 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 currency.
  7. List the address that will take the currency you are exchanging.
  8. Confirm the trade to complete the transaction.

Wrap Up

We have seen why WAX is the king of non-fungible assets. It allows users worldwide to create, sell, and trade NFTs most easily and conveniently. WAX has designed blockchain-based tools that increase the success of participants. They also give them full access to a global community of creators, gamers, game developers, merchants, dApp creators, sellers and buyers, traders, and collectors.

WAXP is conveniently available to exchange on Swapzone.io