Both platforms registered more than 60,000 active wallets in the past 24 hours
Two leading marketplaces on the Wax blockchain have seen massive growth in the last 24 hours pushing them to 4th and 5th respectively in the overall DappRadar rankings. Atomic Assets and NeftyBlocks have seen a big increase in activity.
At the time of writing Atomic Assets, the leading NFT marketplace on Wax has seen 64,390 unique active wallets interact with its smart contracts. While NeftyBlocks is catching up fast with 63,280 unique active wallets within the same time frame.
The surge in active wallets on NeftyBlocks represents an over 1450% increase in 24 hours. Additionally, we see those active wallets generated 82,540 transactions, another massive jump compared to the day before.
Atomic Assets performance is not as strong but still impressive. The platform has increased its active wallet count by almost 40% to 64,390. In turn, driving 337,440 transactions through the NFT marketplace. Such surges within a 24-hour time frame usually indicate an event, drop, or campaign being launched through the platform.
What’s happening on NeftyBlocks?
NeftyBlocks is an NFT marketplace on the Wax blockchain. With its set of creative tools, the platform aims to allow users to effortlessly buy, distribute and manage NFT collections. The leading cause of the surge observed on NeftyBlocks appears to be the rollout of its Proof of Ownership Whitelisting.
The concept is very simple. If a collector wants to participate in the drop they must own something required by the artist. It serves mainly to eliminate bots from the equation and artists can require buyers to hold four different types of things:
- random NFTs from one or many collections
- random NFTs from a specific schema in a collection
- specific NFTs from one of many collections
- a certain amount of a token
As a very simple example, an artist could require that buyers hold at least 5 NFTs from his collection for people to participate in the drop. If someone wants to use multiple wallets to claim in this drop, they will have to own enough assets from the collection to fulfill the requirement with each wallet. Or take the time to move assets from one wallet to the other to be able to claim the drop. A process that we envisage most will not go through and that bots (for the time being) cannot achieve. This action will almost certainly help NeftyBlocks serve its users better and bring in a fairer purchasing mechanism for buyers and sellers.
Atomic Assets is a standard for Non Fungible Tokens (NFTs) on the Wax blockchain. Anyone can utilize the Atomic Asset standard to tokenize and create digital assets and buy, sell & auction assets utilizing the marketplace. In short, Atomic Assets have really been the backbone of the Wax NFT ecosystem since day one. Alongside its smart contract creation platform Atomic Market. Atomic Market is a shared liquidity NFT market smart contract that is used by multiple websites to try and provide users the best possible experience. Shared liquidity means that everything which is listed on one market also shows on all other markets.
Importantly, platforms such as NeftyBlocks have moved away from creating and delivering NFTs through Atomic to focus on delivering NFT assets to users directly. A trend we may see develop further as Wax looks to dominate the low value, high sales sector of digital collectibles.
NFTs meet DeFi
According to the DappRadar Q2 Industry Report, Wax dapps like Alien Worlds, an innovative DeFi metaverse that combines unique NFTs and tokens with gaming experience are enhancing WAX’s own marketplaces like Atomic Market. Alien Worlds has been constantly increasing its volume by combining DeFi features with in-game collectibles. Currently, Alien Worlds leads all gaming dapps in on-chain users with more than 225,000 UAW in Q2. That’s a 1,087% increase from the previous quarter. The $13.8 million obtained in total volume represents a 1,397% jump quarter over quarter.