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Wax NFT Collections Double Volume Amidst Crypto Crash

Posted by
Ian Kane

Three collections all see over 100% volume increases

Wax NFT collectibles are flying off their respective digital shelves amidst ongoing uncertainty around crypto prices. In the last 24 hours, three leading collections have all racked up over 100% increases in transaction volume. Resulting in 7 of the top 10 NFT collections being on Wax when ranked by sales. According to data from DappRadar, notable performers include Alien Worlds, Topps MLB, Dark Country, and R-Planet.

Even though token prices, and therefore also WAXP, dropped in value, NFT trading on the Wax blockchain has thrived. For example, in the last 24 hours, Alien Worlds increased its trading volume by 109% to more than $90,000. Topps MLB trading volume increased over 116% to almost $70,000. In addition, Dark Country has seen a 244% increase in trading volume to over $23,000. These numbers may feel small when you consider that NBA Top Shot which runs on the Flow network has generated over £1.1 million in the last 24 hours. Arguably, these numbers are indicative of Wax’s high volume, relatively low-value approach to NFTs and digital collectibles. 

For example, looking at Topps MLB cards we see that many of them can be purchased for as little as a few dollars. Moreover, the emphasis here is not especially on buying and selling instantly for profit as with other NFTs. Instead, it’s more about actual collecting. Users are building sets and acting as they potentially did in the physical world. Hoarding large amounts of cards for later use or sale.

Dark Country goes a bit deeper

Dark Country provided an interesting case as its recent surge is directly attributed to a sold-out land sale that appears to have stimulated increased usage of the game overall. In the last 24 hours, Dark Country has seen an 86% increase in sales generating over $23,000. Land plots in Dark Country are a piece of the gaming world that can be owned by a player who then becomes the landlord. The piece of land has in-game functionalities and, depending on its position relative to the center of the map, will generate an income paid in the name game token Shadow Dimes (SDM). The closer to the central point of the land map — the better. 

Alien Worlds has been making headlines ever since officially launching in January 2021. Here players mine TLM, the platform’s native token by using a chosen avatar and simple tools. Tools and avatars can be upgraded and new items can be purchased to make mining easier and faster for the player. 

What this game truly represents is a gamified investment opportunity. The mechanics of the game are very simple and there is no real gameplay at this time. Although the project has plans to introduce a Thunderdome mode to allow player vs player action. For the time being, users simply repeat a few simple actions and are rewarded with TLM.

Wax weathers the storm

Whilst you may not read about million-dollar NFT sales on Wax. One thing is for sure. They are moving collectibles at an alarming rate. Furthermore, it shouldn’t be all that surprising that lower value NFTs are still commanding attention during a crypto price slump as it’s not really a contributing factor.

May was quite an exciting month for the Wax blockchain as a whole. Dark Country generated more than $500,000 through a public land sale, which means that the game almost doubled its volume compared with April. Secondly, R-Planet recorded a 170% increase in sales, generating more than $5 million in May. 

Wax’s approach of low-value, high-volume NFT collectibles appears to be starting to make waves to a wider audience. The appeal of affordable, and in some cases very familiar collectibles is resonating and it will be interesting to see if Wax can continue to build on this success and add more high-flying dapps to their arsenal.

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