NFT enthusiasts cast their vote on the next collection
NFT marketplace Collect on the Wax blockchain has seen massive growth over the past 7 days. Its user base grew almost 400%, as NFT collectors discovered the unique proposition of the NFT marketplace.
NFT collections on the Wax blockchain have remained mostly unaffected by the recent market downturn. As major collections on Ethereum faced stunted growth, low-value collectibles on Wax have continued to move.
Collect is a platform designed for collectors of Wax-based NFT projects to complete tasks, gain experience points (XP), and earn RACOON tokens. As a result of their unique proposition, and the fact that NFTs on the Wax blockchain is hardly unaffected by the crypto price downturn, Collect sees massive growth in the last 7 days. The NFT marketplace has attracted almost 6,000 unique active wallets, representing a 391% increase week on week. These wallets completed over 19,000 transactions.
What is Collect?
Collect is the first “Collect to Earn” platform on Wax and is in essence a social platform for collectors to track their progress, collect and collaborate. Similar to the Rarible marketplace on Ethereum, users can choose NFTs to purchase from the growing selection available including Atari Base Heroes, Blockchain Heroes, and Street Fighter. As mentioned, users complete tasks, gain XP points, and earn RACOON coins via achievements. 1 RACOON = 1 XP, which in the short run could be spent to buy NFTs, vote, participate in private sales, or take part in a VIP program.
Competitions drive growth
The reason for a surge in transactions over the last 7 days was the arrival of the platforms first ‘voted for’ collection. Users were asked to vote in order to choose the artist/creator they wanted to see on Collect. Importantly, users also had to set the amount of RACOON coins they were ready to part with in order to see their favorite collection listed. Users could vote as many times as they wanted, for as many authors as they liked and all RACOON used for voting would be burnt.
According to the platform over 2 million RACOON tokens were burnt during voting which led to a reduction of 15% in the circulating supply. The winner of the competition was a creator known on Twitter as @CryptoMoonies. Crypto Moonies are a collection of NFT figurines minted exclusively on the WAX blockchain.
King of NFTs
Wax has had an impressive month. So much so that at the time of writing 7 of the top 10 NFT collections ranked by sales over the last 30 days are based on the Wax blockchain. As reported, Alien Worlds, an NFT and crypto mining game has been a big hit, eclipsing the user numbers of the previous leading blockchain game Upland. Meanwhile, Dark Country and R-Planet have been growing quickly. Notably, R-Planet has amassed over $6.6 million in transaction volume whilst Dark Country has attracted just over $1 million.