The sky’s the limit for gaming and e-commerce token WAX
The native token of the Wax blockchain ecosystem almost tripled in value over the past 90 days thanks to a surge in blockchain gaming activity and game-related NFT trading. Big hitters are Alien Worlds, Farmers World and Farming Tales, while AtomicMarket earns its place in the NFT big leagues.
In the past few months, WAX token outperformed the Autumn crypto bull run. It has done a 2x in the past 30 days alone. When we put the demand for WAX under the microscope, it’s not hard to understand its success. From profitable blockchain gaming to savvy NFT plays, it’s a token worthy of a place in your portfolio.
Firstly though, a refresher on Wax, as it refers to both a purpose-built blockchain and its proprietary protocol token. Wax’s mission is to make the world of e-commerce transactions run faster, easier and smoother for users. Powered by environmentally friendly Delegated Proof of Stake, the WAX Blockchain is fully backward compatible with EOS.
Waxing and Waning
Wax blockchain games are setting records. Farmers World, Farming Tales and Colonize Mars are the Top 3 games by volume on the Wax blockchain. In the past 30 days, Farmers World netted almost $100 million in transaction volume. The one hundred mill mark is a momentous milestone for a blockchain P2E game.
Farming Tales is in pursuit, with $30 million in volume; while every other game in the Wax top 10 transacted over $1 million worth of activity. Evidently, game developers and players alike are keen to build and spend time and money utilizing the Wax blockchain. Plus, Wax is eco-friendly… But more on that alter.
Alien Worlds, a popular Wax game by user count, grew its user base by 111% to 1.51 million users, according to DappRadar. Indeed, the past thirty days have been an exciting time for the game. Content expansion packs hit the proverbial shelves and the hype is real. Alien Worlds is a DIM, or digital item metaverse, in which players can own land on distant planets, seek out curious artifacts, and will soon be able to battle players using alien weapons.
Upon launch, the game hit the number one spot in the DappRadar blockchain game ranking. It continues to flourish in popularity and transaction volume. Incidentally, the entire p2e industry is popping; October saw 1 million unique wallets connect to gaming blockchains, representing 55% of blockchain activity. Wax has well and truly established a name for itself in the blockchain gaming space. It could add fuel to the fire for its proprietary token.
AtomicMarket Goes Supersonic
Hot on the heels of NFT hype, Wax’s AtomicMarket is surging. AtomicMarket is a smart contract platform that can be used by any marketplace to buy and sell AtomicAssets NFTs using a shared liquidity pool. The key thing is that the smart contract is easy to use. Developers can build NFT marketplaces without extensive smart contract or blockchain knowledge.
As a result, the numbers for AtomicMarket are superb. In the past 30 days, the marketplace is up 388.61% in trading volume reaching $120 million. A 64% increase in the number of traders brings the total number of people trading to 135.000. The average NFT price has soared to $90, an increase of 160%.
It’s interesting to compare OpenSea’s average sale price of roughly $880 with that of AtomicMarket’s $19. It’s more than 40 fold the average on AtomicMarket. Thanks to celebrity interest and crazy gains, OpenSea has been the go-to NFT marketplace for months now. However, it’s clearly becoming the Lamborghini showroom for the NFT world. As a result, OpenSea NFTs can price out the little guys–and that’s without mentioning pesky gas fees.
Consequently, platforms like AtomicMarket are in pole position to tap into NFT retail FOMO. So whether it’s avoiding ETH fees or exorbitant prices for yet another mega-hyped Bored Ape, competitors like AtomicMarket have seized the NFT opportunity and are finding their footing in a big way.
And let’s not forget the ace up Wax’s sleeve: Wax games can interact with Atomic Marketplace. That means that Farmers World, for example, scales its trading volumes on Atomic Marketplace. It’s certainly one to keep an eye on.
Wax on; Wax blast off
As we know, Wax blockchain volume increased from $3 million per day in September to an average of more than $10 million per day in October. That goes some way towards explaining the 3.5x. WAX went from roughly $0.22 in September to $0.80 at the time of writing. Remember to check back for November figures soon, as the elusive $1 per token looms into view.
Blockchain and NFTs aside, Wax is one of the ‘greenest’ blockchains out there. Its carbon neutrality has caught the attention of popular brands like Atari, Hasbro and Bratz. While embers of the recent COP26 conference fade to biodegradable pellets, the ESG and green energy hype is here to stay. Wax as the environmentally friendly blockchain may benefit from the ‘green wave’ of investors. Looking forward, with lower prices and a carbon footprint that Greta can get behind, the blockchain is bound to attract bigger brands and an even wider range of collectibles.
For the time being, you can buy WAX on Binance, KuCoin and Huobi exchanges and smaller exchanges.
Check out DappRadar’s coverage of the Wax project. Better yet, check the 40+ games growing on the DappRadar Wax rankings here.
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