The aim of the Worldwide Asset eXchange (WAX) project is to provide a safer and faster eCommerce experience for everyone involved. It employs delegated proof of state (DPoS) as the consensus mechanism and is also compatible with EOS. It is also working as an NFT blockchain and tries to provide brands with everything they will need to launch their NFTs. At the time of writing, WAX’s official website has recorded over 8 million NFT collectors using their services.
About the WAX Token
The WAXP token is among the oldest coins on the market, having been released in 2017. It was founded by William Quigley and Jonathan Yantis. WAX records 15 million transactions per day, which is more than the crypto giant Ethereum At the time of writing, the value of the token is $0.4179, which is only a fraction of the $2.88 high it achieved in January 2018.
Benefits of WAXP
Here are some of the benefits of the WAX project, and token:
The WAX project has been certified carbon neutral by ClimateCare, as reported by the official website. Their blockchain runs on a Proof of Stake system, and transactions can take place without having to further damage the environment.
Huge scope of growth in the NFT niche
The NFT movement is in the very early stages of development, and WAX is emerging as one of its pioneers. The demand for NFT-based cryptocurrencies is increasing over time, and WAXP stands to benefit from it. Alongside collecting NFTs, people with access to WAX’s online wallet can also play online games, which are developing at a rapid pace. All these factors may drive the price of the token up in the months and years to come.
One of the most unique points to note about WAXP is that it has a bridge to Ethereum. This allows people holding WAXP to convert their tokens into ERC-20 based WAXE offerings. To do so, users need to burn their WAXP tokens. They are then required to stake their WAXE tokens on the Ethereum distribution contract. Another variation is the WAXG token, which is a governance token based on the same Ethereum blockchain. As a result, those who have it can govern the allocation of economic value on the platform. The distribution of WAXG is set on a timetable that is related to the WAX Economic Activity pool.
Price Analysis for Short and Long Term
The current market supply of the token is around 1.9 billion, and there is no data about the maximum supply. Over the last year, it has hit heights of $0.98 but has also sunk to $0.36. So, there is a lot of volatility in the value of the token at this point, after being steady for the majority of 2019 and 2020. The graph is taking the shape of a descending peak, after rising to $0.9 in November 2021. But that might be because it’s following the overall crypto market trends, which has seen a bit of uncertainty in the last month. The crypto market, by itself, has been following the stock market. PricePrediction calculates that the token would hit the $1 mark in 2024. Their short term prediction for the offering is an increase in value to $0.78 by the end of the year. TradingBeasts, on the other hand, mentions a value of $0.55 by the end of the year. But, they also predict that the token will only average around $0.6 in 2025.
Having a strong base in the NFT movement, WAX has a lot of potential to grow into one of the next big tokens. With the increasing demand for NFTs, alongside investments in the industry, the value of the token is expected to grow as well.