‘King of NFTs’ is dominating the crypto rankings — here's why

A decentralized video game and entertainment network dubbed “the king of NFTs” has now surpassed more than three million accounts.

Worldwide asset eXchange (known as WAX for short) offers an easy-to-use cloud wallet and a convenient way of creating, buying, selling and trading nonfungible tokens.

Congestion on the Ethereum blockchain has prompted a number of developers to start seeking alternatives — and figures from DApp Radar suggest that, toward the end of March, WAX had more active wallets than Tron, EOS, Ethereum and Flow.

Alien Worlds, a space exploration game built on WAX, has also cemented its place at the top of the rankings. Data suggests this DApp had 392,000 users in a recent 24-hour period — streets ahead of other games including Upland, R-PLANET and Galaxy Blocks.

In contrast to NBA Top Shot, which is based on the Flow blockchain, Alien Worlds is firmly part of WAX’s infrastructure and community — given how WAX tokens form a crucial part of gameplay.

Substantial growth in April

WAX says the promising metrics surrounding its blockchain can be linked to a number of high-profile releases — Alien Worlds among them.

Last month, the trading cards giant Topps announced the debut of its Major League Baseball Series 1 NFT collection on the WAX blockchain — featuring base cards, throwback designs and motion animated sets. Standard and premium packs featuring pre-minted cards were available, giving players the chance to discover rare and legendary cards.

WAX reported attracting a record number of buyers, with more than 70,000 NFT packs selling out in under an hour. It was the biggest sale that Topps has conducted on the blockchain to date. One legendary exclusive collectible ended up selling for $87,672 on the secondary market, just three days after the primary sale took place.

Funko — best known for its range of pop culture collectibles and toys featuring beloved characters from top franchises including Disney, Marvel and Star Wars — is also using WAX’s patented technology, vIRL, to release its first set of NFTs.

More insights from WAXhere

Partnerships with big brands

Overall, WAX was well positioned to ride the wave of unprecedented demand for NFTs. In recent months, it has also collaborated with Atari to release an array of retro video game designs in tokenized form, hosted the deadmau5 collection, and was the blockchain chosen for the launch of Capcom’s Street Fighter Series 1 sale.

Beyond trading cards, WAX has also been home to NFTs marking special events — including the 90th birthday of Leonard Nimoy, the late actor who was renowned for his stoic performance of Mr. Spock in Star Trek. A portion of the proceeds from this sale was donated to charity, funding research into chronic obstructive pulmonary disease (COPD).

Big brands have been drawn to WAX because of how it delivers easy onboarding for artists and collectors alike, with a business model that puts fans first and delivers affordable NFTs. Its proof-of-stake blockchain is also eco-friendly. While one transaction on Ethereum’s blockchain uses enough energy to power eight refrigerators, a transaction on WAX is only enough to power a lightbulb.

Work has also been ongoing behind the scenes to ensure that WAX’s infrastructure continues to support the community. WAX Labs 2.0, which enables visionaries to secure funding for projects that will further the community as a whole, launched earlier this year. Not only does this include a fresh design and a more decentralized feel, but community voting enables like-minded individuals to vote on the projects they would like to be approved.

Across the crypto sector, there’s a firm belief that we’re only beginning to scratch the surface when it comes to what NFTs are capable of — and use cases can extend well beyond digital art and trading cards. With tokenized music just one area that’s now being explored, WAX plans to be a hotbed for innovation as this asset class goes from strength to strength.

Learn more about WAX

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