All-In-One Guide For WAX Backed Tokens: Trade WAX NFTs Safely Without Fee

By Qaraqol | qaraqol | 30 Apr 2021

All-In-One Guide For WAX Backed Tokens---Trade WAX NFTs Safely Without Fee

Introduction:

There's is a feature most people don't know about in the WAX Blockchain. In this guide I will be going over what they are, why to use them, and how to create them. Thank you Coneman from the Alien Worlds team for sponsoring this post.

Why Use WAX Backed Tokens:

The reasons for using WAX Backed Tokens are because you can safely trade NFTs, with the seller and buyer having no fees. This is especially useful, especially with high market fees NFTs and to avoid Atomic Market fees.

12% just to sell a NFT!

How To Create A WAX Backed Token:

First, go to and log into Atomic Market. You need to then go to your inventory. Click the more button and then click Back Tokens.

You should be greeted then with this screen. Select however much WAX you want to back the NFT with. Then click Confirm. Pat yourself on the back, you just created a WAX Backed Token!

How To Burn A WAX Backed Token:

Burning a WAX Backed Token is even easier than creating one. Again, go back to Atomic Hub, then click More below the token your trying to burn. Click Burn Token.

Click Burn and then confirm it. You will then get the WAX backed on the token.

How To Trade WAX Backed Token For NFT:

You can trade these NFTs very easily. Simply create a Trade Offer with someone and put this NFT in. They can easily get the WAX from the NFT back by burning it.