Getting Started with Wax Wallet - NFTs & Crypto

By Timmytushoes | CasualCrypto | 7 Jun 2021


So you want to get into NFTs and Crypto and are not really sure where to start, especially with NFTs

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Wax Wallet is your all inclusive answer to get you access to almost all NFT related marketplaces with one of the largest growing NFT Wallets.

So, Wax Wallet is a free wallet that you can utilize in order to get access to free NFTs, earn Wax, and to play many games, like Kolobok and Alien Worlds, which I will create articles about in the not so distant future!

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Alright, so you wanna make an account for free! There is no referral program, so you can simply just go here and create an account! You will simply give an email and a password and it will generate your wallet id, which will be some combination of letters and numbers and then followed by .wam. This is essentially your deposit address for your wallet and also functions as your username. You can give it to other players who can send you items. For instance, my username on Wax Wallet is i2.sc.wam, and if you were to send an NFT to that address, it would be credited to my account. 

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  • You can sign into Alcor Exchange and gain access to a location where you can swap, buy, and trade different cryptos, such as TLM, Wax, Aether, etc. A detailed article about this will be added in the future. You can also add liquidity here, in order to earn a portion of swaps!
  • You can sign into R Planet, where you can stake different NFTs to earn Aether over time, or try to spend money and gain some new NFTs by combining them together. Likewise, these elements you can buy can also be staked. A detailed article about this will be added in the future.
  • You can sign into Alien Worlds and click captchas, earning small amounts of TLM which can be converted into Aether and WAX, this is a great way to 'upgrade' your Wax Wallet's CPU, RAM, and NET. You can also earn NFTs and stake them on R Planet, but only COMMON and above will earn anything currently.
  • You can sign into Wax Bloks, which is where you will go to stake and unstake your WAX, claim staking rewards and adjust/send currency and stake it for others as well. You can also go here to claim NFTs for Alien Worlds and Set your bag via M.Federation.
  • You can also sign into Koloboks, where you can buy cheap tomagotchi pets and earn NFTs you can sell or stake on R Planet as well. You will also earn KBucks, which can be swapped on Alcor Exchange for TLM, Wax, Aether, etc. or you can use it to increase breeding chances and upgrade stats.
  • You can also sign into AtomicHub, where you can access an NFT Marketplace and NFT Airdrops and get some of your first FREE NFTs. You can go to /Drops and search for FREE, and claim different Free NFTs as they pop up in the marketplace! Another site you can use is NeftyDrops
  • Finally, you can sign into Social.Collections and earn a small amount of "Raccoon" coin each day by completing collections of NFTs, (Such as the Alien Worlds TOOL Collections). If you could, I would love if you used my referral link. The other link is a non-referral link though!

Each of these will be receiving supplemental articles and tutorials in the coming months!

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You earn WAX by trading, converting and playing other games and by earning free NFTs on NeftyDrops and Atomic Hub. These different games each cost CPU to perform transactions which recovers over time. You also have RAM, which is your storage space for NFTs. Finally, you have NET, which... honestly isn't super important for most people.

You can BUY and SELL RAM with your WAX, gaining additional storage space if you want to own a large number of NFTs. This RAM is allocated whenever you have NFTS in your inventory, but if you sold all of your NFTs, you would be able to sell all of your RAM and regain your Wax! You do not earn staking rewards for RAM however.

You can STAKE and UNSTAKE WAX to either your NET or CPU in order to gain additional 'transactions' on the blockchain, allowing you to play games more and do more buy/sell actions. I recommend solely staking in CPU at first, as NET is not really worthwhile currently for new players. You will also be able to log in to Wax Bloks EACH DAY and earn staking rewards, however these are VERY small daily rewards and will NOT make your wallet grow quickly.

If you want to unstake, it will take 48 hours, and then you will be able to click "Refund" in Wax Blocks.io in order to receive your wax back. This can be done at anytime, so don't feel like your wax is permanently spent!

Staking WAX will allow you to mine more in Alien Worlds, gaining TLM to convert to WAX to further upgrade your RAM or CPU. Creating Koloboks and having them go on adventures will get you NFTs which will let you earn passive Aether to convert to WAX to further upgrade your RAM or CPU. Obtaining free NFTs on AtomicHub will allow you to sell them for cents and slowly amass enough WAX to build up your Ram and CPU. Finally, your staked rewards will eventually start to net you more WAX daily.

Additional Words:

At the time of this writing, WAX has tanked all the way down to just over a dime in USD. This means that, for many who bought into the Wax Wallet, and for many 'earning' via the WAX Wallet, there have been a lot of losses in the last month.

It has since recovered to 15, and at times, almost 20 cents.

I believe that this is a beneficial time to post about Wax Wallet and Wax Wallet related projects for you guys, because it means your entry point is much lower, and it's easier to build value. If Wax returns to its former glory, you could earn a bit of extra currency.

Likewise, right now, by utilizing and joining Discords and Telegrams, you can get whitelisted for all sorts of NFT drops! These can be slowly sold off to increase your Wax balance and eventually you will begin to grow exponentially. This, paired with these games, likely won't earn you a lot of money, but it will get you enough WAX to be able to capitalized on the NEXT opportunities. By the time you hear about those opportunities, you will either be ABLE to, or you won't and it'll depend entirely on if you put the time OR money into putting yourself in an advantageous position on WaxWallet and other places.

Do I recommend WAX as an investment? For me personally, I believe it is valuable as an experience and a chance to be better positioned for future NFT games, but I don't think it will have the best recovery or growth compared to other currencies. I DO believe it will recover, but I think the rate of return might not be worthwhile as an 'investment', but it may be worthwhile as something to do for fun. I would not recommend all-inning into any speculative, gaming related currency. Even one that is secondary to gaming like Wax.

To go off of that, this is also the best times for almost any cryptocurrency related venture. Bear markets are when you get your positions to make money in the Bull Markets. Think about it, the person who makes the most money is a market is the person who buys low dips and sells at highs. In a short term sense, this means buying and selling as the currency drops and corrects during bull markets. But it also means buying in at the bottom of a bear market and getting the lowest valued currency and waiting for that to regain value. This means, in general, you are earning larger amounts of crypto because it is worth less USD. That means nothing if the cryptocurrency corrects itself, all of that currency you earned during the bear market, it's ALSO worth that value now during a bullmarket. This seems like common sense but you'd be amazed how many people forget this in the moment. Many newcomers are in the process of doing it right now, selling at losses during a crypto dip, instead of just waiting for it to level out and re-stabilize. 

The thing is, you either sell before the dip, you have a stop loss order, or you hold through it. Those are the only ways you can ensure profit. and while you should always try to do a stop loss, holding is an option a lot of the time as well.


Thanks for taking the time to read this article, if you like what I'm doing and want to see other free and cheap ways to get into NFTs and Crypto, you should check out the rest of my blog, CasualCrypto and send a tip or a follow! Thanks again!

If you'd like to check out my next Wax Wallet related article, I will link it here as soon as it's available:

Wax Wallet: Obtaining FREE NFTs through AtomicHub & NeftyBlocks (Coming SOON!)

 

 

 

 

 

 

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Timmytushoes
Timmytushoes

I would consider myself a casual crypto and NFT investor, with very limited experiences into each. I am focused on free, or very low capital investments, and finding and creating opportunities for others. I am a contracted graphic designer and artist.


CasualCrypto
CasualCrypto

This is a blog specifically focused on the 'casual' cryptocurrency or nft person, that is, someone who is either new, and rightfully cautious of the area, risk-averse investors, and others who'd simply like to experience NFTs, Cryptocurrency, etc. in a safe way, without having to blow the bank. This blog is for alternative crypto interests, more so for gamers, micro investors, artists, and other aspects of NFTs and Crypto that don't fall under the concept of investing.

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