Introduction
WAX stands for Worldwide Asset eXchange, which is a nice fancy name for a decentralized blockchain that anyone can access with the right tools and the Internet. Similar to the Ethereum network, for example, WAX blockchain operates on the concept of transactions that are confirmed, providing a dependable record of smart contracts and transactions. This in turn provides the protecting and validity of the system for users. However, therein lies the problem: WAX has been until just recently somewhat difficult to access for a new person, unless provided with WAX from a friend with an initial wallet setup. How to get those tokens is discussed below.
Background
Like other blockchains, WAX operates with tokens that are native to the blockchain. It also works cohesively with a few other platforms like HIVE and EOS. There are bridges and swaps that help translate other blockchain coins and tokens into and out of WAX. So, only five years later, it's a lot easier to get into WAX than it was, say in 2019.
WAX has been primarily a conduit for non-fungible tokens (NFTs) created on the WAX blockchain. It has been used as a payment platform, but the major activity is primarily in the NFT arena. An NFT can be anything digital, from art to audio to music. Most products created so far are either artwork or images, with a few movie clips, but the possibilities are still very much open for more. NFTs can also be used to package WAX tokens within the NFT, like a present, which is then "burned" to free up the tokens to the recipient (Why do this? sometimes folks want to move a large payment without it appearing on the blockchain itself. Wrapped in the NFT to be burned then just looks like an NFT transfer on the blockchain records).
The WAXP Token
To get started one must first have WAXP tokens. A cloud wallet can be created online (wallet.wax.io) or with mobile Anchor App (a bit more complicated, see Anchor instructions separately). With a wallet created, WAXP coins are now needed. That can happen through direct purchase (https://mycloudwallet.com/) or by swapping.
A number of tools existing including:
- Simpleswap (https://simpleswap.io/)
- Banano to WAXP Swap - Kuyumcu (http://wax.banano.trade/)
- Kucoin exchange (https://kucoin.com/)
- Coinex exchange (https://coinex.com/)
..and others. The list is fairly big, but the above gives anyone a decent start (note swaps and exchanges charge fees for trades). Also, when using an exchange, the WAXP still needs to be transferred from the exchange to your WAXP wallet. With a swap, it goes from your starting wallet to your WAXP wallet in one action or vice versa.
Alternatively, one can earn WAXP coins through games online. Good examples are NFT Battleminers and Alien Worlds. Various play-to-earn games pay players with game loot that, if on the WAXP blockchain, can then be swapped into WAXP token. Two good tools for game loot swapping are tacoswap (https://swap.tacocrypto.io/) and alcor exchange (https://alcor.exchange/). However, unless a player reaches the top 5 or 10 in a game leaderboard, most don't produce very much very quickly.
The third way to gain WAXP is through NFTs. Markets provide both online drops of new NFTs and secondary markets where NFTs can be exchanged. Flipping (reselling) is a tricky but sometimes lucrative skill that can produce big profits if one knows what to buy and how to sell it for a higher price on these platforms. Most times, the best profits happen by getting in early on a Discord project, buying the NFTs on new drops and then selling on secondary markets for profit. These include:
- Atomichub (https://wax.atomichub.io/)
- NFTHive (https://nfthive.io/)
- Neftyblocks(https://neftyblocks.com/)
NFT Creation
The WAXP environment also provides for generating and selling NFTs. These can be for art, games, information or a combination. Tools exist in all the major market platforms for NFT creation. It's a great way to get creative works out in public quickly, build a following community tied to Discord or Telegram, and get your name known for bigger projects down the road, especially with your own digital projects.
* This article was original published on the PixelJourney Discord Server on December 19, 2023. To find out more about PixelJourney, join us!
** Disclaimer - I am a community moderator on PixelJourney and proud to be part of its project team.
