Wax Blockchain was once one of the leading blockchain networks for web3 games, having focused on blockchain games and NFTs at its creation, but is currently trying to expand into new sectors within the Crypto universe. Although there are many Daily Active Wallets, with over 200 thousand in NFT games, we have not heard of any games that are in the hype nor many content creators talking about Wax network projects. Let's analyze the new sectors in which WAX has invested and what the future of this Blockchain Network will be.
I'll be much appreaciated if you Upvote, Reblogs or give any Tips ( PIZZA 🍕, PGM 🎮, LOLZ 😆, ALIVE ❤️, etc ). Thanks and have good reading! 🍀
[ENGLISH VERSION]
One Bridge to Rule Them All
According to information on the WAX website, they are leading in bridge technology connecting some of the main blockchain networks such as Solana, Ethereum, Polygon, Binance, Base, TON. In addition, it has a great differential which is having a free fee for the transfer of tokens because the fee system in Wax is paid through the Stake of WAXP. In addition, the roadmap predicts that Wax will start having a Cross-Chain Bridge, expanding its capacity to transfer Tokens and NFTs between blockchain networks.
In terms of efficiency, it is worth mentioning some data that are also published on the Wax website, such as the issue of Scalability, in which the Wax Blockchain performs more than 23 million transactions per day, with approximately 3000 transactions per second. What's interesting is that unlike other networks that end up affecting the environment, Wax remains a 100% carbon neutral network.
Collectible NFTs x Funko
One of the areas in which Wax sought to follow was in collectible NFTs with its partnership with Funk POP. We can see that among the projects that have had the most volume in the WAX ecosystem, most of them consist of Funko collections, such as Fest, Spooky, Batman, Teenage Mutant Ninja Turtles, Beetle and Cartoon.
These NFTs have a system where, upon completing certain requirements, you can exchange them for physical figures, representing a bridge between digital and physical collections, and the high volume has shown that this idea has been successful. Perhaps an option to go further is if these NFTs were part of some other project like a Smash Bros of Funkos, giving more utility to digital NFTs.
Future of Wax
WAX has been trying to reinvent itself after its Web3 Games period, seeking new crypto sectors like Bridges and NFTs, and new partners as happened with the integration with the TON network. For the future, a possible big change is if there is compatibility between WAX and networks that run on Ethereum Virtual Machine (EVM), because it would be integrating with a large community. Another big change is the launch of the mobile version of the Cloud Wallet for Android and iOS devices, as this will bring a large audience of gamers and crypto users who are active on mobile to WAX.
It's good that these changes have an impact on the Wax ecosystem, as recent changes have not had a sustainable impact on the WAXP token. It rose from $0.03 to $0.06, but it was due to the Bitcoin bull run that pushed all cryptocurrencies upwards. That's why it has now fallen sharply, already halfway to its lowest point. I believe that the integration with EVM combined with the mobile version will bring more users, but the network needs to have interesting projects to retain these new wallets, because otherwise they will only use Wax as a bridge, a passage to reach the other network and not as the final network.
