So what is WAX.
Wax stands for Worldwide Asset eXchange and WAX themselves state that they are a specialized infrastructure for building digital goods marketplaces.
So what does this mean for us?
Well what WAX has turned into is a thriving community of NFT collectors, crypto enthusiasts and crypto gamers. Imagine playing a game, except what you get in the game is tradeable with other players for crypto. The WAX network is full of various projects creating all kinds of collectables and games. There are even projects that mail goods based on owned NFTs
The thing that really makes WAX stand out is that there is a 0 cost transaction fee to transfer NFTs and tokens from one wallet to another. Instead of paying a "gas fee" you instead Stake WAX tokens, the main network currency, to be able to use network resources over a 48 hour period, these tokens can be unstaked at any time later with a short unstaking period and you get them back. You also get rewarded wax for voting with your staked wax tokens. What this does is open the door to mass unrestricted trading and makes it possible to create and trade on an open market
So how do I get started?
I first came across WAX through an Android App call Wombat, you can check it out and get the app here:
It is a very good place to get started with crypto in general and this is how I got started. Wombat will create many of the wallets you need to start on your crypto adventure and, in particular for this article, it will create you a wax wallet.
Wombat has various prize pools and also doubles up as one of these "get rewards for playing games" apps. But that isn't the point of this article, my main focus is on the WAX network as WAX was my introduction to crypto and i wanted to share it.
You will see the word "NFT" scattered around and what an NFT is, is a digital asset. These are recorded on the blockchain and each one is unique and assigned to a specific wallet and that wallet owns the NFT and NFTs can be worthless to $1000's.
I will go into more detail in future posts, let me know if there is anything you want explained. I have been in full stack web development since 2005 and I am exploring WAX as a hobby.
