Performance of the WAX token has certainly waxed lately following massive NFT (non-fungible token) trading volumes on its Worldwide Asset eXchange (WAX) platform.
WAX Outranks Solana in NFT Sales
This week, WAX surged 44 percent following massive demand for the currency, with over 8 million WAX accounts interacting with the token on the WAX network. The token is up a massive 215 percent in the past month.
Ethereum remains the number one platform in terms of NFT trading volume. But as NFT content creators look for alternative choices, the WAX platform has witnessed massive NFT sales lately. The protocol has become the second Layer-1 blockchain in daily and 30-day NFT sales volume, outpacing high-profile ecosystems in the industry such as Solana and Flow.
There is no big news about partnerships or network upgrades, so the recent price surge is driven only by demand, but we have to note that WAX CEO William E. Quigley has recently talked up NFTs, the metaverse, and the launch of vIRLs, a new form of NFTs issued by the WAX protocol that represent real-world items users can collect without physically shipping them.
What is WAX?
The WAX platform is considered the most eco-friendly platform for NFTs, collectibles and video games. There, users can play several decentralised games, build their DApps, and buy and sell NFTs using WAX in a fast, cost-efficient manner.
With its high proven real-world operation transaction volume capacity, unique fee structure of no minting and gifting transaction fees, and energy efficient and low carbon footprint, [WAX] is the ideal blockchain for games that are looking to incorporate elements such as play-and-earn monetisation at scale.
William E. Quigley, WAX CEO
WAX currently has a US$1.5 billion market cap, with each token priced at US$0.85. The price surge comes after a massive wave of traffic, making it the number 1 platform with daily active users.
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