In this Telegram AMA recap, you’ll find insights about the WAX (WAXP) project. In an event hosted by SenHo from MEXC Global, you will meet Lee Jenkins (Product Manager)
Hi. I am Lee Jenkins, product manager at WAX. I am responsible for managing product launches with brands and games.
Questions from the community:
Sen ho 1. What is WAXP(WAX)? Can you share with us more in detail?
Lee: The Worldwide Asset eXchange (known as WAX) is the #1 Metaverse Blockchain for Games and Entertainment, bringing blockchain games and NFT’s to the mass market in the most secure, environmentally friendly, and easy-to-use manner possible. It’s also home to WAX Studios, the innovator of vIRL Market, vIRL Technology, WAX Cloud Wallet, and several blockchain game titles currently in development and slated for release in 2022 and beyond.
Sen ho 2. What triggers you to launch WAXP(WAX)? What are some of the real-world problems/ pain points that WAXP(WAX) aims to solve?
Lee: WAX co-founder Jonathan Yantis created virtual item trading in 1997, with its inception taking place in the realms of Ultima Online, Everquest & World of Warcraft. He later built a number of businesses in the virtual item space, including partnering with WAX founder William Quigley to build OPSkins in 2015. OPSkins quickly became the global marketplace leader for video game virtual assets, with billions of dollars in trading volume.
After their experiences building centralized marketplaces like OPSkins’, the founders recognized an even greater potential to grow the market by decentralizing it and giving the power of the marketplace to millions of video game entrepreneurs and content creators, resulting in the creation of WAX.
Sen ho: 3. What is the role of the $WAXP token in WAXP(WAX)? Would you tell us more about its tokenomics?
The primary use cases for WAXP are as follows:
1. NFTs: WAX has the largest NFT ecosystem of any blockchain, including more than 250 million NFT assets from more than 30,000 dApps and NFT projects. Users can utilize WAX tokens to buy and sell NFTs in many dApps and marketplaces, such as https://wax.atomichub.io/, https://neftyblocks.com/, and many more. You can see top projects and daily volume of WAXP tokens spent on NFTs on various marketplaces (primary and secondary) here: https://waxmarketcap.com/. Therefore, the WAXP token is the engine driving this massive economy of NFTs, marketplaces, dapps and games.
2. Resources: Similar to other blockchains like Ethereum that require gas fees to operate, WAX requires Resources. These include CPU, NET and RAM. dApp developers and users need NET, CPU, and RAM to perform actions on the WAX Blockchain. Each WAX Token staked corresponds with a certain amount of NET, CPU, and RAM. While NET and CPU are staked for, RAM is bought and sold through the RAM market due to its limited supply. Users can manage these resources directly in the WAX Cloud Wallet. Alternatively, dApp developers can stake these resources or provide RAM on behalf of their users. If you run out of resources, you must stake more WAXP or you will not be able to perform transactions (similar to not having enough to cover gas fees in your wallet).
3. Tokens: There are also hundreds of tokens that run on the WAX blockchain for various dapps and games. These tokens are built on the WAX Protocol by developers the same way that ERC-20s are built on Ethereum. See https://alcor.exchange/markets and be sure to select “WAX Mainnet” to see the vibrant token ecosystem that exists on WAX.
Sen ho: 4. Are there any exciting news or updates with regards to WAXP(WAX) that you would like to share with the users?
Lee: We recently surpassed 13 million blockchain accounts and are well on our way to 14 million. We are the #1 blockchain in the world for users and transactions. Check out https://dappradar.com/industry-overview to see the data.
Sen ho: 5. If you were to summarize your project in ONE word, what would it be? Why?
WAX has the mainstream adoption that other blockchains only dream about. As mentioned above, we are the #1 blockchain in the world for users and transactions. This is because When you look at dApp Radar (https://dappradar.com/rankings), you will see that across all blockchains, WAX has 4 of the top 6 dApps in the world for number of users. WAX also has the top 3 games in the world for number of users and 4 of the top 10, including Splinterlands, Alien Worlds, Farmer’s World and MiningNetwork. As another example, NFT sets like Capcom’s Street Fighter Series One resulted in 2.4 million individual NFTs sold in 24 hours for an average price of $1 each. And for large brands, that ability to service a mass market is very important to them. So while others dream of future mass adoption, WAX has already delivered it.
Q1. Can you list some killer features of this project that makes it ahead of its competitors? What is the competitive advantage your project has that you feel most confident about?
Lee: The WAX Cloud Wallet is the most used blockchain wallet in the world. It is easy to use with single sign-on using email or social media sign-in plus 2fa. Also, our games that we build utilizing our own tools we make available to everyone. This includes our first game, blockchain brawlers, which was very successful and is now one of the top blockchain games in the world. Our next game sale actually launches tomorrow. Check out https://www.musicmogul.io/
Q2. Can you please share all social media handles of WAX
Lee: Twitter link: @WAX_io
Telegram link: https://t.me/wax_io
Q3. PARTNERS are the most important that strengthen the ecosystems of all projects. Could you tell us about your project partners and the partnership strategy it has adopted?
We have already partnered with many of the largest brands in the world. To see all of our partners, check out https://wdny.io/nft-partners/
Q5. where can i find this token for buy?
Lee: Just check CoinMarketCap: https://coinmarketcap.com/currencies/wax/markets/
Q4.Can I earn a passive income from your project? Are there any staking options available for this? What are the benefits of holding $OGY tokens in the long run ?
Lee: I don’t know about $OGY, but for $WAXP, you can stake your tokens and vote to earn voting rewards. I also mentioned all of the other utility of the WAXP token in my answers in the main questions above.
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