NFT platform with more than 100 million digital collectibles integrates Ethereum Virtual Machine for more “energy efficient” transactions
Artists were among the first to use their art online through NFTs, also known as non-fungible tokens. The spectacular $ 69 million Beeple sale of his Everydays: the First 500 Days made headlines around the world, quickly followed by huge sales by digital artist Pak, Warhol, and even a Jack Dorsey tweet – okay, it was his first tweet.
It wasn’t just artists huddling online; Musicians could see how they could collect significantly better fees than what is currently offered by Spotify.
Kings of Leon released their eighth album on the blockchain and offer their fans a mix of digital NFTs and physical vinyl. The beauty of this multi-million dollar sale, operated by Yellow Heart in the United States, was that more than 75% of total sales went directly to the band, far more than what a recording deal could offer. The kicker? The band donated a significant portion to a fund to help unemployed roadies. Everyone wins.
One particular aspect of NFTs that has attracted attention are collectibles; selling high-volume, low-cost NFTs, similar to what physical trading cards did in the last century. especially the WAX Blockchain has modeled itself as the King of NFTs with a growing community of avid collectors, traders, and lovers of NFTs; and an incredible 100 million digital collectibles to date.
With collections from Funko, William Shatner and Capcoms Street Fighter setting new standards and an active secondary marketplace, WAX soon established itself as the most widely used layer-one blockchain in the world – with 16 million daily transactions and more than 5.5 million active users this month.
It also has a climate-neutral blockchain that uses around 100,000 less energy than Ethereum (ETH), as evidenced by three years with 8,000 transactions per second on the WAX ​​blockchain.
Funko, owner of the Teenage Mutant Ninja Turtles (TMNT), followed a path similar to Kings of Leon last month, releasing NFTs on WAX, but also offering the opportunity to win rare and exclusive IRL pop! Expenditure. It sold out within minutes and seems to be a growing trend to mix digital with IRL versions.
So what’s the next piece?
WAX wants to capitalize on its success by announcing two new Ethereum compatibility approaches. The first development of an Ethereum Virtual Machine (EVM) has started, which is to be made available on the WAX ​​Blockchain in the coming months. This allows Ethereum smart contracts to be executed on the energy-efficient WAX blockchain with low transaction costs.
Lee Jenkins, Product Manager at WAX, said, “WAX and Ethereum are the two largest blockchain ecosystems in the world. By adding an EVM to WAX, we can bring these ecosystems together so that the best projects on Ethereum can make their applications available on WAX’s environmentally friendly, low-cost, fast and highly scalable blockchain. “
With the WAX ​​EVM, smart contracts used on Ethereum can soon be processed using WAX technology. All smart contracts compatible with Ethereum can work on the WAX ​​blockchain without fees – all while avoiding changes to the original coding and faster running times for smart contract users.
The WAX ​​EVM will pave a way for Ethereum developers to leverage WAX’s technology and Proof-of-Stake (PoS) system to avoid expensive gas fees and long transaction times, and will revolutionize the way blockchains interact communicate.
It also means that all innovative decentralized finance (DeFi), GameFi and other technologies compatible with Ethereum can now also run on WAX.
The second element is an Ethereum bridge, which is currently in alpha phase and accessible through the WAX ​​Cloud Wallet, allowing its six million users to transfer crypto assets between the two blockchains, including ERC-20 -Tokens such as ETH, Binance USD (BUSD), Tether (USDT) and Dai (DAI).
This happens at the same time as the WAX ​​token is listed on the Binance (BNB), Gate.io and AOFEX exchanges.
On September 2nd, WAX also announced its 100 million WAX Token Fund for DeFi Innovation. The fund is designed to advance emerging and leading DeFi, GameFi and other projects to build on WAX and take advantage of the benefits.
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