Crypto Gloss

WAX

WAX (Worldwide Asset eXchange, WAXP) is a delegated proof-of-stake blockchain built on the EOSIO protocol — forked and customized for NFT and digital asset trading — launched on June 26, 2019, that provides a feeless trading experience for NFT buyers (resource costs are abstracted for end users), high throughput, and a suite of infrastructure tools for creators and brands to mint, sell, and distribute NFTs at scale. WAX hosts AtomicHub and NeftyBlocks — among the highest-volume NFT marketplaces in crypto — and has hosted official brand NFT drops from Topps, Funko, Mattel, Hasbro, and AMC.

How It Works

  1. EOSIO-based DPoS — WAX uses a customized EOSIO stack with 21 elected block producers (guilds). Block producers are elected by WAXP staking votes. Blocks are produced every 0.5 seconds.
  2. Resource model — On EOSIO-based chains, users need CPU and Net resources to transact. WAX abstracts this through Cloud Wallet (its custodial wallet) and WAXp staking — users stake WAXP to get CPU/Net credits rather than paying per-transaction fees. This makes NFT trading appear feeless.
  3. WAX Cloud Wallet — A custodial wallet that allows users to log in with their existing social accounts (Google, Facebook, Twitter) and receive a WAX address. Abstracts blockchain complexity for mainstream users.
  4. AtomicAssets standard — The NFT standard on WAX (developed by Pink Sunrise / AtomicHub team). atNFTs are efficient and include schemas, templates, and immutable and mutable attribute storage.
  5. vIRL NFTs — WAX pioneered “Virtual Items with Real-World Links” (vIRL): NFTs that can be redeemed for physical goods (like Funko physical toys or Topps trading card redemptions).
  6. WAXE and WAXG (Ethereum bridge) — WAXP can be converted to WAXE (ERC-20) to access Ethereum DeFi via the WAX-ETH bridge. WAXG is a governance token for the bridge treasury.

Tokenomics

Parameter Value
Ticker WAXP
Max Supply Uncapped (inflationary; staking rewards minted)
Consensus DPoS (21 block producers, EOSIO)
Launch June 26, 2019
Vote staking Stake WAXP to vote for block producers; earn inflation rewards
Inflation Used to fund block producers and staking rewards

Use Cases

  • NFT minting and trading — Create and trade NFTs on AtomicHub, NeftyBlocks, etc.
  • Brand collectibles — Official brand drops (Topps baseball cards, Funko Pop NFTs, WWE figures, etc.).
  • Gaming — Blockchain games including Alien Worlds (the highest-activity blockchain game by user count at its peak).
  • Staking — Stake WAXP for CPU/Net resources and earn staking rewards.
  • Governance — Vote for block producers.

History

  • 2017 — OPSkins (formerly a large Steam item marketplace) founders William Quigley and Jonathan Yantis begin WAX concept after Valve bans crypto gambling on Steam’s market.
  • 2018 — WAX token sale (ICO). ERC-20 WAX tokens issued on Ethereum.
  • 2019-06-26 — WAX mainnet launches (EOSIO-based). Token swap from ERC-20 WAX to native WAXP.
  • 2019 — AtomicHub marketplace launches on WAX. Topps becomes an early brand partner (digital baseball card NFTs).
  • 2020 — Alien Worlds (blockchain game on WAX) launches, becoming one of the most-played blockchain games by user count.
  • 2021 — NFT bull market. WAX hosts Funko Pop NFTs, Garbage Pail Kids, William Shatner memorabilia, AMC NFTs, Mattel Barbie NFTs, Hasbro Dungeons & Dragons NFTs. WAX becomes a top NFT chain by volume. WAXP reaches all-time high of ~$0.945.
  • 2022 — NFT market cools. WAX brand partnerships continue. Alien Worlds remains active.
  • 2023–2024 — WAX continues hosting brand NFT drops. Competitive pressure from Solana NFTs and Ethereum L2 NFT markets. WAXP price remains well below ATH but active user base persists.

Common Misconceptions

“WAX NFTs have no fees.”

WAX transactions don’t require per-tx ETH-style fees, but users need CPU/Net resources, obtained by staking WAXP or using the WAX Cloud Wallet’s subsidized resource system. It is feeless for ordinary users via the Cloud Wallet but not free at the protocol level.

“WAX is an EOS/ERC-20 project.”

WAX started as an ERC-20 token, then built its own blockchain (EOSIO-based). It is an independent L1, not a token on EOS or Ethereum.

Social Media Sentiment

WAX built credibility through real brand partnerships — Topps, Funko, Mattel, and others are genuine mainstream IP. This gave WAX more legitimacy than most gaming chains with undisclosed brand partnerships. The WAX Cloud Wallet’s social login made WAX accessible to mainstream users unfamiliar with crypto wallets. Trading volume on AtomicHub has declined from 2021 peaks but remains among the more active NFT marketplaces. Critics note that the EOSIO-based architecture is less developer-popular than EVM or Solana ecosystems.

Last updated: 2026-04

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