Just days before Bitcoin (BTC) price fell below $ 30,000, the NFT sector dominated the headlines for the second time in 2021, led by a month-long price increase of 972% for Axie Infinity.
Another NFT-focused protocol that has grown fundamentally in strength in recent months is Worldwide Asset eXchange, also known as WAX – a protocol that claims to “provide the safest, most convenient way for everyone to create virtual assets,” too buy, sell and trade ”. , all around the world.”
WAX / USDT 4 hour chart. Source: TradingView
Data from Cointelegraph Markets Pro and TradingView show that WAX’s WAXP token price climbed 70% to a high of $ 0.151 between June 27 and July 9, before the Bitcoin-led sell-off brought the price to its current one Value of $ 0.11 pulled.
Three reasons for the rally at WAXP are the growing list of well-known brands bringing collectibles to market on the project’s blockchain, an active network with fast transaction times and its integration into decentralized finances through cross-chain compatibility with the Ethereum (ETH) -Network.
Popular brands start NFT projects on WAX
Nostalgia can be a powerful source for attracting an audience ready to immerse themselves in a product, and WAX has managed to capitalize on it by partnering with some well-known brands in the United States.
Current partners include Atari, Topps, William Shatner, and Capcom, and a scroll through the project’s Twitter feed reveals recent campaigns for Street Fighter V Series 2 cards and special editions of Bratz collectibles.
Do you have an ultra-rare Shimmerin ‘vIRL® from the @Bratz collection? Redeem it for an IRL # collectible!
Collectors can NOW exchange their digital #collecting cards for physical dolls. Bratz #WAXPacks are still available in the aftermarket operated by $ WAXP.
– WAX NFT Blockchain (@WAX_io) July 20, 2021
Popular collectibles like baseball cards and Garbage Pail Kids, as well as more modern games like Alien Worlds (TLM), offer users a variety of options that help attract a wide audience to the WAX network, which has led to an increase in activity in the chain .
WAX offers the highest activity of any network
A second sign of the growing strength of the WAX network can be found in the 24-hour activity of the top blockchains, which WAX leads by a large margin.
Top 6 most active blockchain networks. Source: Blocktivity
Data from Blocktivity shows that WAX’s 24-hour activity is now over 17 million operations and more than double that of Stellar (XLM), its closest competitor. WAX more than six times the activity on EOS, the creator of the EOSIO software used by the WAX network.
WAX has exceeded 5 million user accounts! Did you know that the WAX blockchain has more users and daily TX than any other blockchain? In addition, we are completely carbon neutral and we can safely say that our momentum is off the charts. Thank you for your support! pic.twitter.com/BmO1AAuDag
– WAX NFT Blockchain (@WAX_io) July 19, 2021
Income opportunities come from DeFi and staking
The recent introduction of a cross-chain bridge into the Ethereum network enabled WAX to enable yield farming and the staking of the protocol, which was enhanced by the introduction of a cross-chain bridge into the Ethereum network.
The WAX blockchain works with a delegated proof-of-stake consensus model, which means that the easiest way to get a return on their holdings for token holders is to use WAXP on the network to generate an annualized reward rate of 4, according to staking data To achieve 42% reward.
connected: Altcoin Roundup: Data shows an increase in social metrics ahead of DeFi and NFT price rallies
Token holders can also convert their WAXP to WAXE, a version of the token that operates on Ethereum and can be used to participate in decentralized finance (DeFi) by providing liquidity on decentralized exchanges and income farms.
By offering opportunities related to NFTs and DeFi, two of the hottest sectors in the cryptocurrency ecosystem, the WAX network is well positioned to continue to attract new users and maintain high levels of on-chain activity.
The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph.com. Every step of investing and trading involves risk, so you should do your own research when making a decision.