As crypto prices continue to decline in the ongoing correction, WAXP shoots 44% in a span of a few days in November 2021 thanks to the increased popularity of play-to-earn games and NFTs. So, if you’re not familiar with WAX yet, let’s have a detailed read about this crypto courtesy of Ravi Gupta.
What is WAX?
WAX or Worldwide Asset Exchange is a blockchain suitable for NFTs, collectibles, and video games. Its market cap is less at $1.5 billion but the token has potential. So far WAX has facilitated millions of sales in NFTs. Some of the top-shots are Major League Baseball, Street Fighter, and Atari.
Why is WAXP Crypto Rising?
WAX has been rising due to a dual effect: (1) Binance listing (2) High traffic inflow. As we are seeing the demand for play-to-earn games rise, WAX and other platforms benefit. The past few months saw a massive rise in Farmer’s World and Farming Tales user base. These games are hosted on the WAX blockchain. Thus, leading to a massive influx of traffic on the platform. The transaction growth on the WAX platform rose 3x times. Thus, pushing the price of the crypto.
Will WAX Be a Good Buy?
After seeing the euphoria for play-to-earn games rise, WAX is a good investment to pick. It is solving the problem of selling in-game assets in a fast and cheap way. Developers are looking for quick ways to monetize their creations. In such an atmosphere, the WAX platform allows developers to set up their own NFT store. The cost incurred is quite less and the WAX platform rewards users with their native tokens. These tokens have utility in fee payments. On top of this, they can get burned for liquidity as well. WAX also gives chance to game players to identify and fix prices for in-game assets. Hence, it leads to faster price discovery.
Future Price Predictions of WAX
Long term investors could benefit out while investing in WAX. Wallet Investor.Com predicts that WAX could go as high as $2.41 by 2026. The rate of return on WAX would hover around +153% over a span of 5 years.