Complete Guide to WAXP: A New Paradigm for Trading Game Items

WAX (WAXP) Complete Guide: A New Paradigm for Game Item Trading

Hello! Recently, as blockchain technology and the NFT market have grown rapidly, many people have become interested in WAX (WAXP). Today, we will take some time to learn more about WAX so that even beginners can easily understand it. Rather than simply looking at it from an investment perspective, we will also look at what kind of technology it is and how it is actually utilized. So, shall we go into the world of WAX together? 😊

1. Introducing WAXP - Innovation in Digital Asset Trading

WAXP is an abbreviation for ""Worldwide Asset eXchange"" and is a blockchain platform designed to enable easy and safe trading of digital assets worldwide. It is particularly specialized in trading digital assets such as game items, collectibles, and NFTs.

What differentiates WAX from other blockchain platforms is its 'user friendliness'. It provides an intuitive interface so that anyone can easily trade digital assets even without knowing complex blockchain technology. You can trade digital assets as easily as buying and selling items at an online shopping mall.

WAX's core value: To popularize complex blockchain technology and provide an environment where anyone can easily trade digital assets.

2. History of WAXP - A Journey of Innovation

WAX was founded in 2017 by William Quigley and Jonathan Yever. At the time, the gaming industry was growing rapidly, but trading game items was still inconvenient and risky. Fraud was frequent and transaction fees were high.

In 2018, the project began in earnest by raising about $200 million through an ICO (Initial Coin Offering). In 2019, the mainnet was launched, and from 2020, it began to grow rapidly along with the NFT boom. Currently, millions of users around the world are trading digital assets through the WAXP platform.

In particular, as the NFT market exploded in 2021, WAX has established itself as one of the most active NFT trading platforms. The reason many game developers chose WAX ​​was because of its low fees and fast transaction speed.

3. How WAX (WAXP) Works - The Magic of Technology

WAX is built on EOSIO blockchain technology. The biggest advantage of this technology is that it can process thousands of transactions per second. This is a huge difference in performance compared to Ethereum, which can process about 15 transactions per second.

The WAX ​​blockchain uses the DPoS (Delegated Proof of Stake) consensus algorithm. This is a method in which elected representatives create blocks, and it is characterized by low energy consumption and fast transaction speed. Another big advantage is that transaction fees are almost free.

Users conduct transactions using WAXP tokens, and automated transactions are made through smart contracts. For example, when selling a game item, if the conditions are met, the item is automatically transferred and the payment is made.

4. Uses of WAXP - Infinite Possibilities

The most representative use of WAX is game item trading. Numerous blockchain games such as 'Alien Worlds', 'Farmers World', and 'R-Planet' are operated based on WAX. You can sell items or characters obtained from these games for real money.

NFT artwork trading is also active. Tens of thousands of NFT transactions are made every day on the WAX-based NFT marketplace called 'AtomicHub'. Various forms of NFTs are traded, from digital art to collectible cards, music, and videos.

It is also used to tokenize real assets. For example, you can create real assets such as limited edition sneakers or trading cards as NFTs to prove ownership and trade them. This prevents counterfeiting and enables transparent transactions.

5. WAXP Exchange - Where to Buy and Sell?

WAXP can be traded on major exchanges around the world. Representative exchanges include Binance, Huobi, KuCoin, and Upbit, where you can trade WAXP. Each exchange has different fees and trading volumes, so it's a good idea to compare multiple exchanges.

For domestic investors, it's convenient to trade directly in Korean Won on Upbit, Bithumb, and Coinone. When using an overseas exchange, you must go through the KYC (customer verification) process, so it may take more time.

When choosing an exchange, considerations include transaction fees, security, transaction volume, and user interface. Security is especially important, so we recommend that you set up security features such as 2-step authentication (2FA).

6. WAXP Community - An Ecosystem That Grows Together

WAX boasts a very active community. Tens of thousands of users are active on the official Discord server, sharing various information from game information to investment tips. You can also easily find WAX-related communities on Telegram, Twitter, and Reddit.

The WAX ​​Foundation regularly holds AMA (Ask Me Anything) sessions to communicate directly with users. Workshops and hackathons for developers are also frequently held, contributing to the development of the ecosystem.

The Korean community is also very active. Korean users are sharing information in Naver Cafe, Discord, KakaoTalk open chat rooms, etc. By participating in the community, you can quickly get the latest information and hear the experiences of other users, which is very helpful.

7. WAXP Wallet - The Beginning of Safe Storage

To safely store and use WAX, you need a suitable wallet. WAX Cloud Wallet is the most popular choice. You can easily create an account with just an email address, and you can use it safely without complicated private key management.

For users who value security more, we recommend Anchor Wallet. This is a multi-platform wallet that supports both desktop and mobile, and can also be linked with hardware wallets. It is more secure because you manage your private keys directly.

Recently, Ethereum wallets such as MetaMask have also started supporting WAX. However, to fully utilize all the features of the WAX ​​ecosystem, it is recommended to use a dedicated wallet. When choosing a wallet, you should comprehensively consider security, ease of use, and support features.

8. Things to consider when investing in WAX (WAXP) - A guide for smart investment

When investing in WAX, you should carefully consider several factors. First, you must be aware of the high volatility of the cryptocurrency market. The price of WAX is affected by the flow of the overall cryptocurrency market, trends in the game industry, and the situation of the NFT market.

Second, evaluate the actual usability of the WAX ​​ecosystem. It is important to check whether many people are actually using it, not just for speculation purposes, and whether new games or projects are continuously being released. It is helpful to monitor transaction volume, number of active users, and development activities.

Third, please follow the principle of diversification. It can be dangerous to invest all your funds in Wax alone. It is wise to diversify your investments in various assets and invest only within the range that you can afford to lose. It is also necessary to regularly check the market situation and adjust your investment strategy.

Pre-investment checklist:
• Understand market volatility
• Understand the ecosystem activity and development status
• Adhere to the principle of diversification
• Approach from a long-term perspective
• Regular portfolio review

So far, we have comprehensively looked at Wax (WAXP). As blockchain technology and the NFT market continue to develop, Wax is expected to grow along with it. However, please always approach investments carefully and make decisions after sufficient study and preparation.

If you have any questions or need more detailed information, please leave a comment at any time! Let's learn and grow together! 😊

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