Can WAX Remain at the Forefront of GameFi in 2022?

On Nov. 7, Farmers World had a coin theft incident. It may be that the game “plug-in” script changes the user’s pledge address, resulting in the user’s inability to obtain ram resources. Farmers World is a major game on the WAX chain, causing over 100 million RMB losses for players. 

This was the largest attack on the WAX ecosystem since the chain, which is focused on GameFi and NFT projects, launched in June, 2019. 

However, where other chains have lost significant trust and user numbers after attacks on their flagship projects, WAX remained among the top 3 GameFi blockchains by users, behind Hive and BSC. 

Its distinct advantages and extremely strong ecosystem mean that WAX isn’t likely to be going anywhere, at least during this GameFi and Metaverse cycle. In this article, we will take a look at what sets this chain apart. 

Top 5 Number of GameFi Users Cross-chain

WAX for GameFi and NFT

WAX is a blockchain focused on gaming and digital collections. The mainnet went live in June 2019 and is based on an EOS adaptation that inherits the Delegated Proof of Stake (DPoS) consensus mechanism. So, it is naturally equipped with high capabilities and low gas fees.

To grow its NFT ecosystem, WAX has actively collaborated with gaming companies, artists and movie franchises to create and distribute NFTs, including Topps, Capcom, Deadmau5, Weezer, and SAW, making it the leading entertainment NFT ecosystem.

In terms of games, WAX’s stable base layer has enabled dozens of projects to flourish, including Farmers World, Splinterlands, Alien Worlds, and Farming Tales.

Advantages of WAX

• Compared to the BSC, WAX not only supports high frequency transactions, but can process up to 8,000 transactions per second for fast processing. 

• When sending and minting NFTs, transactions are essentially instant and free.

• The WAX marketplace is huge and uses simple trading tools to give players access to a global marketplace, allowing traders to build their own virtual stores on one decentralized platform. 

These advantages have attracted a large number of game developers and users.

Token WAXP

Users can use WAXP, WAX’s token, to:

• Stake. When WAXP is staked, it increases the scarcity of the token, (as it’s set aside and stored until a user reclaims it.) 

• Vote. WAX users that stake tokens also earn the right to vote for block producers and earn voting rewards.

• Buy NFTs. WAXP can be used to purchase NFTs via the largest NFT ecosystem of any blockchain, including more than 60 million NFT assets from more than 30,000 DApps and NFT projects.

According to Footprint Analytics, the price of WAXP was $0.40 as of Jan. 13, following a 2-month increase due to the explosion of the WAX games. Its record high was $0.94 on Nov. 17, when an IDO event announced by Farmer’s World caused a player frenzy.

Token Price Trend of WAXP 

WAX’s market cap also grew to an ATH of $1.7 billion in November, 2021.

Token Market Cap Trend of META

However, over the past 2 months, the token price and market value of WAX has been declining due to the following reasons.

• The game Farmers World on WAX did not launch its IDO as announced in November, thus reducing user confidence in the Farmers World game.

• At the beginning of November, many users gave feedback that WAX wallet creation was frequently blocked due to exceeding maximum rate and is prohibited from registering.

• The price is determined by the market. When WXAP skyrockets, player material prices are rolled back. When the price of materials is lower and the gap is smaller, new players get more revenue.

WAX’s Gaming Ecosystem

There are currently 52 DApps in the WAX ecosystem. 

From the top 10 game projects, the largest transaction volume on the WAX as of Jan. 13 is Farming Tales ($15.98 million), followed by Farming World ($15.24 million), and PROSPECTORS in third place with $13.54. 

Top 10 Game Protocols Trading Volume

2 of WAX’s Most Notable Games

• Farming Tales

A farm management game, Farming Tales has been on WAX for about 3 months, and has combined NFTs with the offline real economy. Players can choose to farm resources or own the actual rights to various plants, trees, and even a few honey producing bees. 

For example owning a hive will produce real honey that you can choose to take ownership of. Players can also choose to have the products sold on the market and receive Wax in return.

• PROSPECTORS

PROSPECTORS is a massive multiplayer online real-time economic strategy game based on WAX and EOS blockchain.

The game is set in the 19th century Wild West, with a map showing land tiles and above-ground resources like wood and stone. There are also resources hidden underground which must be sought out, like coal, clay and gold. Players have the opportunities to acquire digital gold by discovering new lands and finding resources.

Summary

WAX’s rich ecosystem has allowed it to remain at the forefront of GameFi and digital collectibles, providing a large user base for its emerging games.

In addition, WAX engages chain game developers with the high throughput needed to support games, using simple tools to bring players into the global marketplace. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.