The New World of NFT
Non-fungible tokens and gaming cryptocurrencies have gained considerable traction during the latest bullish cycle. Investors are trying their best to get their hands on a coveted NFT to make a profit.
Moreover, some people have been using blockchain games and flipping NFTs to earn an income. The success story of Filipino gamers selling digital creatures from the Axie Infinity game for hundreds of dollars has made the news all around the world.
However, this ecosystem can be quite difficult to navigate if you are not familiar with it. For this reason, we have explored AXS and WAX, two NFT-focused cryptocurrencies. We will explain what drives these tokens and provide their main peculiarities.
Finally, we will give you a quick guide on how to exchange AXS to WAX using Godex, one of the best exchange platforms available.
What Are Axie Infinity and the AXS Cryptocurrency?
AXS are tokens used in the blockchain game called Axie Infinity. Here, players collect NFTs in the form of digital monsters called Axies. Once they have collected a team of 3 monsters, they can accomplish daily quests and compete with other players in strategic PvP battles.
These actions reward players with Small Love Potions (SLP), a cryptocurrency created on the Ethereum network and widely traded on various exchanges. There is a leaderboard for PvP players. At the end of each season, top players are rewarded with up to 500 AXS tokens (around $30.000).
AXS tokens are used to govern the game that runs on the Ethereum blockchain. They can be used to vote on further updates and the direction the game takes. Moreover, they can be gained as rewards by participating in PvP, providing some extraordinary opportunities for income.
Axie Infinity has become widely popular because the SLP tokens can be easily obtained through playing. They can also be used to breed more Axies and sell them on the open marketplace for profit.
Pros and Cons of AXS
The AXS cryptocurrency has multiple advantages for investors, including:
- Easily obtainable by playing the game and being good at it.
- Provides governance power to decide the direction the game takes.
- Is easily tradable on various crypto exchanges.
- Its value is constantly rising thanks to the popularity of the Axie Infinity game.
That said, it still has some drawbacks:
- Limited use cases as it doesn’t have any usability outside of the game’s ecosystem.
- Could quickly drop in value if a better, more rewarding game comes out on the market.
What Are World Asset Exchange and the WAX Cryptocurrency?
World Asset Exchange (WAX) is a blockchain created with the goal to foster NFTs by providing fast transactions and smart contract capability. WAX fits perfectly in the NFT narrative of the current crypto environment.
It allows users to create NFTs without having to pay astronomic gas fees, like the ones present on the Ethereum blockchain. At the same time, the WAX cryptocurrency can be used to pay for transactions on the network — minting NFTs, deploying dApps, and signing smart contracts.
Finally, it’s worth noting that WAX provides a somewhat complex staking mechanism where users can earn passive income. Holders then receive a portion of the fees collected when network participants use the WAX to Ethereum bridge.
Pros and Cons of WAX
So, what exactly are the advantages of WAX? Let’s find out:
- Smart contracts for creating secure and trackable NFTs.
- Fast transactions and low fees. This is an important feature, considering that Ethereum NFT fees are skyrocketing.
- The passive income-earning model directly benefits from the success of NFTs and their bridging on the Ethereum network.
With that in mind, there is a major drawback of the WAX project:
- There are some inherent flaws in the smart contracts of the WAX protocol. For instance, functions like “transfer” and ”transfer from” are vulnerable to hacks and code duplication.
How to Exchange AXS to WAX and Vice Versa
So, if you have ever wondered how to exchange your AXS tokens for WAX and create some NFTs on the WAX blockchain, you’ve come to the right place. With Godex, you can carry out AXS to WAX exchanges without even having to create an account.
This decentralized platform offers more than 300 cryptocurrencies. But what’s really great is that you don’t have to go through tedious registration processes. Just enter the amount of AXS and WAX, your wallet address, and your transaction will be complete within minutes.
AXS and WAX are two rising cryptocurrencies that perfectly fit the NFT space that acts as a major catalyst to this bullish market cycle. With the rising popularity of blockchain gaming, we are bound to see these two tokens rise to new heights and even surpass our expectations.