- 27, Oct 2021
5 Reasons NFTs Are Here to Stay — Here’s Why
Non-fungible tokens (NFTs) on the WAX Blockchain are digitized items with unique values that are securely authenticated, 100% verifiable and fully tradable.
These can come in many shapes and forms — trading cards from your favorite movie, fine art from world-renowned artists, stylish cosmetics for video games or even another avenue to help restore the planet by offsetting carbon emissions through vIRLs®.
Although the concept is fairly new and can seem complex, NFTs are the gateway to the future as we know it.
#1 A Rise in Popularity
NFTs are gaining some serious traction — so much so that WAX has doubled, and even tripled its user base.
This is in part due to the fact that massive labels are seeing the market explode and are wanting a piece of the pie.
Names such as Funko, Capcom, Topps MLB, Weezer, deadmau5, William Shatner, Leonard Nimoy and so many more are migrating to the platform to create dazzling NFTs that collectors are gobbling up — and for good reason!
We are also seeing an influx of individual talent joining the fun with colorful, unique creations that enthrall users. Artists are flocking to WAX for the opportunity to create, promote and sell their works while building a following on a secure, decentralized platform.
According to dappradar.com, WAX has over 350k daily users and more than 17 million daily transactions. Additionally, the WAX Cloud Wallet is the most used blockchain wallet in the world with more than 6 million accounts (https://wax.bloks.io/).
#2 The World’s Gone Digital
When was the last time you left the house without your phone? Do you remember what it was like when you reached for it and noticed it wasn’t there? How did that make you feel?
If you’re anything like us, our entire lives are attached to our phones out of necessity. Our calendars, phone contacts, internet access at the tap of a button and so much more have become so readily available that losing it feels like you’ve lost a limb.
The digital era has become such an important part of our everyday lives. Now, as new technology cranks up on the blockchain, we can see it start to integrate into our day-to-day routine.
What does this mean?
Imagine being able to purchase and digitally own an authentic version of the Mona Lisa on the WAX Blockchain.
You could take it with you anywhere, hang it in your home digitally or even list it in seconds to be sold to a new owner — all while being 100% fully verifiable and secure on the blockchain.
But that’s not all…
Gamers, buckle in. NFTs open up an entirely new way to enjoy video games — including the buying and trading of in game items.
Tired of a cosmetic video game skin? Sell it. Want more in-game currency? Trade for it.
The options are endless, and the video game industry is just heating up with the world of NFTs.
#3 vIRLs Gone Viral
And the icing on the cake…
vIRL (virtual + In Real Life) technology is on its way to some major quality of life improvements.
The future of vIRLs is bright — we just might need our sunglasses for this
vIRLs will pave the way for consumers to truly own a physical item without having to deal with shipping and taking up physical space — unless they want to!
Plus, it makes trading, gifting, redeeming and enjoying items easier than ever.
Now even offsetting CO2 emissions is possible through the recently announced WAX Carbon Offset vIRL NFTs. These will be fully compostable and, when redeemed, plant trees via the National Forest Foundation.
vIRLs have potential to bring real-life applications that can be used in all aspects — from sending flowers to your wife, or selling your house, there is no shortage of opportunities to make transactions simple, cost effective and better for the environment while validating you truly own what’s yours, as tracked by the irrefutable and unchangeable facts of the blockchain system itself.
Businesses and consumers of every nature will eventually be able to utilize this new system, increasing their reach, their efficiency and their overall quality of life.
#4 Independent Artists are Thriving
If you’ve got a creative streak going, this one’s for you.
There are dozens of collections on WAX, and many of them are from independent artists. Every day, more and more are emerging to join the fray.
WAX Blockchain technology gives artists the opportunity to create anything — from music, to 3-Dimensional imagery, 2-D art or even videos — to be sold and collected by users worldwide.
Artists from across the globe are flocking to WAX to further bring their dreams to fruition.
This is a place where your art means something.
At WAX, we love seeing the ingenuity and creativity of our community. We’re cheering artists on!
If you’re an artist yourself, you can make something great happen. Check out our guide on how to get creating on WAX.
And the cherry on top? All of this can be done entirely eco-friendly.
#5 A Lean, Green, WAX Machine
We’ve already gotten a look at what NFTs can do for us, but there are still rumors floating around that it’s all bad for the environment. Well, it’s simply not true (at least for WAX)!
Let’s kick it off by stating that WAX is officially certified by Climate Care as carbon neutral. In fact, we are actually going one step further and reducing existing CO2.
As of May 21, 2021, WAX has offset over 211 tonnes of CO2 emissions, is 125,000 times more energy efficient than our nearest competitors and utilizes less than 0.00001% of energy than Proof of Work blockchains (Ethereum and Bitcoin).
In short, while not every blockchain is safe for the environment, WAX proudly stands as an ally to all things green.
Rest easy and know that creating and collecting NFTs on the WAX Blockchain is not only a fun, exciting experience, but also safe for Mother Nature herself.
Get the nitty-gritty details here.
From collecting, to creating, to investing and even keeping Planet Earth in tip-top shape, NFTs aren’t going anywhere. In fact, we think integration into everyday life is inevitable, and we couldn’t be happier.
Stay tuned for more exhilarating news and share your thoughts on our community discord.27, Oct 2021