Nowadays in the crypto-sphere, it takes a lot for any new coin to receive any sort of recognition. There are already over 1,000 coins according to CoinMarketCap, with most of them being just mere copies. Therefore, to find WAX coin already in the top 100 could only mean that it has some unique features. As any coin investor knows, it’s best to get in on the action early, as these new altcoins have the highest profitability. (Some: Alternative Cryptocurrencies beside Bitcoin to invest in)
What exactly is WAX coin?
The initials for the coin, WAX, actually stand for Worldwide Asset eXchange. Just as the name suggests, the coin was meant to act as a platform for users to exchange digital assets. WAX has been built in a similar way to Ethereum, whereby it makes use of smart contracts to represent these virtual assets. As for WAX, the main intended users for the WAX coins were online gamers who trade in-game items and skins online. (Do you know: What will happen to Ethereum in 2018?)
Most people may not be aware, but there is a huge market for in-game items online. These items are used by gamers as ‘power-ups’ for various games, especially those on Steam – perhaps the world’s most popular multi-player gaming website. Some of their most popular offerings are CS:GO, Dota 2, H1Z1, etc. There are reportedly over 400 million online gamers today, which provides a massive market for WAX coins. Additionally, the online gaming market is valued at over $50 billion. (Does BTC Stand A Chance To Becoming The Worldwide currency?)
Anyway, WAX was officially launched on the 15th of November 2018, but there had already been a pre-sale that had raised more than $46 million. The team behind the project were the same founders of OPSkins. OPSkins was one of the first centralized marketplaces for these in-game items and skins, but even then, the process was not so simple. This is where WAX comes in. With WAX coins, anyone can create their own market and sell their in-game items for WAX coins. Thereafter, they can convert those tokens for fiat currency. (These are the: Basic Coin Terms You Need To Know)
Is WAX a good investment?
One of the key factors to consider about a good ICO investment is public interest. The WAX coin pre-sale and official sale demonstrated that there was a lot of interest and demand for the tokens. In fact, the tokens had been overbought during the pre-sale. Besides, the tokens are targeting a very potent market – online gaming. (These are the: 5 tips to identify the perfect ICO to invest in)
Besides public demand, the people behind the project also mean a lot. As for WAX coin, it was developed by OPSkins who have created other successful online marketplaces in the past. Keep in mind that OPSkins has already been accepting Bitcoin for years, so a switch to WAX is not too much of a stretch.
Finally, how usable is it? Any website that offers sales of virtual items can simply include a widget that will allow the purchase of an item using WAX coins, which makes it easily adaptable. (Did you know these: 5 Tips to Choosing the Ideal Coin Exchange?)
How has WAX coin been performing so far?
WAX coins became officially available on the 21st of December 2017 for those who had participated in the ICO. The tokens are yet to be listed on any coin exchange, but you can get them through Bancor. If you can remember, Bancor was one of last year’s largest ICOs, where users can exchange between different coins. When the news that WAX was going to be included on Bancor, its value rose to a peak of $2.76, but it has since declined in value to $0.86. (Do you know: What is An ICO and How Can I Make Money On It?)
Nevertheless, there is still a real value to the WAX coins, which means that it still has the potential for growth. Also considering that it has only been around for less than a month, it is still too early to count it out. Already, WAX coin has over $413 million in market capitalization, and that means it is here to stay. If you ask me, now is exactly the right time to buy WAX coins because this could grow in value astronomically through 2018. (Did you know: How easy is it to trade Coin in the Forex market?)
For more information on WAX tokens, and why it may still be undervalued, watch this video: