What Is an NFT?
A non-fungible token, or NFT, is a special type of data that uses technology to log and validate digital content, such as songs, films, and photographs, on blockchains for cryptocurrencies, notably Ethereum. Every transaction, from transfers to sales, is recorded on-chain whenever the content is added to the blockchain, resulting in an easily searchable ledger of provenance and price history. NFTs’ principal effect is to make it simple to own and trade digital material. Previously, digital artists could amass sizable social media followings, land freelance commercial work, and perhaps sell prints and other merchandise with their designs. Still, they had difficulty directly monetizing digital art because consumers questioned why they should pay for something they could screenshot for free.
Although the underlying technology of NFTs made it simple to trade and sell images online, the NFT community is really to be credited with developing a market for these digital assets because, technically, as many critics note, digital images that have been converted into NFTs can still be saved or screenshotted without paying a fee.
What is WAX, and how does it work?
William Quigley and Jonathan Yantis, two crypto pioneers, launched WAX in 2017. WAX, a Cayman Islands-based company with a vision of worldwide accessibility, is billed as the safest and most convenient way to manufacture, buy, sell, and exchange virtual (and even actual) goods.
WAX provides users access to thousands of decentralized apps (dApps) and various unique marketplaces. In addition to general NFT marketplaces, WAX is home to several top blockchain games, including Alien Worlds, Farmer’s World, Prospectors, and other innovative play-to-earn games. Since gaming is such a dominant force on WAX, the biggest projects on the chain, out of all PFP and collectible endeavors, continue to hail from the play-to-earn sector.
WAX is sometimes promoted as a well-liked platform for many assets as the world’s most significant and busiest blockchain ecosystem. Aside from being commended for its ability to handle millions of daily transactions, the chain is also praised for being environmentally friendly.
Wax uses a Proof-of-Stake (PoS) consensus mechanism, like other high-efficiency blockchains such as Tezos and Solana. Users who participate in PoS stake some of their cryptocurrency in exchange for the possibility of being selected at random to serve as a block validator and earn money.
Using a PoS system, WAX not only promotes customer loyalty but also upholds its reputation for being energy-efficient. In actuality, WAX consumes less energy than 0.00001% of the Proof of Work (PoW) required by chains like Bitcoin and Ethereum. Beyond their inherent efficiency, the chain also produces NFTs that offset carbon emissions and collaborates with Climate Care as part of a sustainability purpose.
According to its developers, WAX is a “purpose-built blockchain” that seeks to improve how businesses interact with their customers while giving them a distinctive, digitally native buying experience. WAX places such a high value on usability that network fees, which are already comparatively cheap, are eventually returned to the WAX community.
How to buy and sell crypto on WAX
The WAX ecosystem uses WAXP, the native currency of the WAX blockchain, to transact with NFTs. Many of the biggest cryptocurrency exchanges, including Binance and Uniswap, and third-party in-wallet applications like Moonpay, allow the purchase of WAXP. You’ll need to register for an account on WAX Cloud Wallet first.
A managed wallet is a special and practical class of software wallet that the WAX Cloud Wallet belongs to. As the name implies, a third party manages WAX Cloud Wallet. It’s as simple to sign up for and log into a controlled wallet as it is to do so on social media. You also don’t need to write down elaborate security keys because a third party handles its management.
The next step is to add money to your WAX wallet through an exchange or a third-party service. Be aware of the distinction between WAXE and WAXP. An ERC20 utility token based on Ethereum called WAXE is released from the WAX blockchain. The relationship between WAXP and WAXE is approximately 1000:1, with WAXE maintaining a substantially higher price per token.
Although users can exchange WAXP for WAXE, the two tokens are not equivalent. WAXP is utilized for transactions on the blockchain, while WAXE gives token holders access to WAX tokenomics. The only way you should be able to get WAXE is by switching, but understanding the difference is still crucial.
What Can Consumers Accomplish Using NFTs?
- Buy and sell NFTs on an online market.
- For free on WAX, you may trade NFTs quickly with anybody, anywhere, and globally.
- Confidently deal with NFTs, knowing each one is guaranteed to be accurate, unique, and unaltered.
- See an NFT’s whole ownership and trading history in one place.
- PublicizePublicize the company’s NFT stock through social media
What’s The Point Of WAX’s NFT Sale?
Make your NFTs on WAX sales. You’ll be joining a lengthy list of companies, like William Shatner, The Topps Company, and the creators of the Bad Crypto Podcast, that have enjoyed enormously profitable NFT sales on WAX in 2020. On WAX, you will be able to purchase NFTs.
They are in high demand and will soon sell out. The creators profit significantly from the first sale, and their NFT is exchanged on secondary markets each time. The popularity of NFT sales is high; some sell out in under nine minutes.
How Do NFT Artists Make Their Money?
The WAX Blockchain’s decentralized structure allows artists to maintain complete ownership over their work and makes selling it more straightforward than other approaches.
You will get paid as a WAX NFT seller in two ways. NFT creators profit from the initial sale and 4% of all subsequent secondary market deals.
How To Sell NFT On Wax Wallet?
Several variables influence an NFT’s popularity and trading volume:
- William Shatner from Star Trek: The Next Generation and the Garbage Pail Kids from Topps are two instances of well-known licenced IPs.
- It may be an excellent method to draw interest and tell a story with your NFTs, like the Blockchain Heroes tale or the nostalgic KOGs series.
- Excellent audiovisual materials, including movies, animations, “Easter Eggs,” serial numbers, and other special effects.
- A system of rarity.
- Intriguing game mechanics.
- A successful strategy for public relations
NFT Rarity System
The total number of NFTs, the rarity of each NFT, and the likelihood that each NFT’s rarity will decrease are all important factors in determining the success of an NFT sale. Even if you issue a lot of “unusual” NFTs, there won’t be much of a market for them, leading to lower secondary market pricing.
From a recent WAX NFT launch, here are the supply and rarities:
- One hundred and ten thousand trading cards in 12,000 packs.
- Rare cards that contain animation transitions from initial drawings to finished art are available.
- Super rare cards with distinctive animations (four styles, each with an “A” and “B” name) are included in the Collector’s Edition.
- Standard static cards (41 classes, each with an “A” and “B” name) are provided in every pack.
Each of the 41 styles has an “A” and “B” name, and the prismatic sheen effect is exclusive to these cards.
Trading Mechanics
Trading cards can be a tonne of fun, especially if you can receive an expensive card in exchange that you can then add to your collection. Your creativity is the only thing stopping you as a potential trading card tycoon from coming up with fascinating trade processes. Below is a list of successful trading card implementations on the WAX blockchain:
This is the most typical way of trade for NFT sales by opening a mystery card pack. NFTs are offered in groups of five. Cards from standard and uncommon decks are mixed randomly and included in the packages. Once the pack is opened, collectors can trade undesirable cards on WAX secondary markets or via the WAX Cloud Wallet.
Card Shards: During the William Shatner NFT auction, several trading cards were offered for sale as shards, which are three separate pieces. Collectors must trade all three matching shards with one another to finish a card. The rarity of the entire artwork is hidden from view to encouraging card trading. The crucial details become clear after merging the three matched shards. As you would imagine, the card shard mechanism is quite well-liked and encourages a lot of trading.
Embedded Game: A mini-game created by KOGs to go along with their NFTs is a spoof of the well-known POGS game from the 1990s.
Marketing Essentials
The marketing alternatives for your NFT sale are virtually infinite! A potential customer’s curiosity can be piqued via a variety of strategies. The ideas below are just a few, but you should research to identify the methods and venues that will help you promote your goods most successfully while still having fun!
- Share the information about your purchase with influencers, and business partners, in an email newsletter, on social media, and in other ways. Allocate enough time for participants (buyers, secondary markets, and influencers) to generate interest and prepare for the primary selling day.
- Make direct touch with secondary markets to make sure your NFT transaction proceeds smoothly.
- Use Zoom to organize interactive “Town Hall” meetings where the public can share information.
- Before the sale, showcase some, but not all, artwork on media outlets.
- Contests and giveaways
- Efforts to get out to essential media outlets
- Make videos for YouTube and blog entries, for example.
- Customers that meet a certain set of requirements get an early peek at the service.
How to transfer your NFTs
Lastly, you could want to give someone else an NFT. Directly from the WAX Cloud Wallet, this is simple to complete in seconds. Open the WAX Cloud Wallet, select the NFTs tab, and then transfer one NFT.
Click the NFT you want to transfer from the NFTs tab. This will bring up the NFT page. The orange “Transfer” button on this page should be clicked.
This will open a new window where you can type the memo and recipient account name. Click “Send” to finish your work and authorize the transaction in a new window. The NFT has now been successfully transferred after that is complete.
Step-by-Step Guide on How To Sell NFT On Wax Wallet
Here are the five essential steps to making an NFT sale successful after having a clear understanding of what makes them so well-liked (and consequently profitable):
Discovery
- Create a unique NFT concept using the criteria mentioned above.
- Recognize your intended audience.
Planning
- Make visually appealing materials for your project (or hire a designer to do so)
- Give potential purchasers a place to learn more about your concept during the interim between the announcement and the sale (create a website that captures email addresses, creates dedicated social media accounts, etc.)
- Organize the work of developers.
- Initiate marketing strategies
Build
- Create and build the website where your NFTs will be sold for the first time (i.e. the primary sale location)
- Go to the WAX Developer Hive to integrate WAX Cloud Wallet into your website.
- Host your work in a secure environment. The use of IPFS is strongly advised. You can save the files you want to recall later using services like temporal. Cloud or pinata. Cloud.
- It is necessary to create a smart contract for unpacking and NFT transactions.
- Establish and construct the starting odds for the NFT pack.
- Make your clients’ NFT payment arrangements before the main sale starts (WAX, Stripe, etc.)
- Ensure you have sufficient computing power to handle the surge: calculate how much memory and processing power the smart contract uses.
Go Live!
All hands on deck” throughout the launch to respond to questions, provide customer service, and fix faults if needed.
Post Go-Live
After the initial sale has ended, keep advertising to increase sales in the aftermarket!
Make sure you clearly understand what must be fixed for your subsequent sale by doing an internal evaluation.
Also read about Best NFT Marketplaces in India
Conclusion
You can use NFTs to sell your artwork on the WAX Blockchain. The best blockchain for NFT monetization is WAX. Individual artists could earn tens to hundreds of thousands of dollars by selling their digital assets on the WAX network. How successfully your NFT initiative reaches and appeals to your target audience will determine its success (for example, the most useful social media marketing channels, compelling digital art, card rarities, and rewarding and fun trading mechanics). Although developing WAX blockchain-based NFTs is straightforward, we advise working with a skilled developer familiar with EOSIO and smart contracts.