A novel DeFi platform has arrived on the Wax blockchain offering its services to the creative community. Collective Artistic Investing Token, otherwise known as CAIT, is a native WAX blockchain token with the stated goal of “ending the motif of the starving artist.” Moreover, holders will have partial ownership of community-held art collections.
In the last 7 days, the number of unique active wallets interacting with the dapps smart contracts has risen by over 400% to 7,480. In turn, this has generated almost 48,000 transactions and a value of $15,390. Interestingly, we see an average transaction in the last 7 days on the platform is worth just $0.32. Signaling the platform’s inclusion of low-cost NFT drops for the masses.
What’s going on?
The platform has been alive for some time but appears to start seeing activity in mid-May with real surges observed in the last week. The cause of the recent surge is a combination of events. Primarily the opening of the registration portal on the 21st of June for the airdrop. Secondly, to celebrate its 3 months of existence, the platform conducted a sale of two different Treasure Chests containing 5 NFTs with a numeric face value that could also be exchanged for CAIT tokens. The packs were valued at 10 Wax and 25 Wax, respectively. The sale has now ended.
What is CAIT?
CAIT is a Wax-based token. If you hold It, then you have partial ownership of a community-held art collection. Token owners are also entitled to a share of the returns earned by staking, flipping, betting, and long holds that are executed in the background by the CAIT team. At the moment, the team is taking advantage of the staking features available in R-Planet and mining features available with Alien Worlds to generate revenue.
The creation of the token is vital to the tokenomics model. For every 1 Wax created in profit by the CAIT team, 25 CAIT are generated. Or, as explained by the organization themselves: All CAIT sanctioned NFT drops going forward will have this as the minimum requirement. Per WAX sold, 25 CAIT is generated. 12 CAIT goes to the original purchaser of the drop, 12 CAIT goes to the artist or creator who designed the NFT in question, and 1 CAIT will be added to the ‘caitairdrops pool’ to be redistributed across the totality of wallets holding CAIT as somewhat of a mini dividend says Micah Dewey, Director, CAIT Project
Earning from CAIT
One way to earn Wax passively is to provide CAIT to a liquidity pool on the Alcor Exchange. Using CAIT tokens and an equivalent value of Wax.
One to watch
CAIT is still very much in its infancy and looking to provide another layer to the Wax NFT ecosystem. One that can reward not just creators but also buyers and the wider community for their community involvement. Furthermore, bridging the gap between NFTs and DeFi for the masses would appear to be a smart play in the current climate. For more information on the platform, the CAIT whitepaper can be found here.
King of NFTs
Wax has had an impressive month and the trend is continuing. So much so that at the time of writing 7 of the top 10 NFT collections ranked by sales over the last 7 days are based on the Wax blockchain. As reported, Alien Worlds, an NFT and crypto mining game, has been a big hit, eclipsing the user numbers of the previous leading EOS-based blockchain game Upland. Meanwhile, Dark Country and R-Planet have been growing quickly. Notably, R-Planet has amassed over $6.6 million in transaction volume whilst Dark Country has attracted just over $1 million.
Interestingly, Collect, a platform designed for collectors of Wax-based NFT projects to complete tasks, gain experience points (XP), and earn RACOON tokens, has also been experiencing growth. NFTs on Wax is starting to find a strong and dedicated audience. A new middle layer is emerging as a result that brings further gamification, earning opportunities, and community spirit.
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