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WAX is a blockchain, released in 2017, that was created to help speed up digital transactions. WAX furthered its design by making their technology simple and safe to use. WAX uses delegated proof-of-stake (DPoS) as its consensus mechanism. DPoS is a validation process in which blocks are validated by delegates. Custom features and incentive mechanisms help make WAX run efficiently and safely. To facilitate these transactions WAX created a suite of blockchain-based tools, in the center of it being decentralized application marketplaces and non-fungible tokens (NFTs) can be built upon. Services such as WAX Cloud Wallet, SSO, and OAUTH support e-commerce operations. WAX’s blockchain is designed to support 500-milisecond block time transactions with the added bonus of zero-fee transactions.
Basic Information
Company name:
$0.8267
52-week range: $0.0322 - $0.8969
Market cap: $1.521B
Recommendation:
WAX was co-founded by William Quigley and Jonathan Yantis. William Quigley studied at the University of Southern California, and then worked at Disney. After leaving Disney in the early 1990s, he got an MBA at Harvard and became a venture capitalist. Over time, he became the managing director at Idealab. Alongside creating WAX, he is also the managing director at Magnetic. Jonathan Yantis works as the chief operating officer at WAX and as the chief operating officer at OPSkins.
To understand the reason why I am so much hope for WAX you need to understand what OPSkins was. OPSkins was a digital marketplace for CS:GO. OPSkins became the hub to buy and resell digital objects, truly the first of its kind. WAX is the crypto version of the formally great OPSkins. WAX was the next step of OPSkins solving many problems that the former company had. Jonathan Yantis has taken his experience at OPSkins and has created one of the best NFT and digital asset markets in the world. If you think the future is NFTs and digital assets, then WAX is an absolute buy.
Max chart highlighting the trend that WAX is going through. In the last two months the chart was showing me a cup with handle. My conclusion was correct, in the month of November WAX has seen a roughly 70% rise in value and has completed the cup and handle formation.
My prediction in the short run for WAX is a decline in it’s rapid rise. WAX’s current volume and trajectory leads me to believe that it will break the $1 mark and hold its value for the next couple of months. However, from my experience this year, selling the news has become more important that buying into the chart. I think it reaches .95 cents per coin and falls slightly for the next couple of weeks. I think it will fall no lower than .60 cents, my estimate will hit a bottom of .70 cents and will bounce next year and reach a high of $1.50 by mid-March. WAX’s potential is incredible and has consistently beaten the crypto market week after week. WAX is a fantastic long-term investment, but to maximize profits I will not being buying WAX until I see a slight drop in price. My price range to buy is .70 - .78 cents per coin.
The NFT is its infancy, as NFTs gain in popularity more money will flood into the market as NFT buying and selling increases. WAX major competitors are Decentraland, Flow, and the THETA Network. However, I really only see Decentraland as a worry, however, Decentraland is so niche due to their currency Mana can only be used in the game Decentraland. I would be concerned with Open Sea if they developed a token or if Coinbase’s NFT program took off. As of now I see WAX is the fronter runner in the NFT world and will remain a long-term play for me.
