WAX

Purpose and Utility

WAX is a purpose-built blockchain designed specifically for NFTs, video games, and collectibles. The platform enables anyone to operate virtual marketplaces with zero investment in security, infrastructure, or payment processing. WAXP serves as the native token of the ecosystem, used for governance, staking, and transaction fees.

Business Model Assessment

The primary business model revolves around facilitating the creation, sale, and trading of digital assets, particularly in gaming and collectibles. The platform has partnerships with major brands like Funko, Topps, and Atari. All core activities appear to be halal-compliant, focusing on legitimate commerce and digital asset exchange.

Real World Adoption

WAX has demonstrated significant adoption with over 12 million accounts created and millions of NFT trades executed. Notable partnerships include Street Fighter, MLB, and NASCAR. The platform consistently ranks among the most active blockchain networks for NFT trading.

Platform Development

The WAX ecosystem shows continuous development activity with regular updates to its core protocol and tools. The platform maintains active development of its NFT standards, marketplace infrastructure, and DeFi capabilities (primarily focused on asset trading rather than lending).

Token Distribution

The initial token distribution allocated approximately 30% to the team and advisors, with vesting periods implemented to prevent immediate selling. The remaining tokens were distributed through public sale and ecosystem development funds. While the team allocation is significant, it falls within reasonable ranges for blockchain projects.