WAX
Crypto Overview
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.
Crypto Impact
To assign a comfort level investing in WAX from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to WAX.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.