WAX
Crypto Overview
Understanding the Intended Utility
WAX is designed as a purpose-built blockchain specifically for NFTs, video games, and collectibles. The platform aims to make e-commerce transactions faster, easier, and safer for all participants. The WAXP token serves as the native currency of the WAX blockchain, used for paying transaction fees, staking, and governance.
Actual Utility Assessment
WAX has demonstrated significant real-world adoption within its intended niche. The platform hosts numerous NFT projects, including collaborations with major brands like Funko, Street Fighter, and Atari. The blockchain processes millions of daily transactions, primarily related to NFT trading and gaming activities.
The WAX blockchain maintains active development, with regular updates and improvements to its infrastructure. The ecosystem includes the WAX Cloud Wallet, which has over 6 million accounts, and various dApps focusing on gaming and collectibles.
Token Distribution and Founder Analysis
The initial token distribution included allocations for the team and early investors, but with appropriate vesting schedules. The project maintains transparency regarding token economics and governance. The founding team has extensive experience in virtual item trading through their previous venture, OPSkins.
Technology and Revenue Model
WAX operates on a Delegated Proof of Stake (DPoS) consensus mechanism, which is permissible from an Islamic finance perspective as it involves actual ownership and participation in network security. The revenue model is primarily based on transaction fees and the creation/trading of digital assets, which represents a legitimate exchange of value.
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.