On Nov. 7, Farmers World had a coin theft incident. It may be that the game "plug-in" script changes the user's pledge address, resulting in the user's inability to obtain ram resources. Farmers World is a major game on the WAX chain, causing over 100 million RMB losses for players.
However, where other chains have lost significant trust and user numbers after attacks on their flagship projects, WAX remained among the top 3 GameFi blockchains by users, behind Hive and BSC.
Its distinct advantages and extremely strong ecosystem mean that WAX isn’t likely to be going anywhere, at least during this GameFi and Metaverse cycle. In this article, we will take a look at what sets this chain apart.
Top 5 Number of GameFi Users Cross-chain
WAX for GameFi and NFT
WAX is a blockchain focused on gaming and digital collections. The mainnet went live in June 2019 and is based on an EOS adaptation that inherits the Delegated Proof of Stake (DPoS) consensus mechanism. So, it is naturally equipped with high capabilities and low gas fees.
To grow its NFT ecosystem, WAX has actively collaborated with gaming companies, artists and movie franchises to create and distribute NFTs, including Topps, Capcom, Deadmau5, Weezer, and SAW, making it the leading entertainment NFT ecosystem.
In terms of games, WAX’s stable base layer has enabled dozens of projects to flourish, including Farmers World, Splinterlands, Alien Worlds, and Farming Tales.
Advantages of WAX
These advantages have attracted a large number of game developers and users.
Users can use WAXP, WAX’s token, to:
According to Footprint Analytics, the price of WAXP was $0.40 as of Jan. 13, following a 2-month increase due to the explosion of the WAX games. Its record high was $0.94 on Nov. 17, when an IDO event announced by Farmer's World caused a player frenzy.
Token Price Trend of WAXP
WAX's market cap also grew to an ATH of $1.7 billion in November, 2021.
Token Market Cap Trend of META
However, over the past 2 months, the token price and market value of WAX has been declining due to the following reasons.
WAX's Gaming Ecosystem
There are currently 52 DApps in the WAX ecosystem.
From the top 10 game projects, the largest transaction volume on the WAX as of Jan. 13 is Farming Tales ($15.98 million), followed by Farming World ($15.24 million), and PROSPECTORS in third place with $13.54.
Top 10 Game Protocols Trading Volume
2 of WAX’s Most Notable Games
A farm management game, Farming Tales has been on WAX for about 3 months, and has combined NFTs with the offline real economy. Players can choose to farm resources or own the actual rights to various plants, trees, and even a few honey producing bees.
For example owning a hive will produce real honey that you can choose to take ownership of. Players can also choose to have the products sold on the market and receive Wax in return.
PROSPECTORS is a massive multiplayer online real-time economic strategy game based on WAX and EOS blockchain.
The game is set in the 19th century Wild West, with a map showing land tiles and above-ground resources like wood and stone. There are also resources hidden underground which must be sought out, like coal, clay and gold. Players have the opportunities to acquire digital gold by discovering new lands and finding resources.
WAX’s rich ecosystem has allowed it to remain at the forefront of GameFi and digital collectibles, providing a large user base for its emerging games.
In addition, WAX engages chain game developers with the high throughput needed to support games, using simple tools to bring players into the global marketplace.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.