WAX to Give Out 10 Million Free NFTs in Largest-Ever NFT Drop

In brief

  • Blockchain platform WAX will give out 10 million NFTs, one for each of the first 10 million accounts registered on its platform.
  • WAX has recently seen about 18 million daily smart contract transactions—far more than other platforms, per DappRadar.

Amid the NFT market boom of the past year, WAX doesn’t get much hype. Ethereum has the high-dollar, headline-grabbing sales and the bulk of the overall trading volume, while Solana and Flow have both played host to notable respective successes in the space.

But even with less buzz around it, WAX has quietly put up notable stats. It boasts the highest smart contract transaction volume of any chain today, with DappRadar reporting around 18 million daily transactions of late, while major brands like Funko, Mattel, AMC, and Sony Pictures have tapped the platform for NFT drops.

WAX—short for Worldwide Asset eXchange—also recently surpassed the milestone of 10 million total wallets accounts on the platform (now up to 11 million), and will celebrate by airdropping a total of 10 million free NFT collectibles to those wallets. It’s the largest single NFT drop to date and will be entirely free for the first 10 million WAX wallet holders.

The free NFTs span 10 different digital pins, each marking a different moment in WAX’s history. From the 2019 mainnet launch to its carbon neutral certification, and even its recent partnership with AMC and Sony Pictures for “Spider-Man: No Way Home,” the 10 million NFTs collectively herald the platform’s growth up to this point.

CEO and co-founder William Quigley told Decrypt that WAX wanted to mark the wallet milestone with a large-scale drop that he said would be impossible on some other leading platforms. While it represents WAX’s own history, he also wants the airdrop to show brands that they can execute projects with millions of NFTs using its platform.

“Most people who are somewhat familiar with NFTs understand that Ethereum NFTs are slow and very expensive to mint,” he said. “And so we thought: Well, no one has ever tried to do 10 million NFTs. We’ve done maybe 2.5 million with the Topps MLB baseball cards, but even that vastly outnumbered anything anybody on other chains had done.”

Quigley said that WAX had about 500,000 registered users at the end of 2020, so the recent 10 million mark represents a 20-fold increase in users over the span of about one year. The broader NFT market itself grew dramatically throughout 2021, jumping from about $100 million in trading volume in 2020 to $23 billion last year, per data from DappRadar.

Minting 10 million NFTs on Ethereum’s mainnet would be prohibitively expensive, he suggested, adding that the “chain would have collapsed” due to its limited transaction throughput. He knocked other rival chains for their struggles, as well—Solana faced a period of extended downtime in September, while Ethereum sidechain scaling solution Polygon saw soaring fees recently due to a now-shuttered play-to-earn game called Sunflower Farmers.

WAX has numerous play-to-earn games and other applications on DappRadar’s list of the most popular decentralized applications (dapps) by user count. Quigley said that while rising demand can sometimes test WAX, the blockchain platform has remained online and functional.

“While it has been really rough at times to manage, we’ve managed. WAX hasn’t fallen down,” he said. “You’ve got these chains like Solana and Polygon where their entire reason for existence is that they can scale. And [Polygon] couldn’t handle one popular play-to-earn game. Not one. And we’re dealing with dozens.”

WAX plans ahead

WAX’s growing reputation as a destination for brands—with Reebok, Mattel, Capcom, and Atari also on that list—is partly due to the platform’s scaling capabilities and low fees, Quigley said. But it’s also due to his team’s background with working with brands, including his own past position as the Chief Financial Officer of Disney’s licensing division.

“When we talk to brands about stewardship of their intellectual property, we talk their language,” Quigley told Decrypt. “We can protect their brands, and a lot of things come down to trust.”

Going forward, he anticipates growing interest in WAX’s “vIRL” NFT format, or “Virtual in Real Life.” Effectively, it’s an NFT digital twin that can be redeemed for a physical version of the product, and brands like Funko and Mattel have already tapped the technology for projects.

Quigley said it’s ideal for in-demand products like sneakers and streetwear that often go through resellers, thus saving on some of the costs and environmental impact of shipping products between multiple parties before it eventually reaches the end-user.

He also expects more crypto gaming activity on WAX, particularly as the budding play-to-earn genre evolves and expands into richer, more compelling game experiences. He understands why AAA game publishers have faced backlash to in-game NFT item launches, and suggests that such items haven’t yet brought meaningful utility to games.

“A lot of gamers don’t like NFTs—they think of them as cash grabs,” he said. “I would say that’s not far off when it comes to AAA titles.”

Ultimately, he believes that it won’t be the traditional, powerhouse video game publishers that prevail in the play-to-earn space. Instead, it will be indie creators that develop games with NFTs at their core and consider what makes the technology beneficial to players and experiences.

As with mobile and browser-based games, he expects rapid and significant evolution ahead.

“The indie game developers that embrace this technology are going to start developing games that go from primitive–they’re almost like DeFi mechanics as opposed to games—into full-blown video games,” said Quigley. “It’s really work-to-earn right now—it’s not a lot of playing. But we will get to play-to-earn.”


Tagged : / /

Dogecoin-Friendly AMC Rewards 580K Shareholders With Free NFTs

In brief

  • AMC has given out free NFTs to more than 580,000 shareholders.
  • The movie theater chain began accepting cryptocurrency payments last year.

Movie theater chain AMC has increasingly leaned into the world of cryptocurrency since the initial meme stock frenzy that sent its share price soaring about this time last year. Now the company has made good on its promise to reward shareholders with NFT collectibles.

Today, AMC deployed exclusive “I Own AMC” NFTs to the more than 580,000 shareholders who registered via AMC’s Investor Connect portal by the December 31 deadline. The NFTs were minted on WAX, a platform designed for high-volume applications such as large NFT drops and video games.

AMC previously utilized WAX for its recent collaboration with Sony Pictures, in which the companies distributed 86,000 NFTs to select people who purchased tickets to the film “Spider-Man: No Way Home.” Brands such as Mattel, Hasbro, Funko, and Atari have also used the WAX platform for NFT collectibles.

According to AMC’s message to investors, the NFTs will be tradeable, but they also provide perks to holders—such as potential discounts and “other benefits.”

An NFT acts like a deed of ownership to a digital item, including collectibles, artwork, video files, and more. The NFT market ballooned over the course of 2021, generating $23 billion worth of trading volume, according to data from DappRadar. Leading marketplace OpenSea has already broken its single-month record for Ethereum NFT trading volume so far in January, topping $3.75 billion as of this writing.

Last year, the movie theater chain revealed plans to begin accepting cryptocurrency payments using a handful of coins, including Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. It later added support for Dogecoin following a social media push from fans and investors.

In November, before activating Dogecoin payments, AMC CEO Adam Aron said that cryptocurrency already made up 14% of online payments for the company. AMC plans to add support for Shiba Inu, a popular Doge-inspired meme token as well.

Beyond accepting cryptocurrency payments and launching its own NFTs to shareholders, AMC has also explored the idea of launching its own AMC cryptocurrency or token.

“There are a lot of reasons why AMC could be a successful issuer of cryptocurrency as well as a redeemer of cryptocurrency,” Aron told CNBC in October. “That’s just one of half a dozen ideas that we’re working on right now.”


Tagged : / / /

5 times quickfire crypto traders bought the news for double (or triple) digit profits

Why do crypto traders “buy the rumor, sell the news”?

Simple. Because whispers of exchange listings or big-name partnerships reach very few people… while an article in Cointelegraph can reach hundreds of thousands of crypto enthusiasts in seconds. While insiders are quietly amassing tokens on rumors, the rest of us are completely ignorant of what may be coming.

But with rumors, there are no guarantees. Which can lead to disappointment and serious loss of investment for those traders who gamble that they’re true… and end up wrong.

So how can you possibly compete with thousands of other market participants when important news actually breaks? You’d have to be one of the very first to know in order to catch the price before it spikes.

Look at the examples below — the time between a closely-guarded announcement and a massive price spike of 144% can be just a few minutes!

NewsQuakes™ on the Cointelegraph Markets Pro data intelligence platform allow you to completely outsource monitoring the crypto news space to AI. The machine learning algorithm automatically combs through thousands of relevant sources and instantly alerts members via mobile notifications when potential market-moving events are detected.

NewsQuake™ announcements are snapped from primary sources such as exchange websites, Medium posts, or projects’ Twitter accounts, meaning that traders don’t have to wait for the media or their favorite influencers to turn raw information into a story.

Extensive research has identified three types of news — exchange listings, staking, and partnership announcements — that are most likely to spark strong rallies.

Here are  5 stories that alerted traders to massive profit opportunities in 2021… and a few dramatic illustrations of how NewsQuakes™ tipped off Markets Pro members.

WAX (WAXP): +144% in 2 hours

WAXP price following Cointelegraph Markets Pro NewsQuake™

Exchange listings reliably boost crypto prices, especially when it is a small or medium-cap coin being listed on a major exchange.

On Aug. 23, before the news of WAXP’s listing on Binance came in, the token was trading at 18 cents. In two hours from the announcement, WAX’s price soared to reach 44 cents. In this situation, getting the news quickly was key.

As can be seen in the chart, the NewsQuake™ alert (red circle) came in just before WAX’s price exploded.

Decentraland (MANA): 111% in 96 hours

MANA price following Cointelegraph Markets Pro NewsQuake™

It is now hard to believe that in March 2021, long before Facebook’s rebranding into Meta and the associated hype around the group of assets now widely known as metaverse tokens, MANA was trading at just $0.55.

On March 12, the announcement of OKEx enabling margin trading for the asset got crypto investors stoked, and sparked a long rally that saw MANA go from $0.55 to $1.16 over the next four days. The earlier traders were in buying the NewsQuake™, the more profit they could have secured for themselves…

Polygon (MATIC): +90% in 50 hours

MATIC price following Cointelegraph Markets Pro NewsQuake™

On Feb. 23, in the middle of a cool-off that followed the first leg of the week’s big rally, the announcement of MATIC’s debut on Binance Staking gave the asset a powerful second wind. (The red circle indicates the Markets Pro NewsQuake™.)

The resulting hike propelled the coin from $0.11 to its then-all-time high at over $0.21, an increase of 90%. Today, this can seem minor in the light of the token’s year-to-year return on investment of more than 11,000%, but on that day, traders were surely content with MATIC’s price “only” nearly doubling.

VeChain (VET): +46% in 52 hours

VET price following Cointelegraph Markets Pro NewsQuake™

A great example of impactful partnership news is VeChain’s announcement of its collaboration with the accounting firm PricewaterhouseCoopers that came up on Apr. 12.

It was not a huge surprise that the news of the enterprise-oriented blockchain project getting access to the client base of one of the Big Four firms pushed the token’s price 46% up over the fours of two days.

In this case, the NewsQuake™ from Markets Pro arrived significantly before the major rally.

Amp (AMP): +42% in one hour

AMP price following Cointelegraph Markets Pro NewsQuake™

On Nov. 23, a post on Binance’s Twitter account announced that digital collateral token AMP was slated to be listed on the exchange platform. Markets Pro users received their near-instant NewsQuake™ alerts within seconds.

It was a very clean breakout: Apparently, no-one front-ran the news, and the token’s price soared immediately following the public announcement, shooting up almost vertically from $0.050 to $0.071 in just an hour – a gain of 42%.

Timing was key here, and those Cointelegraph Markets Pro members who got the news early thanks to the NewsQuake™ alert found themselves ahead of the pack.

Cointelegraph is a publisher of financial information, not an investment adviser. We do not provide personalized or individualized investment advice. Cryptocurrencies are volatile investments and carry significant risk including the risk of permanent and total loss. Past performance is not indicative of future results. Figures and charts are correct at the time of writing or as otherwise specified. Live-tested strategies are not recommendations. Consult your financial advisor before making financial decisions.


Tagged : / / / / / / / / / / / / /

Crypto Analytics Startup DappRadar to Launch RADAR Token

In brief

  • DappRadar, a popular blockchain analytics platform, will decentralize and launch its own token.
  • The startup has not yet announced how it will distribute the RADAR token.

For the last three years, DappRadar has shared data and analytics about the rapidly growing decentralized apps (dapps) and games industry. Now the startup plans to decentralize itself by launching its own token and recasting itself as a “dapp store.”

On Thursday, the firm announced that it will become the latest blockchain-based platform to launch its own token and shift to a community-owned model. The RADAR token will let holders vote on the future development of the platform, as well as gain access to as-yet-unannounced benefits and rewards.

As part of the shift, DappRadar has labeled itself “The World’s Dapp Store,” repositioning its service as a discovery platform for dapps and decentralized games.

While decentralized applications may be built on the same blockchain platforms (like Ethereum) or even feature interoperable assets, they typically aren’t connected by a shared storefront—like Apple’s App Store, Google’s Play Store, or Valve’s Steam—as traditional apps and games are. They may not even be welcome on such storefronts, as Steam recently outlawed crypto games.

DappRadar provides data on activity and trading volume for a wide array of dapps across 27 blockchain platforms, ranging from decentralized finance (DeFi) protocols like Uniswap and PancakeSwap to popular games like the Ethereum-based Axie Infinity and WAX-based Alien Worlds.

DappRadar plans to pair its existing analytics data on more than 8,300 dapps and games with an increasing focus on discovery, all in an effort to provide more connective tissue across the expanding blockchain industry.

“We built DappRadar around decentralized apps,” said co-founder and CEO Skirmantas Januškas in a press release. “Decentralization stands at the very core of our success and it’s only right to take it to the next level—true decentralization of DappRadar. Bringing the community closer is the only way to keep ahead of the curve and remain successful in the years to come.”

DappRadar raised $5 million in Series A funding in May from backers such as Prosus Ventures and Blockchain.com Ventures. It previously raised a $2.3 million seed round in 2019.

The firm has yet to reveal details on how it plans to issue the RADAR token. DappRadar could potentially sell RADAR through an IDO, or initial DEX offering, via a decentralized exchange, for example. It could also airdrop tokens to users who have used the service in the past, as the Ethereum Name Service recently did with billions of dollars’ worth of ENS tokens.


Tagged : / / / / /

Ethereum NFT Frenzy Cools as OpenSea Monthly Volume Drops 12%

In brief

  • OpenSea’s Ethereum NFT trading volume dropped another 12% in October, while collections like CryptoPunks and Art Blocks experienced steeper declines.
  • However, some projects and platforms across the NFT ecosystem were up in October, including Axie Infinity, SuperRare, WAX, and NBA Top Shot.

NFTs are generating billions of dollars’ worth of transactions each month lately. However, the latest sales data from top marketplaces and collections suggests that momentum within the Ethereum NFT market is still tapering down from the frenzied heights of August.

Leading peer-to-peer marketplace OpenSea is a primary example of the gradual decline in monthly trading volume. Ethereum trading volume on the platform dropped from $3.4 billion in August to $3 billion in September, per data from Dune Analytics, and then dipped down to nearly $2.64 billion in October—a 12% month-over-month decline each step of the way.

Granted, that decline came after a dramatic increase in trading volume on the platform, as OpenSea vaulted from about $329 million in July to that $3.4 billion figure in August. In other words, the decline has been much more gradual than the sudden late summer rise.

OpenSea Monthly Volume
OpenSea monthly volume. Image: Dune Analytics

All told, the wider NFT market skyrocketed to $10.67 billion in trading volume in Q3 2021, per DappRadar, up more than 700% from the Q2 2021 total. We don’t have a market-wide estimate for October’s NFT trading volume yet, but DappRadar’s month-by-month breakdown showed a previous drop from more than $5 billion in August to just over $4 billion in September.

August marked a sudden spike in trading volume across much of the NFT market, as popular collections like CryptoPunks and Art Blocks soared, Axie Infinity continued its torrid summer streak, and OpenSea hit a single-day record of nearly $323 million worth of ETH transactions. By contrast, OpenSea’s best single day in October had nearly $157 million in ETH volume.

Sales momentum around some of the largest Ethereum NFT collections has trailed off lately, with CryptoPunks down from $679 million in trading volume in August to nearly $218 million in September and then $157 million in October, per data from Cryptoslam. Art Blocks, meanwhile, dropped from nearly $589 million in volume in August to $243 million in September, and nearly $94 million in October—sharp declines each month.

Still, although many prominent Ethereum NFT collections haven’t maintained their peak levels from August, other marketplaces and collections saw increased volume from September to October. Also, new NFT projects are launching all the time.

For example, the aforementioned Axie Infinity—a monster-battling game that trades on Ronin, an Ethereum sidechain—saw a bump from $518 million in September to nearly $546 million in October. NFT avatar collection CrypToadz jumped from $62 million in secondary trading volume in September (when it was released) to over $86 million in October amid rising demand.

Artwork marketplace SuperRare posted its best month ever with about $37 million in Ethereum volume, up from about $24.5 million in September. Fellow artwork platform Foundation also notched its best month yet with over $18.5 million in volume in October, up from $16.8 million in September.

Meanwhile, October saw the launch of many Ethereum profile picture NFT projects that put up strong secondary trading volume numbers, including the controversy-plagued MekaVerse with $148 million, Doodles with about $56 million, and MutantCats with nearly $51 million.

There are notable highlights outside of the Ethereum ecosystem, as well. The WAX blockchain has surged to new heights lately, including a new record of over $10 million of trading volume in a 24-hour span in late October, thanks to rising games like Farmers World and Farming Tales.

Meanwhile, the Flow-based NBA Top Shot doubled its trading volume, from $20 million in September to nearly $41 million in October, on the back of classic moment packs and the start of the new NBA season. However, NFT activity on Solana is down lately, with Solanalysis reporting $20.3 million in volume over the last seven days—a 35% week-over-week drop.


The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.


Tagged : / / / / / /

Weezer Is Doing ‘OK Crypto’ NFTs—But Not on Ethereum

In brief

  • Rock band Weezer will launch a set of NFT collectibles on the WAX blockchain starting April 29.
  • The set will include 12 “Ultra Rare” NFTs that can be exchanged for physical toys based on the band’s latest album.

Rock band Weezer announced today that it will join the recent barrage of musicians releasing digital collectibles as non-fungible tokens (NFTs). But unlike most, if not all, of those musicians, Weezer has opted against Ethereum in a favor of a competing network to mint its wares, explaining in a tweet that it would be “better for the environment.”

The NFTs will be released on the WAX blockchain and are based on the band’s most recent album, OK Human—but more specifically, they’re based on a limited run of physical toys inspired by the album, created by Death By Toys. According to Weezer’s Twitter, they “took the toys and turned them into digital collectibles so more people could get their hands on them.”

An NFT, for those who still don’t know, is essentially a deed of ownership for a digital item, whether it’s a still or animated image, video, tweet, video game item, music file, and more. NFTs are tokenized on a blockchain to provide provable scarcity and authentication, affording these digital items a rarity and collectibility that a typical image or video file does not have.

Weezer’s “OK Crypto” NFTs, set to launch on April 28, will include 12 core designs, each inspired by a different track on the album. Each NFT will have multiple variants at different rarity levels, including a single gold “Ultra Rare” version that can be redeemed to receive the physical toy it’s based on. The collection will be sold in packs of 10 NFTs for $20 or 25 NFTs for $40.

In a series of tweets, Weezer explained why it chose the proof-of-stake WAX blockchain—which has been used for other NFTs such as Topps’ Major League Baseball cards and Godzilla collectibles—over an alternative blockchain. Ethereum, one of the most popular blockchains for issuing NFTs, has been criticized for the environmental impact of its proof-of-work blockchain, which requires significant distributed computing power to operate. Ethereum’s high gas prices, essentially transaction fees charged for using the blockchain, were also a concern to the band.

“We want to make our first experience on the blockchain fun and accessible to everyone. You’ll be able to purchase using your credit card and it won’t include any of the gas fees (a.k.a. service fees) you may have heard about,” reads a tweeted image.

“WAX also uses 1% of the amount of energy that [Ethereum] and others use, so there are no issues there either,” it continues. “There are no auctions […] and you can use real money from a credit card, not Bitcoin. Very simple.”

Demand for NFTs has surged in 2021, with more than $1.5 billion in transaction volume in the first three months of the year, according to DappRadar. Many musicians have gotten in on the NFT craze, albeit in varying ways. Artists like The Weeknd, Grimes, Snoop Dogg, and Mick Jagger have released animated artwork or short videos, while rock band Kings of Leon launched its last album as an NFT.


Tagged : / / /
Bitcoin (BTC) $ 27,957.49 3.59%
Ethereum (ETH) $ 1,725.69 3.14%
Litecoin (LTC) $ 68.08 3.01%
Bitcoin Cash (BCH) $ 242.12 2.17%