NFTs continue to generate a lot of buzz around cryptocurrency and the art scene developing on blockchain technology.
Up and coming projects like NFThive are paving the way for people to interact with digital assets of all kinds. Meanwhile, cryptocurrency news is disrupting entire markets.
Amidst the chaos, it’s important to know what your options are about these tokens and how to handle them on new platforms.
Here is the ultimate NFThive guide and everything you need to know about its blockchain, WAX.
The WAX Blockchain
The Worldwide Asset eXchange (WAX) is the self-proclaimed “King of NFTs”.
Their DeFi (decentralized finance) blockchain technology powers a variety of dApps (decentralized applications). These dApps range from video games to f virtual assets or NFTs.
With a market cap of $301.5 million, it’s no wonder why WAX claims to be the King.
The buzz generated by NFTs (non-fungible tokens) has led WAX to create WAX Labs. They are a digital space where creators can propose projects revolving around NFTs that would exist as a dApp within the WAX ecosystem.
Anyone with an internet connection has the ability to interact with NFTs on their ecosystem.
Remember, non-fungible tokens are unique digital assets. The individuality of an NFT is what inspired WAX to curate a global entertainment network around these monetized tokens.
WAX Tokens and NFT Sustainability
The WAX token is the in-house cryptocurrency that is used for processing fees in dApps like NFThive. Trading with cryptocurrencies can be complicated (especially for beginners).
The WAX token is interoperable within the WAX ecosystem. NFThive traders have the option to rely on only this blockchain ledger to keep track of their digital assets.
This is an attractive safety feature for cryptocurrency traders who are used to the price volatility of decentralized exchanges (DEX).
Speaking of safety, WAX has recently stated that it “is 222,000 times more energy-efficient than BTC (bitcoin) and ETH (ethereum)”.
Why does this matter?
Recent tweets from Elon Musk have sparked controversy over mining practices in the cryptocurrency space. Decentralized exchanges around the world have reflected the public’s concern through major market dips and price volatility.
This sustainable approach by WAX in regards to NFT interaction may be the key to a successful future for NFThive and any marketplace that wants to gain traction and longevity.
The Background of NFThive
What began as a startup proposal by German Developer and NFT enthusiast, Ben Petersen, NFThive has now become a popular online marketplace, collection hub, and databank.
WAX Labs has backed the NFThive project with 75,000 WAX tokens and continues to support its development today.
The key features loved by WAX community members revolve around the dApp’s interface, set building tools, and market analytics.
The goal of NFThive is to become a multifunctional marketplace where crypto art lovers can store their collectibles and continue their quest of completing their sets.
This is done by offering users unique listings in the form of images, animations, and even audio files. Listings are advertised by seller intent.
For example, you can buy a single item, in a bundle or pack, or even make an offer through an auction.
Users can use the sidebar filter options to set their buying preferences.
How NFThive Works
NFThive utilizes the power of the WAX blockchain to bring you both primary and secondary market exposure, all in one place.
Using the explorer tools in the main menu, you can browse all the available collections with ease. Here you can stay up to date on the latest NFT drops and even search for specific assets within your preferred collections.
Not looking to spend any WAX tokens?
No problem! There are plenty of trading options programmed into the NFThive environment. Soon, you will even be able to search for specific users who are holding a token for you.
For now, you can take advantage of the bulk trade and transfer tools that allow you to examine the rarity, quantity, and DEX price of your NFTs.
NFT traders and cryptocurrency investors alike can take advantage of the data analytic tools offered here.
Using these analytics, users can make informed decisions about their next trade, buy or sell.
Cryptocurrency investors can analyze data about the top markets and collections and can even see updated charts on market volume and WAX to USD price histories.
The NFThive Guide to Tradeable Assets
Now that you know what NFThive is and how it operates on the WAX blockchain, it’s a good idea to be familiar with these notable NFT examples.
Alien Worlds is the largest collection available on NFThive with a volume worth 1.6 million WAX.
The NFTs bought, sold, and traded here give the token holder assets with in-game usability.
Once the NFT is transferred into the Alien Worlds game it then becomes an active part of the gameplay, appearing in the form of a “standard shovel” or a “male human”, for example.
That’s not all.
These NFTs also help gamers earn Alien Worlds’ native token, trillium (TLM).
TLM tokens are a tradeable cryptocurrency at decentralized exchanges like MXC which means that what was once an NFT can become a liquid asset and can even return back to a fiat currency.
The earning potential is limitless within the NFT space.
The Godzilla franchise made headlines with its release of NFT collectibles on the WAX blockchain. Their blockchain debut sets the tone for other icons to follow.
NFThive Review
WAX made a wise investment by backing this multifunctional marketplace.
As this NFThive guide has shown you, this dApp is home to many tools that can help anyone buy, sell or trade their NFTs. The data analytics provided by the WAX network offer any cryptocurrency enthusiast a wealth of information as well.
Still Curious about the potential of crypto arts and non-fungible tokens?
Check out our other NFT articles for more information about this booming market and insider tips on how you can get involved.
