With the price of Bitcoin hitting its lowest levels this year, cryptocurrency traders are looking for alternative tokens that are being driven by positive fundamental news updates. Since the year 2021 has been very receptive to decentralized finance technology and non-fungible tokens, it should not be surprising to learn that the Worldwide Asset eXchange token has been lighting up the market pricing charts.
The Worldwide Asset eXchange protocol is essentially a blockchain platform that supports the issuance and trading of NFTs. The Worldwide Asset eXchange protocol is essentially a blockchain platform that supports the issuance and trading of NFTs, which are unique digital collectibles that hold value outside of the Ethereum blockchain.
Each WAX coin comes with a real-life physical representation of the NFT on a blockchain-enabled "card." This digital unit is a cryptocurrency token built on Ethereum. This means it trades on decentralized exchanges, is traded on crypto-friendly exchanges, and is tradable on centralized exchanges.
Why is WAX coin doing well at a time when traders are mostly sitting on the sidelines? The Worldwide Asset eXchange protocol allows for the sale, purchase and trading of just any asset. We are going through a period of deep nostalgia for digital constructs from the early days of the web, and collectors are very interested in acquiring NFTs that reflect this trend. Original and unique MP3s, documents from the Bulletin Board System era, and even CD images of America Online installation software are being turned into NFTs, and they could one day hold significant value. For the time being, they are being traded and evaluated by collectors on the WAX network, which explains why this token rallied by more than 70% in late June.
Many investors believe that the NFT market could one day redefine the way we hold auctions of antiques and other collectible items; this is a reasonable forecast, and it has resulted in a rush to load up on tokens such as WAX. As can be imagined, there's always the risk of the NFT market becoming overpriced to the point of reaching bubble status, but investors do not seem to be worried at this time.