WAX, one of the most important blockchains in the NFT space, has announced it will be launching its first NFT collection with cross-chain capabilities.
The “Blockchain Brawlers” collection will see its first batch of 100 NFTs auctioned on Binance’s NFT Marketplace on November 30th. Each NFT will represent a brawler with different designs, traits, and editions which holders will be able to collect and later use on the upcoming Play-to-earn game being developed by WAX.
These NFTs will be easily transferable between blockchain networks by using a novel bridge, with Binance Smart Chain being the first to be connected to the WAX network. Users of WAX Cloud Wallet will be able to view and interact with their NFTs while they are stored in the BSC, bringing a new level of convenience to the technology.
Once the NFTs have been launched and acquired by NFT collectors, the bridge will allow them to easily move them between WAX and BSC-based NFT marketplaces whether they want to store, trade, sell, or buy them. The bridge is expected to be available at some time during the second quarter of 2022. William Quigley, co-founder of WAX, said about the bridge:
“The NFT bridge built by WAX can build a future we envision, in which blockchain and NFT marketplaces are accessible to everyone regardless of the chain types.”
The partnership with Binance goes beyond the integration of the two networks, as Binance has recently launched its new Initial Game Offering (IGO) initiative. With it, blockchain game developers will be able to share their projects with gamers around the world to receive funding while providing them with early access.
Ever since the launch of its blockchain mainnet in 2019, WAX has become an increasingly relevant player in the growing NFT ecosystem. The network offers multiple multi-services that have made it easier for creators and developers to launch their NFT projects with the addition of the cross-chain bridge representing one of the major milestones in the fulfillment of WAX’s vision.
A report by the Blockchain Game Alliance back in September of 2020 found that gas prices during 2020 resulted in a drop of more than 90% on Ethereum’s gaming activity between May and September. While the king of blockchain networks started recovering after that, the rise of third-generation blockchains like Cardano, Binance Smart Chain (BSC), Solana, Polkadot, and more, have resulted in an increasingly fragmented blockchain ecosystem. The Q3 of 2021 report states:
“BSC is a blockchain often associated with decentralized finance. However, since July, game activity within the Binance-branded network has increased significantly. During Q3, BSC attracted 608,000 daily UAW on average. 168,000, or 28% of those UAW, connected via game dapps. Analyzing the same scenario that unfolded in Q2, less than 2% of BSC’s UAW came from blockchain games. The 168,000 UAW represents an impressive 1,701% growth QoQ. “
With BSC having gained massive popularity as an alternative to the Ethereum network ever since the DeFi summer of 2020, WAX’s decision to choose it as the first network to be integrated with WAX is understandable. BSC not only offers high transaction settlement speeds but also extremely low fees which allow gaming and NFT projects relying on a high volume of low-value transactions to better reach their audience.
By combining WAX’s experience in the NFT and blockchain gaming ecosystem with the capabilities of BSC, WAX co-founder William Quigley expects to create a bigger NFT ecosystem that opens new doors to all of its users. This is the main mission behind the GameFi project initiated by the company, which will create a new NFT ecosystem reminiscent of a Metaverse to cement the company’s position as the “King of NFTs” while driving innovation and adoption.