WAX price prediction: What’s in store for the NFT ecosystem?

WAX, which claims to be ‘the king of NFTs’, is down over 34% over the past 12 months

Digital image of two WAXP coins, one on a grey background the other on a white background                                 
Alongside digital assets, WAXP is looking to bring blockchain technology to the e-commerce industry – Photo: Shutterstock
                                

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The buzz about NFTs has ballooned over the past year, as more and more people talk up the potential value of these digital assets.

Released in 2017, WAX (native token WAXP) is a purpose-built blockchain, that, according to its website, hosts dApp marketplaces, games and NFTs.  

The site refers to WAX as “The King of NFTs”, and claims to be “the most used and transacted blockchain ecosystem in the world for NFTs, dApps and video games”.

The crypto alleges it has supported the trading of some of the largest NFT collections, hosting on its ecosystem partners such as Capcom, Funko and Atari.

While the crypto sounds fairly interesting, does it have legs? Given how saturated the NFT market is, will the coin continue to have reason to declare itself the “King of NFTs”?

Before we look at the WAX coin price prediction, let’s take a quick overview of the coin.

What is WAX (WAXP)?

WAX, according to its literature, has several key functions that set it apart from competitors.

One is called the vIRL NFT, for example, an innovation whose name has been trademarked by the platform. A vIRL NFT differs from a normal NFT by offering a range of functions including marketing tools and e-commerce capabilities, according to the company’s website.

A vIRL NFT is linked to a real-world object. This apparently allows individuals to change ownership of a real-world object without having to ship it. In other words, a buyer does not have to receive the object to claim ownership. This vIRL NFT links the buyer and the object, with both buyer and seller agreeing that at a specific date the ownership of the object changes hands. 

WAX also claims that by using a Delegated Proof-of-Stake (DPoS) consensus mechanism, its platform is 125,000 times more energy-efficient than Ethereum 1.0 and Bitcoin.

To further establish itself as an energy-conscious enterprise, the crypto has announced plans to release “carbon offset vIRL NFTs”. Collectors can have trees planted for every dollar spent, it says.

According to its website, WAX sees 500,000 unique daily visitors and 23 million daily transactions.

Founders of WAX

WAX was founded by William E Quigley and Jonathan Yantis in 2017.

Quigley completed his degree in accounting from the University of Southern California, before receiving an MBA at Harvard Business School. In 2016, according to his LinkedIn profile, he became managing director of Magnetic, a New York-based, advertising-focused artificial intelligence company. He is also managing director of Cashel Enterprises, a crypto-focused investment vehicle. Before founding WAX, Quigley also co-founded Clearstone Venture Partners. 

Yantis began his career as a US Navy weapons electronic engineer. According to the company website, he “created virtual item trading in 1997”. The technology subsequently was used in games such as World of Warcraft. He is currently CEO of OPSkins, a marketplace for buying and selling digital items, as well as COO of WAX.

How does this information affect a WAX price prediction for 2022? 

Before looking at the forecasts, let’s do a quick overview of the recent performance of the coin.

From the WAX white paper

The “Worldwide Asset eXchange (WAX): Global Decentralised Marketplace for Video Game Virtual Assets” was published in March 2018. 

The white paper states: “Each year, 400 million-plus gamers purchase $50bn in virtual items worldwide. The vast majority of gamers who buy and sell virtual assets today are likely to have their items stolen or pay exorbitant fees through cross-border transactions unless they go to a centralised trading platform. This market friction is the key factor limiting the growth of this $50bn-plus market.

“The ideal solution to this problem is a global virtual asset repository, accessible to anyone, which provides a complete catalogue of all items available for sale in real-time. Such a repository, when coupled with distributed trust mechanisms and a reliable low-cost settlement network, will vastly improve price discovery and market liquidity, thereby increasing market size.”

WAX coin performance and WAXP news

Upon launch, the WAXP coin surged from $0.9684 on 5 January 2018 to a record high of $2.5625 four days later. The price subsequently dropped to $0.1431 by the start of March 2018 before making a partial recovery to $0.3786 that May.

The WAXP coin eventually dropped again, however, to a low of $0.06756 in September 2018 before increasing to $0.1227 two months later. After this point, the coin price stayed in the range of $0.016-$0.12 between 2019 and through to the end of 2020.

In 2021, the coin price picked up again, rising from $0.04484 in February to $0.3338 at the end of March. WAXP subsequently dropped once more to $0.1646 the following month. Towards the end of 2021, the WAXP price spiked, hitting $0.936 in November.

In 2022 the coin has had something of a rollercoaster ride. The price dropped to $0.2483 on 22 January 2022 before recovering somewhat, reaching $0.3784 on 7 February. On 24 February, when Russia invaded Ukraine, it fell to $0.2469 before rebounding to $0.393 on 2 April.

However, the recovery was short-lived and a new, seven-month low of $0.2447 was recorded on 26 April. Worse news was to come towards the end of the second quarter of 2022, when multiple market-wide crashes caused the value of most altcoins to plummet, hitting a new 16-month low of $0.07522 on 18 June.

The token closed the month of June trading at $0.09321. Moving roughly in line with the broader crypto market, the token has gained some momentum gained over the past few weeks. However, like most altcoins, the behaviour of the WAXP is contingent on macro headwinds.

As of 28 July, the token is trading at $0.1006, having peeked above the $0.10 mark consistently for the past two weeks. The coin has a total supply of 3.91 billion coins and a current circulating supply of 2.12 billion WAXP coins. The network thus has a current market capitalisation of $213m.

But how does this information impact a WAX price prediction? Let’s take a look…

WAXP coin price prediction

Predictions can be helpful as an indicator of which direction the price may move but as possibilities rather than absolutes.

With this in mind, DigitalCoinPrice thinks WAXP could be worth $0.15 by the end of August 2022, and $0.14 by December. The site suggests the coin will be worth $0.16 in August 2023, but $0.15 in August 2024. The website’s WAX price prediction for 2025 stands at an average of $0.20 and suggests the coin will continue on a general year-on-year uptrend, making a WAX price prediction for 2030 of $0.47.

WalletInvestor, in a bearish coin price prediction, thinks WAXP could recede to less than $0.009 in one year’s time.

Gov Capital estimates the WAX price prediction for July 2023 to be around the $0.60 mark, while the forecast for 2027 stands at $4.38.

FAQs

The coin has a total supply of 3.91 billion coins and a current circulating supply of 2.12 billion WAXP coins.

Potentially. The coin has performed very well over the past year, and the coin has managed to become one of the major players in the NFT sector. 

However, it is always worth remembering that the crypto market is highly volatile and the price of all tokens and coins can go down as well as up. 

Lots of analysts forecast the coin will go up in the future, with some forecasts predicting the coin could go up quite significantly.

Remember, however, that cryptocurrencies are highly volatile, and forecasts, especially long-term ones, are better viewed as indicators rather than absolutes.

Investing is a highly personal endeavour. Do your own research and try to keep up to date with any developments within the WAX ecosystem that could boost its prospects.

Remember, investing can be risky, and it’s important never to invest more money than you can afford to lose.

Further reading

The material provided on this website is for information purposes only and should not be regarded as investment research or investment advice. Any opinion that may be provided on this page is a subjective point of view of the author and does not constitute a recommendation by Currency Com Bel LLC or its partners. We do not make any endorsements or warranty on the accuracy or completeness of the information that is provided on this page. By relying on the information on this page, you acknowledge that you are acting knowingly and independently and that you accept all the risks involved.
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