From the King of NFTs to the #1 Metaverse Blockchain for Gaming, NFTs and DeFi
The WAX Blockchain had another great year in 2021. It rounded off the year officially celebrating more than 10 million WAX Cloud Wallets (wallets that can be simply created using social media), processing on average 15 million+ daily transactions (which is 8,000 per second), entertaining 500,000 daily users and overseeing the trade of more than 100 million digital collectables.
In short it is the most used and transacted blockchain in the world.
This information may come as a surprise to some readers where blockchain begins and ends with Ethereum. There is indeed a huge community on Ethereum and yes WAX is building an Ethereum Virtual Machine (EVM) to be deployed on the WAX Blockchain in 2022. This will help bring top GameFi, DeFi and other projects to the WAX Blockchain in conjunction with WAX Lab’s 100 million WAX Token Fund.
Aside from bringing new technologies to WAX, it will also allow Ethereum Smart Contracts to be run on the energy efficient, low transaction cost WAX Blockchain, and this is where the real joy lies.
WAX is the first certified carbon neutral blockchain — producing only about 110 tons of carbon a year and offsetting 211 tons.
To put that into context, Bitcoin and Ethereum protocols are anything but eco-friendly. Bitcoin consumes around 202 terawatt-hours per year — more than entire countries about the size of Thailand. And, a single Ethereum transaction consumes as much electricity as an average U.S. household uses in a workweek and has a carbon footprint equivalent to 140,893 Visa credit card transactions or 10,595 hours of watching YouTube.
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The Cambridge Bitcoin Electricity Consumption Index (CBEI), housed in the Judge Business School at the University of Cambridge, UK, has been tracking Bitcoin since 2019. In its most recent findings published in May 2021, the CBEI reported bitcoin mining currently consumes 133,68 terawatt hours a year of electricity – consistently rising year on year from the when this research began.
Based on this report, The Financial Times called Bitcoin a ‘dirty currency’ in a lead story the same month.
In contrast, by utilizing a proof-of-stake protocol, WAX is able to use no more energy than a traditional game server to process transactions and has a carbon footprint that equates to 5.5 people for an entire year.
Furthermore, WAX partnered with the National Forest Foundation and releasing the world’s first fully tradable Carbon Offset vIRL NFTs. These beautifully designed packs are available in various price ranges, and for every dollar spent and composted (redeemed), the National Forest Foundation plants a tree sapling.
These are a permanent installment on the blockchain, so WAX users can take steps to erase their carbon footprint any time they like.
The transition from the King of NFTs to the #1 Metaverse Blockchain for Gaming, NFTs and DeFi has been an incredible journey — and we look forward to watching this space in 2022.
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