Whether you’re new or just getting started with WAX blockchain, this guide will walk you through the essentials – from its origins and purpose, to how you can access it and where to explore once you’re inside the ecosystem.
WAX History
WAX (Worldwide Asset eXchange) was founded in 2017 by William E. Quigley and Jonathan Yantis, with the goal of revolutionizing digital commerce. Originally focused on virtual item trading, WAX evolved into a full–featured layer-1 blockchain optimized for NFTs, gaming, and digital assets.
Before launching its own chain, WAX began as an ERC-20 token on Ethereum, serving as a utility token for early platforms like OPSkins. This initial phase helped bootstrap the community and laid the groundwork for WAX’s broader vision.
In late 2017, WAX held its Initial Coin Offering (ICO), raising over $68 million through the sale of WAX tokens. Consequently, this event marked one of the early large-scale token sales during the crypto boom, providing the foundation for the platform’s ecosystem and community.
In 2019, WAX transitioned to a public blockchain built on EOSIO, enabling high scalability and low-cost transactions. This move helped WAX become one of the most active NFT blockchains in the world, powering hundreds of millions of transactions and partnering with brands like NASCAR, AMC, Mattel, and Hasbro.
Moreover, WAX pioneered vIRLs®—NFTs linked to physical products—bridging the gap between digital ownership and real-world commerce. Today, WAX is known as The Everything Chain, supporting everything from meme coins to game economies.
What Is WAX?
WAX is a purpose-built blockchain designed to simplify digital asset creation, exchange, and ownership. Unlike general-purpose blockchains, WAX focuses on:
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NFTs and digital collectibles – WAX is home to thousands of projects, from gaming assets to virtual merchandise. It was also one of the first blockchains to demonstrate real NFT utility—proving that tokens could unlock more than just visual art. Through innovations like vIRLs® (NFTs linked to physical products), WAX pioneered use cases that blend digital ownership with real-world value.
But utility goes even further on WAX. NFTs are integrated directly into games as playable assets, used in staking pools to earn rewards, and even serve as access passes for exclusive drops and community perks. Platforms like Pepperstake, WAXDAO, and a game like AlienWorlds or Warsaken showcase how NFTs on WAX are not just collectibles—they’re functional tools in dynamic ecosystems. - Energy efficiency – Built on Delegated Proof of Stake (DPoS), WAX offers near-zero carbon emissions, making it one of the most eco-friendly blockchains in operation.
- User-friendly design – With tools like the WAX Cloud Wallet, onboarding is simple—even for those new to crypto. No private key management, no browser extensions—just a fast, familiar login.
Its infrastructure is optimized for high-volume transactions, making it ideal for marketplaces, games, and decentralized applications (dApps). WAX is also known for its commitment to accessibility and innovation. It’s not just a blockchain—it’s an ecosystem built to empower creators, collectors, and developers alike.
From meme coins and staking pools to branded NFT drops and cross-chain bridges, WAX continues to evolve beyond its original focus. Platforms like wax.fun, Pepperstake, and WAXDAO show how WAX blends playful experimentation with powerful tools for building decentralized economies.
Whether you’re launching a game, collecting digital art, building a DAO, or experimenting with tokenomics—WAX offers a fast, eco-friendly, and creator-first foundation for Web3.
Wallets & Access
To interact with the WAX blockchain, you’ll need a wallet. This wallet acts as your digital identity and allows you to send, receive, manage assets and tokens.
WAX Cloud Wallet
- Designed for ease of use
- Login via Google, or any other e-mail.
- No need to manage private keys manually
- Ideal for beginners and casual users
- As of March 2025, WAX removed the 5 WAXP fee for wallet creation, making it completely free to onboard new users. This change reflects WAX’s commitment to accessibility and user growth.
ANCHOR WALLET
- Offers full control over keys and permissions
- Compatible with desktop and mobile
- Preferred by developers and advanced users
Once your wallet is created, you’ll receive a WAX account name (e.g., angelo.wam) and can begin exploring the ecosystem.
For a step-by-step guide to creating your wallet, see our dedicated article:
How to Set Up Your WAX Wallet
Chain Resources & PowerUps
When you create a WAX wallet and begin using the blockchain, your account consumes three types of resources:
- CPU – Processing time for executing transactions
- RAM – Storage for NFTs, tokens, and smart contract data
- NET – Bandwidth for sending transactions across the network
WAX simplifies this with a PowerUp model. Instead of staking WAXP manually, users pay a small fee to temporarily access CPU and NET. This makes the system more predictable and beginner-friendly.
Additionally, a portion of every PowerUp fee is burned, permanently removing WAXP from circulation. This creates deflationary pressure and supports long-term sustainability. If fees exceed operating costs, WAX enters a net deflationary mode. If they fall short, the protocol allows up to 5% annual inflation to maintain stability.
Exploring the WAX Ecosystem
WAX is more than just a blockchain—it’s a thriving network of marketplaces, games, defi and tools. Here are some key destinations to get started:
NFT Marketplaces
- vIRL – Official WAX Studios marketplace for NFTs
- AtomicHub – The largest NFT marketplace on WAX
- NeftyBlocks – Creator-friendly platform with drop tools
- NFTHive – Community-driven marketplace with analytics and rarity tools
DEFI & Exchanges
- Alcor Exchange – Decentralized trading for WAX tokens with advanced charting and liquidity pools
- WaxOnEdge – DEX aggregator offering smart routing and multi-pool optimization
- TacoSwap – Low-fee, community-focused DEX with incentivized liquidity pools
- wax.fun – A meme coin launchpad with fair-launch mechanics where creators can deploy tokens with no presale or team allocation
- Defibox – A multi-protocol DeFi platform offering swaps, stablecoins (USN), and decentralized lending on WAX
- WAX Fusion – Liquid staking protocol that lets users earn yield while retaining access to their WAX. Also offers CPU rental and protocol-owned liquidity
- LaunchBagz – A fun and secure token launchpad for deploying new WAX-based tokens with gamified mechanics
Tools & Analytics
- WAXMarketCap – Track token prices and project stats
- WAX Hub – A platform for influencers, creators, and community builders to discover campaigns, share WAX projects, and earn rewards for contributing to ecosystem growth.
- BountyBlok – Automate tasks and community rewards
- Pepperstake – NFT staking platform where creators can launch custom staking pools tied to their collections
- WAXDAO – Offers staking, token creation, and DAO tools for community-driven projects
- RWAX – A new tool for tokenizing NFT collections on WAX. Collection owners can create tokens for schemas and assign value based on NFT traits and rarity.
What’s Next?
Now that you understand what WAX is, how to access it, and where to explore, you’re ready to take the next step. In our upcoming article, we’ll walk through wallet creation—so you can set up your account, secure your assets, and start interacting with WAX dApps, games, and marketplaces.
Stay curious, stay informed—and welcome to the WAX ecosystem!
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