WaxStash is an NFT marketplace created in 2020 so that NFT enthusiasts and creators from all over the world would be able to buy, sell, and transfer NFTs. It takes pride in being one of the best NFTs marketplaces due to its fantastic user experience and usability.
This platform was built on WAX (Worldwide Asset eXchange), known as the biggest videogame and entertainment decentralized network. Moreover, it is popular for how easy it is to buy and sell NFTs on its platform. However, to know whether this is true or not, we created this handy review with everything you need to know about WaxStash.
WaxStash at a Glance
- Community-governed NFT marketplace
- Operates on its own blockchain technology
- It works through collections and assets of NFTs
- This marketplace offers exclusive Pack Breaks to its members
Commissions and Charges
There isn’t much information online about the commissions and charges of this site. However, we could find out that it charges a fee of 3% for each transaction that collectors do on the site.
Some NFT marketplaces allow people to buy directly with their debit cards or PayPal account. However, this is not the case in WaxStash. In order to make payments in this NFT marketplace, you must have either ETH or WAX tokens, which is the native cryptocurrency of this blockchain.
It uses ETH because it is the second most widely spread cryptocurrency globally, and it is the one that NFT collectors use the most when buying and selling NFTs. Therefore, it is an easy cryptocurrency to buy.
Nonetheless, collectors can also buy WAX tokens and make all transactions with them, as they are tokens created through the ETH blockchain.
It is essential to mention that WaxStash has a tokenomic structure, in which collectors can get several types of WAX tokens and receive benefits, such as governance rights.
Just like any other NFT marketplace, WaxStash divides itself into several categories. This structure makes it easier to identify the different NFTs that can be bought on the platform so that collectors can find better deals for their preferred tokens.
Pack Breaks is a groundbreaking modality of this marketplace, in which a creator announces a pack that may contain a limited number of slots. Each slot represents an NFT that is going to be released once all slots are sold.
Any member of WaxStash’s community can buy slots, and you can check out the live packs in the Pack Breaks section. That’s where all the packs are exhibited, and once they open, the platform randomly assigns a unique NFT to each buyer. However, if you don’t like the NFT you were given, you have the possibility of getting a refund.
NFT Assets are special tokens meant to be traded for other assets. Most collectors don’t keep these tokens, as they tend to use them to obtain better NFTs or rare collectibles.
Some of them, such as the Farmer Coin, can be used to create other NFTs and sell them on the platform.
The final category is Templates. These are usually series of NFTs that include several similar randomized tokens, such as the famous BAYC. Anyone can buy one or several of these tokens, and creators love this option, as they don’t have to make their NFTs from scratch after creating the first template.
WaxStash first appeared as a decentralized marketplace for NFTs in June of 2020. It was one of the pioneer projects of the WAX Blockchain, and it is meant to provide a free space where NFT enthusiasts and creators can trade all sorts of tokens.
Unlike other popular NFT marketplaces, WaxStash is entirely community-governed, and government rights are given through a tokenomic structure. Moreover, one of its most notable features is called “Pack Breaks.” This feature works like a randomized auction, in which each buyer gets assigned an NFT from the chosen collection.
In addition, some of the most popular native NFT collections from this platform are Garbage Pail Kids and Alien Worlds NFTs. It has a sister platform called atarinft.io, which only sells certified Atari NFTs that vary in price depending on their rarity.
The first thing you need to do is create an account in WaxStash. In order to do this, you must buy some WAX tokens, so you can begin making transactions on the platform. Then, you may see the main screen, in which you’re going to be able to search your favorite collections by typing in their names.
Then, after you click on your preferred NFT, you may see a table with its status. Some of the indicators you may see are the following.
- Its rarity
- The collection it belongs to
- Its current owner
- The cost
Some people may say this is a peculiar way of presenting NFTs compared to other platforms, but it is relatively intuitive and allows you to place bids effortlessly.
Creating with WaxStash
WaxStash is an excellent marketplace for new creators to start their NFT businesses, as it is straightforward to use and features several incredible assets for creators. However, the first thing you must do to become a creator is to mint WAX Tokens, which are going to help you get access to the creator features.
Then, you can begin creating your NFTs. This platform allows you to use virtually all media formats, such as images, video, and audio. In order to start, you can create your first collection by uploading media content and giving it a name, which must be of exactly 12 characters.
However, don’t worry if you’re not fond of that name, as you can then choose a display name with more or fewer characters. Once you do this, you can promote yourself by adding your social media links to the NFT collection. It may also need a description that’s meant to convince collectors to buy your NFT, a market fee, and a commission rate, which is the money you may receive each time your NFT is resold.
Once you’ve created your collection, you need to create a “schema,” which are shorter series inside each pack. After that, you can create an “asset,” which is the individual NFT with specific and unique characteristics. However, please make sure to double-check all the information of your asset, as it can’t be edited after you mint it.
Moreover, you can take advantage of the possibility to create templates, as this makes it easier for you to make similar NFTs later on.
Pros and Cons of WaxStash
Now that we’ve been through all the features of this popular marketplace, we can agree that it has several great perks, but it also has some drawbacks that collectors and creators must be aware of before committing to it.
- It has its own coin
- The user experience is highly intuitive
- It is entirely community-governed
- Pack Breaks are incredibly innovative
- Low commission fees
- It only accepts ETH and WAX tokens as a payment method
- You can’t edit NFTs
- Users must buy tokens to become creators
A Few Interesting Facts about WaxStash
- It has its own Telegram channel to keep people updated
- The creator is deeply involved in the community and actively solves all problems that appear
- WAX surpassed the NFT trading volume of Ethereum
- Its NFT sales can be sold out in minutes and even seconds
WaxStash is one of the most popular and rapidly-growing NFT marketplaces out there. It takes pride in being extremely user-friendly and providing a fantastic community experience to all of its collectors and creators.
Moreover, if you wish to know more about it, please feel free to visit its website and check it out for yourself.