A crypto wallet is essential for storing and trading NFT and interacting with NFT markets. Similarly, to use the purpose-built NFT WAX blockchain and explore the NFT collections on it, you’ll need a WAX wallet.
In this article, we have curated the WAX wallets available on the market according to their reliability and compatibility. In addition, you will get to know the popular NFTs and games on the WAX blockchain.
Table of Contents:
What is WAX Blockchain and why is it known as “The King of NFT”?
The Worldwide Asset eXchange (WAX) blockchain is a purpose-built NFT blockchain designed to provide a faster, safer, and more intuitive way to create, buy, sell, and trade virtual (NFT) and physical items around the world.
WAX is faster and more energy efficient than many PoS and PoW blockchains thanks to its Delegated Proof of Stake (DPoS) consensus model.
Compared to Ethereum, the WAX blockchain consumes a whopping 222,000 times less energy.
WAX has emerged as the most proven Web 3 ecosystem, as brands can launch NFT collections, play-to-earn games, dApps, DEXs, and NFT marketplaces. It offers a set of tools and documentation for brands to build on the WAX blockchain.
In July 2022, DappRadar reports that WAX held a 42% market share in the GameFi space amid the bear market.
WAX was founded by William Quigley and Jonathan Yantis in 2017. William Quigley is a venture capitalist and cryptocurrency and blockchain investor. He was the first institutional investor in PayPal and is also a co-founder of many transformative crypto companies, including Tether.
Jonathan Yantis is one of the first Bitcoin miners and blockchain investor. The duo is also behind OPSkins, the world’s largest marketplace for trading digital items.
WAX NFT
The WAX blockchain is undoubtedly home to many popular play-to-earn NFT projects, including Alien Worlds, Farmers World, Age of Farming, and Million on Mars.
Among the many successful NFT projects on WAX, Age of Farming and Million on Mars are the two NFT games that have seen recent growth of 126% and 426% in monthly transactions, respectively.
Wax is expected to revolutionize V-commerce with its nFT vIRL.
Brands that have launched NFT games and collections on the WAX blockchain include:
- Blockchain Brawlers
- Funko •
- Topps
- Capcom •
- Atari •
- Funimation by Sony
- famous movies and more.
4 best WAX NFT wallets
- Wax Cloud Wallet
- Wombat Wallet
- Anchor Wallet
- Ledger Wallet
Wax Cloud Wallet
The Wax Cloud Wallet is a product of WAX. It acts as a gateway to the WAX NFT and WAX dApps markets.
Since this is an NFT-centric wallet, NFT collectors and blockchain players can easily buy, collect, and sell NFT WAX on wax Cloud Wallet.
Users can also store and exchange WAX tokens on their Wax Cloud Wallet.
It has an intuitive user interface and provides quick access with a one-click login. No need to memorize semi phrases / retrieve sentences.
Creating the WAX cloud wallet account is also very simple, and you can log in with social media platforms, such as Meta (formerly Facebook), Twitter, TALK, VK, Discord, Reddit, LINE, and other platforms, such as Twitch and STEAM.
Creating WAX Cloud Wallet does not include backing up private keys like other blockchain wallets, such as MetaMask, Phantom, Coinbase Wallet, Trust Wallet, etc.
Upon successful creation of your WAX Cloud Wallet, you will be awarded a WCW badge, an NFT Wax Badge Membership. For this, you will be charged 5 WAXP/$5 USD during the wallet creation process.
for:
- No need to back up seed/recovery phrase
- Simple, secure and provides instant access to all NFT and DeFi WAX ecosystems
- Cross-platform support: Since it is a cloud wallet, it can be used on Windows, macOS, Android and iOS
against:
- Since it has to recover data from the cloud, sometimes it is slow
- No access to the private key. Therefore, importing an existing WAX account into another wallet is not possible
Wombat Wallet
The Wombat Wallet is a custodial wallet and is considered the home for NFT games. Unlike other custodial wallets in the cryptocurrency world, you don’t have to remember or worry about the safe handling of recovery phrases.
Because the Wombat wallet itself provides encrypted backups for your private keys using Google Drive or Dropbox.
The best part about the Wombat Wallet is the suggestion of a price for your NPTs.
Wombat is a multi-chain wallet that supports WAX, EOS, Telos and Ethereum.
With Wombat Wallet, you can access NFT marketplaces, such as AtomicHub, NeftyBlocks, SimpleMarket, and OpenSea.
In addition to managing NFTs, you can send/receive tokens from/from EOS, WAX or Telos accounts or Ethereum addresses. You can also buy and trade tokens within the wallet.
The Wombat Wallet also includes a social login option such as the WAX Cloud Wallet.
Pros:
- Cross-platform support: iOS and Android.
- It has the Google Chrome extension.
Cons:
- Access to private keys is limited to paid users
- Does not have support for the Ledger hardware wallet
Anchor Wallet
Anchor Wallet is an open source custodial wallet. A secure wallet allows users to have control over their private keys. It was formerly known as eos-voter and Greymass Wallet.
Like the Wombat Wallet, the Anchor Wallet is also a multi-chain wallet. Anchor Wallet supports EOSIO chains, such as wax, EOS and proton chains.
Each Anchor Wallet account holder will get a limited number of free transactions if they use Fuel, a Greymass project.
Pros:
- Support for all EOSIO-based blockchains
- Cross-platform support: Windows, macOS, Linux, iOS and Android
- Free transactions
- Ledger hardware wallet support
Cons:
- Non-user-friendly interface
Ledger Wallet
Ledger Wallet is one of the popular hardware wallets that stores cryptocurrencies and NFT offline.
Hardware wallets are more secure than hot wallets and cloud wallets since they do not connect to the internet.
Although there are many hardware wallets available on the market, the Ledger Wallet is the one supported by many of the WAX NFT markets and dApps.
Pros:
- Highly secure
- Cross-blockchain support: one device for all blockchain assets
against:
- Instant connection is missing as you need to connect your device every time you want to interact with WAX dApps
conclusion
The 4 WAX wallets mentioned above can be used to store and trade FFT WAX. You can choose the wallet according to your needs.
If you want to have an NFT gaming experience, choose wax Cloud Wallet or Wombat Wallet.
If you prefer security rather than faster access, you can choose the Ledger Hardware wallet.
