WAX would like to share some of what we have been building recently, specifically how non-fungible tokens (NFTs) will interact with the WAX Blockchain, and, how the WAX Blockchain Bridge Service will enable any NFT to be traded on a variety of blockchains (only the Ethereum and EOS blockchains are depicted in the image above, however, this functionality will exist for use with many other blockchains). To facilitate these cross-blockchain trades, WAX will airdrop blockchain-specific WAX Tokens to holders of WAX Tokens so that the NFTs can be traded between both blockchains.
How does WAX cross-blockchain integration work?
Say you have an NFT, which is a cryptographically unique asset that can’t be replaced by another similar asset, that you want to trade. We’ll use a CryptoKitty as an example. Your CryptoKitty exists on the Ethereum blockchain, but you want to trade it on the EOS blockchain instead because it’s faster and cheaper.
To do this, you will trade your CryptoKitty to a WAX-ETH address, where WAX will lock up the item into a smart contract so that it cannot be traded on the Ethereum blockchain anymore. It will then be sent to the WAX Blockchain. To execute this transaction, you’ll pay a small fee in the form of WAX-ETH (ERC-20) tokens.
Now, the item is tradable on the WAX Blockchain, or you can choose to move it to the EOS (or other) blockchain. To execute this transaction, you’ll pay a small fee in the form of WAX-EOS. If you wish to move it off the EOS blockchain, you’ll move it back to the WAX Blockchain and then trade it as desired.
What does WAX cross-blockchain integration have to do with OPSkins?
OPSkins will be a robust NFT marketplace by the time this is implemented. OPSkins first added CryptoKitties in December 2017 and has already announced partnerships with more than a dozen other NFT partners, and will continue to add more in the future. So even the process of initially acquiring the NFT can/will occur in the WAX & OPSkins ecosystem, since the NFTs can be purchased on OPSkins using a variety of payment methods, including of course WAX Tokens.
How do users receive the WAX-EOS token, or other blockchain-specific WAX Tokens?
Further instructions for receiving airdrops of blockchain-specific WAX tokens will be released at a later date.
How does WAX cross-blockchain integration benefit the WAX ecosystem?
The above benefits the WAX ecosystem because it:
- Enables the interoperability of NFTs between different blockchains, allowing NFT traders to choose their preferred blockchain when trading NFTs
- Enhances the use case and provides additional utility for WAX Tokens because fees are paid in a version of WAX each time an NFT transfers from one blockchain to another
- Gives WAX Token holders airdrops of blockchain-specific tokens
Additionally, cross-blockchain integration ties together WAX’s major initiatives over the last few months, including:
- Partnering with NFT’s, building the WAX protocol token and blockchain
- Developing the use case for the ERC-20 token which will remain in circulation once the airdrop is out
- Continuing to optimize the user experience on OPSkins Marketplace.
You can see how the WAX ecosystem will begin taking shape as we continue development on the WAX Blockchain and protocol token. We look forward to sharing additional updates with the community.
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