NFTs short for Non-Fungible Tokens are unique digital assets that represent proof of ownership or certificates for unique assets.
Unlike regular cryptocurrencies like Bitcoin, each NFT is unique meaning that no two NFTs can coexist at the same time. This feature has led to different use cases especially in the digital art scene where creators have represented pictures and artwork as NFTs.
According to the latest stats, there have been over 200,000 NFTs sold with more than $500 million generated from these sales globally. Currently, the most expensive NFT collection ever sold is the “EVERYDAYS: THE FIRST 5000 DAYS.”
The artwork created by digital artist Mike Beeple Winklemann is a collection of 5,000 pieces and was auctioned at Christies for $69.3 million earlier in 2021. The ever-evolving NFT market has attracted many that are looking towards leveraging this unique opportunity.
Among the numerous NFTs available, we’ll be exploring Bounce NFT token and Wax NFT token.
Bounce NFT Token or Wax NFT Token?
Before concluding on which NFT Token is better between Bounce and Wax, it would be more helpful to learn about the two tokens first.
Bounce NFT Token
Bounce NFT Token, also known as AUCTION, is an Ethereum token and the official token that powers the Bounce Finance platform. The platform is a decentralized auction protocol where both the sales of tokens and NFTs are conducted.
The platform, founded in the middle of 2020 by Jack Lu and Ryan Fang. At first, the name of the native token was BOT, before the network decided to change it to AUCTION in early 2021 in a 1:100 ratio.
The change made room for some development, like an enhanced auction system and ‘Fangible’. Bounce provides a means for users to create, collect and trade any kind of digital assets, tokens, and non-fungible tokens across multiple blockchains.
The auction protocol creates a competitive swap environment by carrying out its activities based on the scarcity of resources. Another way is by allowing users to launch an auction of their own, which will be executed automatically and will be controlled by the network.
AUCTION, the official token of the platform was created for a number of reasons. Some of the functions of the token include giving users the governing power in the network, supporting incentives in the protocol, providing the possibility to mine the liquidity, governing the platform, and staking.
What You Stand to Gain
Holding Bounce (Auction) tokens provides different benefits since it is the utility and governance token of the NFT protocol. The token is listed on Coinbase which is one of the reputable crypto exchanges in the world and holders can access different trading features using AUCTION.
AUCTION token has also enjoyed a sharp rise in value in recent months and hit an all-time high of $70 in April 2021. Since then, it has experienced a sharp correction and is currently valued at around $30, and has a market capitalization of $63 million.
Wax NFT Token
Worldwide Asset eXchange (WAX), also known as the “King of NFTs,” was co-founded by William Quigley and Jonathan Yantis in 2017. The platform is a purpose-built blockchain to improve e-commerce transactions.
The platform focuses majorly on making NFTs easily accessible and affordable, not just for the rich but for everyone. With a high number of influencers, investors, and brands flocking to the network, increasing the number of users and transactions, the blockchain is gradually gaining heights as one of the largest and most popular non-Ethereum exchanges for NFTs.
Among the available tokens that the Wax network has like WAXE, WAXE-ETH LP, WAXG, the official native token is the WAXP Token.
What You Stand to Gain
Investors who own WAXP tokens get to experience some benefits. Most cryptos make use of the proof of work mechanism which requires a lot of research, energy and can also harm the environment. However, the Wax network is a carbon-neutral blockchain that uses the Proof of Stake mechanism which equates mining power to how many tokens you own.
They can also stake tokens on the platform and exercise voting rights to block producers and earn rewards thereafter. Users also get to buy and sell NFTs in many dApps and marketplaces with their WAXP tokens. There are other benefits that come with owning a Wax token which you can research extensively if you want to buy it.
At the time of writing, the value of the token was less than $1 with a market cap of about $1 billion.
With the above comprehensive comparison between Bounce and Wax tokens, the question “which one is best?“ might still come to mind. Therefore, the choice of which token to invest in relies solely on an individual.
It’s certainly not an easy comparison to make, as each token has its own unique and distinctive features. By putting important variables in place, investors can determine which token suits them best.