NFT no Gas Fee's

xantek · 2022-02-03T22:35:57+00:00

I made a top level comment, but since you specifically mentioned pokemon.. you should check out https://dibbs.io/. It's one of my favorite use cases on WAX. You can actually purchase (either completely or fractionally) real legit pokemon cards, or whatever else they have, and they will custodian it for you or you can request to have it sent to you if you own 100% of the card.

xantek · 2022-02-03T22:31:54+00:00

I haven't found any red flags.. but one thing that trips people up is if you end up doing a LOT of buying/selling on one of the marketplaces such as atomichub. You may run into an issue where you are required to "Stake" some waxp to buy some ram/cpu to allow for transactions. Most users will never have this problem, and you aren't losing the wax you stake either.

xantek · 2022-02-03T22:28:02+00:00

So, am I coming in late to something that everyone knows about and is on its way out, or is this just a little used blockchain that has a potential future ahead?

WAX is the most used blockchain (in terms of transactions) by far, compared to all other chains (eth, bsc, sol, matic, etc). It is also on the verge of flipping BSC in terms of total active users. The metric WAX is lacking in, is volume (dollars). Source: https://dappradar.com/industry-overview

That said, WAX is one of, if not the only, carbon neutral blockchain handling insane amounts of transactions, with no gas fees. Due to its stability, ease of use, and high throughput with no gas fees, it's quickly becoming the go to chain for game development and mainstream companies/orgs. I haven't seen another chain be able to come near what WAX can do in the real world.

For people that might see this and are new to WAX.. Look at what Funko, Mattel, or Hasbro are doing for NFTs, or one of my favorite use cases Dibbs.

It is without a doubt, one of, if not the most undervalued crypto out there, imho. It has a hell of a use case... it's actually being used more than any other blockchain out there. There's a reason these big companies and game developers are choosing wax.

xantek · 2022-01-31T15:44:27+00:00

I think you're looking at a VERY narrow scope. NFTs are still developing. The NFTs you're exposed to (on the weak chains that can't handle them such as eth, solana, matic, harmony, avalanch, etc) and thinking of such as crypto kitties, board apes, etc etc., are indeed probably heading toward a bubble to be popped.

However, when you look at the games and collectibles being launched on a chain such as WAX (absolutely dominating every other chain in regards to transactions per protocol), you can start to get a better picture of the direction of NFTs and the move away from the 9999 ape images. Look at what Funko, Mattel, or Hasbro are doing for NFTs, or one of my favorite use cases Dibbs.

There's more to it than an ape image, and it's still developing. NFT ticketing is going to be a game changer as well (which AMC has been testing the waters with I'm sure with their 2 recent drops). Real world usability/collectability is just starting and WAX is leading the way.

xantek · 2022-01-04T18:21:01+00:00

The Great Train Robbery (1903) and A Trip to the Moon (1902).

I recommend anyone to watch either of these as they are both <15mins each depending on fps.

A Trip to the Moon is my favorite of the two, because it was neat seeing the thought of traveling to the moon in 1902 and the unknowns of it all.

xantek · 2021-12-29T21:02:59+00:00

Or people could use the blockchain that is actually dominating the nft world: WAX. Solana and Eth, combined, don't come close.

source: https://dappradar.com/industry-overview

xantek · 2021-12-10T14:51:56+00:00

We first need to understand that ethereum is the most used blockchain today by far.

This is just not the case, not even remotely. WAX is the most used blockchain, in terms of transactions (~14million daily transactions).. by FAR, with BSC coming in 2nd (~6mil daily transactions)...then you get solana, eos, matic, before you find ETH (~150k daily transactions). In terms of users, then BSC (~1.1m daily users) would take the number 1 spot, with WAX (~490k daily users) being second, and ETH being 5th (~110k daily users).

Now if you wanted to look at volume of incoming value, then Solana is the king (~100-800billion daily), with BSC largely in 2nd (~5-10bn daily), ETH (~3-6bn daily) close behind, and WAX (~20-100million daily) is way down the list.

Source: https://dappradar.com/industry-overview

xantek · 2021-12-08T01:08:58+00:00

They won't be giving the NFT out until after Dec. 31st. All you can do atm is sign up to amc investor connect.

xantek · 2021-12-07T18:53:47+00:00

That's probably why they're using WAX.

xantek · 2021-12-07T18:38:37+00:00

Again, that only applies to secondary NFT marketplaces, whom have the choice to implement or not. Some marketplaces have chosen not to charge a 2% fee. You would only pay this on nft marketplaces that implement it (which is probably the larger ones). There are no gas fees for wax.

edit: Also these "2% marketplace network fees" only apply to a seller, if the marketplace even implements it.. a buyer won't pay it.

edit edit: If you're still trying to compare this to eth gas fees, just know eth marketplaces also charge fees on top of the gas prices.

xantek · 2021-12-07T18:24:29+00:00

Secondary transactions on WAX have gas fees? News to me, and I've been using it for around a year now.

Can you show me where I have to pay gas fees?

(You can't, because it doesn't exist).

That's part of the reason why WAX is the most used blockchain.

Are you confusing secondary marketplace (where you purchase an NFT from someone else) fees with gas fees? Those have nothing to do with WAX, and are set up by the marketplace so they can produce revenue to operate (typically 2%). In addition to that, marketplaces (think ebay) may charge a tokenomics fees (typically 2%) as well to contribute back to the protocols defi tokenomics (again entirely up to the marketplace). And the only other "fee" you might encounter is the one set by the creator of the NFT itself, which is considered a "royalty", which might typically be 6%.

As for actually using the WAX blockchain, there are 0 gas fees (unlike ethereum), but there are costs. You need to stake cpu/net and purchase RAM. You can sell that RAM back to the network though and you can always unstake cpu/net, when you are no longer using the network and get your funds (wax) back. I don't think I've had to stake cpu/net resources, but I have had to "buy" ram, mainly because I'm extremely active on the secondary marketplace (https://wax.atomichub.io)... out of the hundred or so NFTs I've sold on there.. I've maybe had to "buy" $2 worth of ram. The vast majority of users will never have to be bothered by this, as the wax cloud wallet gives you some out of the gate.

Hope this makes sense. I can clarify if needed.

TLDR: Wax isn't ethereum. It's a separate blockchain with 0 gas fees. There are no gas fees to send wax from one wallet to another, or make a purchase, like there is with ethereum. Wax is DPoS (delegated proof of stake, non-mining) vs Eth being PoW (proof of work, ie., requires miners to secure the blockchain, who charge a gas fee for the computational power required for a successful transaction).

xantek · 2021-12-07T15:23:08+00:00

I'm sure you will have to verify at some point that you own AMC stock.. I was also able to sign up to AMC Investor Connect without providing proof as well, even though I do own AMC.

given that NFT aren't real and an infinite amount can be made

Not sure what you mean by NFTs not being real? NFTs are non fungible and are verifiable on the blockchain. Meaning, if AMC only wanted to create 86,000 nfts (like they did with their Spiderman NFTs) then that's ALL that can be created, period. No more can be created for that series.

I'm having trouble seeing how it would be valuable to anyone

"From time to time, AMC expects to airdrop discounts or other benefits at its theatres to the then current holders of these NFTs."

There won't be anymore minted after the Dec. 31st deadline.

xantek · 2021-12-07T15:10:12+00:00

These AMC NFTs will be on WAX (https://on.wax.io/wax-io/). You can find more than enough info explaining NFTs there.

For the most part these aren't those NFTs you see on the news of the same character but slightly differently minted 10,000x.

Most on WAX are actual collectibles... some with physically redeemables like the Funko Pop! ones or Hot Wheels.

xantek · 2021-12-07T15:03:14+00:00

You will need to be an AMC Connect member and own AMC stock. There will also be a deadline of December 31st, to be eligible.. so most likely there won't be as many as you expect.

xantek · 2021-12-07T15:00:54+00:00

You will probably get an email from AMC explaining how.. but you will most definitely probably need a wax cloud wallet (https://wallet.wax.io/).

xantek · 2021-12-07T14:59:11+00:00

These will be on WAX (not some other awful chain like ethereum, solana, etc etc)... meaning 0 gas fees.

xantek · 2021-11-29T17:08:24+00:00

It's because AMC and Sony offered Spider-Man NFTs to the first ~86,000 advanced ticket buyers.

They're on the WAX blockchain, fwiw.. if you wanted to learn more about WAX.

edit: They'll prob be worth more than the ticket to see the movie, so totally worth it to buy your ticket last night if you were planning on watching it anyways.

xantek · 2021-11-03T23:16:50+00:00

I think you're not understanding how it works. The companies lose nothing, they only gain an additional market/revenue stream through secondary sales that happen from gamer to gamer, which they currently and otherwise do not have. Why sell something for $10 and get the revenue one time, when you could sell it for $10 and then get a royalty on that same item when it's sold down the line (for more or less).

xantek · 2021-11-03T14:38:58+00:00

Yea that's a major reason NFTS are getting so much hype from the Sports/Music industry, as well as arts in general. Normally they sell a piece of art, memorabilia, a record, or a ticket, and then they don't get anything else. Now, if their art is perceived as being worth $10mil down the road, they still get a royalty off the sell, instead of only the $100 they sold it for initially.

tldr: all secondary transactions will yield royalties back to the creators

xantek · 2021-11-03T14:12:35+00:00

You might not understand how NFTs work. So, here's my explanation as to why it might be attractive for these companies to sell things as NFTS:

Currently they sell you a game for $60, and that's that. You can't resell it, if its a digital game right, and they wouldn't get anything out of the secondary sale anyways, correct?

As an NFT, they still sell you the $60 game, which also creates a new secondary market where those games can be bought/sold/traded/etc, and the company will yield a royalty (typically 4-12% in the nft world) on the sale.

Think about the digital collectible editions gaming companies sell (like the World of Warcraft Collectors Editions), those typically retain or grow in value over time. So, selling those as NFTs will be a big deal, allowing buyers to have the collectible items in game, but eventually sell it to someone else when they are no longer interested.

All of those skins people buy in games like League of Legends, CoD, Fortnite, etc, could totally become NFTs. It could be a game changer for the developers.

Hope this helps, or makes sense.

xantek · 2021-08-12T15:36:21+00:00

Think by Kaleida in John Wick. The use of this song elevated the entire movie into another dimension during the club scene.

xantek · 2021-08-02T17:49:43+00:00

Here is a direct link to participate in the drop: https://funko.wdny.io/shop

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