The WAX cryptocurrency is currently getting some of its value back although it is still a long way off from the value it held a few months earlier. The esports-themed currency is trading at 46 cents as of the middle of Friday. This comes amid a new flow of trading volume for the currency.
The move comes as the prospects for the currency to grow even further have increased. All of this occurs as the esports community continues to grow and the influence of esports is becoming even more noticeable throughout the world.
The increase in the currency’s value is close to twice that of what it was worth earlier in the week. However, WAX is still trying to climb back up after having lost a significant amount of its value earlier.
WAX had been trading for close to a dollar per coin within the past three months. In early January, the currency went past the $2.70 mark for a brief moment. But since then, the currency has been slumping and has only managed to get to around 25 to 30 cents on average.
WAX has experienced a massive rise in trading volume to help it move forward. The 24-hour trading volume reached $100 million during the early part of Friday. It had only been worth a few million dollars during the start of the week. However, the growth in the value of WAX has helped get the currency to move back onto Coin Market Cap’s listing of the hundred most valuable cryptocurrencies in the world.
Understanding WAX
WAX is a cryptocurrency that started off of the OPSkins esports marketplace. This exchange has been responsible for supporting the trade of skins that change the appearance of various items on different esports games highlighted on the Steam gaming network. These include popular games like Team Fortress 2 and Counter-Strike: Global Offensive.
The company behind OPSkins launched the WAX, or Worldwide Asset eXchange, coin as a new cryptocurrency that can support transactions where esports players can buy such skins. They can buy them and apply them into their games so they can use them in any competition they enter into.
The WAX coin is expected to continue to be intriguing as the esports industry continues to grow and more people get in on the games being offered. The coin simplifies skin trading by letting players acquire skins from other players without any third parties involved. There is no need for players to exit their current gaming sessions as they use the coin. The instant payment support offered here also ensures that transactions can be made accordingly and without problems.
It is particularly estimated that the esports industry is growing by about 50 percent per year on average. This is based on revenues associated with esports games. Ratings for esports events that stream online have been increasing as well, particularly with the formation of the Overwatch League. Esports will also be a part of the 2022 Asian Games in Hangzhou. These points might cause the WAX cryptocurrency to become a bigger deal as time moves along.
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