The WAX blockchain has great support for the trading and holding of non-fungible tokens (NFTs). With the availability of tools like Bloks and the WAX Cloud Wallet, viewing and trading NFTs is easier than it has ever been. In this article, we will explain what NFTs are, and how you can purchase, view, and trade them.
What are NFTs?
In short, a non-fungible token is a token which represents a unique object. An NFT is unique, meaning there is no 100% similar NFT. They are the opposite of regular/fungible tokens, which are all similar and interchangeable. Another key difference between regular tokens and NFTs is divisibility. Regular tokens can be split up in smaller parts (1 WAX can be split up in 2*0.5 WAX for example), whereas NFTs can not be split up into smaller parts.
An NFT can represent a lot of different things, ranging from certificates to ownership of certain assets. But perhaps the most important property of NFTs, is that they enable the verification of digital scarcity without requiring a centralizing entity to confirm authenticity. This gives them both authenticity and liquidity.
Some examples of popular games which utilize NFTs are Cryptokitties, the widely known cat collecting and breeding game (some cats can also be seen in the image above), and Prospectors, an MMO with a wide variety of items.
How to purchase and hold NFTs?
As said earlier, WAX offers great support for buying and holding NFTs. To do this, you will need a WAX account. There are 3 different kinds of WAX accounts, which all function similar, namely:
- Regular WAX account (guide available here)
- Ledger WAX account (guide available here)
- WAX Cloud Wallet account (guide available here)
In this article, we will explain the complete process of buying, viewing and transferring NFTs with a WAX Cloud Wallet account, since a WAX Cloud Wallet account is the easiest to create and use. You can, however, use all of these options to purchase and hold NFTs. If you do not have a WAX account yet, use one of the above guides to create one.
Logging into Simple Market
Now you have created an account, it’s time to go to the WAX Cloud Wallet, and unlock it using the login option you used to create the account. After you have unlocked the WAX Cloud Wallet, navigate to Simple Market. Simple Market is a convenient marketplace dApp where you can buy, sell, transfer, and offer your WAX NFTs. (You will be able to buy NFTs on the WAX Marketplace too soon!)
On Simple Market, click ‘Login’ on the top right, and select ‘WAX Cloud Wallet’ from the menu. This will open the above window, in which you can verify all information and approve the login to your account. After clicking approve, you will be logged into Simple Market.
Purchasing NFTs on Simple Market
Once you are logged in on Simple Market, you can start purchasing NFTs! To purchase an item, navigate to the market page on Simple Market. On the market page, you can view all available NFTs and purchase them if you’d like.
If you see an item you would like to purchase, click on it, and click on the ‘Buy’ button on the page of the item. This will open a new window (as can be seen in the image above), in which you are able to approve the transaction.
After approving the transaction, you will be able to claim the item. Claiming the item adds it to your WAX Cloud Wallet account. To claim the item, click ‘Claim your items’ after your purchase. Then, click the ‘Claim’ button below the item you just purchased, and approve the transaction. The item will now be visible under ‘My assets’ and in your WAX Cloud Wallet!
How to view and transfer NFTs on WAX?
Viewing and transferring your NFTs is just as easy as purchasing NFTs, and can be done directly on Simple Market, or from inside your WAX Cloud Wallet. In this part, we will explain how to do it using the WAX Cloud Wallet.
How to view your NFTs
Viewing your NFTs can be done in multiple ways, namely from inside the WAX Cloud Wallet, and from outside of the WAX Cloud Wallet (through Bloks).
Viewing your NFTs on Bloks is very quick and easy and does not require you to login to your WAX Cloud Wallet. It can be done by navigating to Bloks, and looking up your account (using the account name). On the page of your account, scroll down to the ‘Chain data’ tab, and select ‘NFTs’. This will show you all the NFTs on your account (as can be seen in the image above).
The second way of viewing your NFTs, is from inside the WAX Cloud Wallet. This is convenient when you have already unlocked the wallet or when you are planning on transferring an NFT. To view them, simply unlock your WAX Cloud Wallet. You can then view them (as can be seen in the image above).
How to transfer your NFTs
Transferring your NFTs is very easy and can be done within seconds, directly from the WAX Cloud Wallet. To transfer an NFT, unlock the WAX Cloud Wallet, and click on the ‘Transfer’ button below the NFT you would like to transfer.
This will bring you to the next page, where you have to specify the recipient of the NFT. Fill in the account name of the recipient and click on the ‘Transfer’ button. This will open a new window where you can approve the transaction. Once that is done, the NFT has been successfully transferred.
Founding block producer for the EOS mainnet. Telos, Lynx, and BOS Block Producer. Active top WAX Guild. Partner in the Europechain sister chain. Investor in blockchain projects. Governance, intercultural cooperation, and security specialist. You can find us here:
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