Record network activity and a second NFT boom send WAX price higher

Just a few days before Bitcoin (BTC) price plunged below $30,000, the NFT sector was dominating headlines for the second time in 2021, led by a month-long 972% surge in the price of Axie Infinity.

Another NFT-focused protocol that has been gaining fundamental strength in recent months is Worldwide Asset eXchange, also known as WAX — a protocol that claims to “deliver the safest and most convenient way to create, buy, sell, and trade virtual items to anyone, anywhere in the world.”

WAX/USDT 4-hour chart. Source: TradingView

Data from Cointelegraph Markets Pro and TradingView shows that between June 27 and July 9, the price of WAX’s WAXP token climbed 70% to a high of $0.151 before the Bitcoin-led sell-off pulled the price to its current value of $0.11.

Three reasons for the rally in WAXP include the growing list of well-known brands launching collectibles on the project’s blockchain, an active network with fast transaction times and its integration to decentralized finance via cross-chain compatibility with the Ethereum (ETH) network.

Popular brands launch NFT projects on WAX

Nostalgia can be a potent source for attracting an audience willing to engage with a product and WAX has managed to capitalize on this by partnering with somewell-known brands in the United States.

Current partners include Atari, Topps, William Shatner and Capcom and a scroll through the project’s Twitter feed shows recent campaigns for Street Fighter V Series 2 cards and special edition Bratz collectibles.

Popular collectibles like baseball cards and Garbage Pail Kids, along with more modern games like Alien Worlds (TLM) offer users a variety of options that help attract a wide audience…

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