WAX originated back in 2015 when a team of three developers, John Brechisci Jr, Jonathan Yantis, and William Quigley, created OPSkins. OPSkins is a digital marketplace for video games assets, such as rare collectibles and other valuable in-game items. Later, in 2017, the same team introduced Worldwide Assets eXchange (WAX), which was the next step in the creation of the best platform for videogame assets trading. Despite the WAX release, OPSkins continued to work until it closed in 2021.
WAX positions itself as a blockchain platform for NFTs, video games, dApps, and collectibles. It has full backward compatibility with EOS which means that all dApps built on EOS can be easily duplicated on the WAX blockchain. WAX utilizes the Delegated Proof of Stake consensus algorithm meaning that WAXP tokens can be used for staking and block production. WAXP can also be used to pay fees for the execution of smart contracts and to buy assets in the digital marketplace.
In November 2021, WAX released the Hot Wheels Garage Series 1 NFT Collection. The collection was created in collaboration with the official Hot Wheels brand and consists of 97,200 collectibles. The collectibles are divided into four levels of rarity: basic, rare, premium, and treasure hunt.