WAX is implementing a 2% Network Fee on all NFT secondary market transactions on the WAX blockchain, which will be collected, aggregated and then distributed to participants in the WAX DeFi model. That means that every time an NFT is bought and sold on a WAX-powered marketplace, such as Atomic Hub, Myth.Market, Collectables.io, etc, a portion of that transaction is collected as a Network Fee and paid out to the community via the WAX DeFi system on Ethereum.
While other chains have implemented gas fees and resource models that can inhibit growth, the current resource model on WAX makes transactions run far more smoothly. However, WAX’s current resource model alone is not sufficient for healthy tokenomics that rewards stakers. As such, the new WAX DeFi model introduces additional rewards to ensure healthy tokenomics that can allow the WAX ecosystem to flourish, and these newly implemented Network Fees are the engine driving this new tokenomic model. In order for this mechanism to function, all marketplaces that are powered by the WAX Blockchain are responsible for implementing the standard Network Fee collection and aggregation framework.
You can read more about the new DeFi and Tokenomic model, including how participants of the WAX ecosystem benefit from the collection of Network Fees, here.
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