Wakkata is the new king of NFT Blockchains. According to Anuj Jasani, ‘The Metaverse will be the real world in the near future’. Have you ever heard the word “metaverse” before? If not, 2022 is the best time to learn about it. So, gear up. After a brief, really brief introduction, we will get to our prime target.
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What is Metaverse?
To begin with, let’s see what the Metaverse is. So what exactly is the Metaverse? This is mainly due to Facebook’s rebranding to Meta in late 2021. This phrase has become more common in the context of the cryptocurrency market. The Metaverse refers to an all-encompassing digital universe in which users can communicate with one another and conduct daily activities as avatars. They can essentially have the same experience as they would have in the real world. It is simpler to visualize the Metaverse as a physical-digital overlap that combines the best aspects of both platforms.
It can also be viewed as the next step in the evolution of online environment. Social interactions will become even more multifaceted, allowing us to participate and connect with others. Recent projections show that the worldwide Metaverse market will expand by up to 40% over the next eight years, reaching roughly $670 billion by 2030. The Metaverse is now home to a booming virtual market. The accessibility of Metaverse cryptocurrencies has led to their adoption by consumers and investors as their prevalence on exchanges has increased.
What is Wakkata?
Are you impatient to learn about the project we are discussing today? Okay, and then let’s begin right away. I’m not exaggerating. Wakkata is the new blockchain technology that is taking the world by storm. It is intended for the Metaverse and the NFT. Believe me! It offers greater advantages than BSC, Ethereum, and Solana. The Metaverse experienced a massive boost in 2017 with 10-100x rallies on projects like Decentraland and the Sandbox, but the era of the Metaverse and NFTs is only beginning.
Yes, it has been a massacre recently, but the Metaverse market is projected to increase to about a trillion dollars by 2030. The entire cryptocurrency market is currently worth over$ 2 trillion, so imagine the possibilities! The project scope extends beyond gaming to include much-desired infrastructure initiatives like a fast blockchain. Consequently, larger individuals will profit from the market expansion. These chains are not scalable enough to support a $1 trillion metaverse industry. For instance, Ethereum completely crashed during last month’s other side Metaverse land sell.
Let me tell you about the most intriguing aspect of Wakkata: Reading about it made me realize that we need new networks developed explicitly for gaming, NFT, and the Metaverse. I generally observe the launches of new Blockchains and side chains, so I was familiar with Flow, Immutable X, and other similar chains. However, this time Google led me to a page that listed a chain I had never heard of, Wakkata. It stated fascinating features such as an upgraded and time-limited NFT and rates below $0.001 per transaction. So I chose to explore more. I was so impressed by the quality and uniqueness of Wakkata that I was convinced to buy it then and there. Don’t worry; I’m not hiding these attributes from you.
Wakanta is filled with marvelous features. Consequently, I would like to highlight a few key elements.
Number 1: developers. It is built by the same team as Sensorium Galaxy ($SENSO token), a massive Metaverse project. It has virtual reality, AAA quality graphics, and relationships with prominent DJs like David Guetta, Steve Aoki, etc. Eventually, the Sensorium will resettle in Wakkata.
Number 2: one-of-a-kind. It is the only Layer-1 blockchain built for non-fungible tokens, entertainment, and the Metaverse. It is well optimized for such endeavours. It is a one-of-a-kind project.
Number 3: growth. Wakkata blockchain was initially designed for the Sensorium Galaxy, but it has grown into a much larger concept. Wakkata will be receptive to all types of entertainment developments, allowing it to develop into a massive NFT and gaming center.
Number 4: NFT conceptualization and turnkey development. Non-fungible tokens are an efficient method for strengthening your virtual economy. Using the network protocol, your project and users can generate NFTs with just a few clicks. The NFTs caused by Wakkata are inexpensive, quick, and compatible with ERC-721 and ERC-1155 standards.
Number 5: upgradeable, time-limited, and text-rich NFTs. Using NFTs that can change over time or have time-based parameters, you can explore the unlimited possibilities of the digital landscape. From artist collaborations to modern art pieces to event tickets, these next-generation NFT features can distinguish your business.
Number 6: on-chain auctions for Wakkata native-tokens. Wakanta Blockchain provides decentralized trade of NFTs, eliminating mediators and their associated fees. NFTs minted on the Wakkata blockchain can be auctioned on the blockchain, allowing for a more transparent bidding procedure.
Number 7: multi-role settings. Multi-role settings make decentralized application management easier than ever before. Without having to modify smart contracts or input a single line of code. Wakkata allows you to define and assign numerous roles for your DAapp.
Number 8: customizable user fees. From user recruitment to market specific objectives, Wakkata acknowledges the significance of user incentives. The network allows you to construct a structure that corresponds to your product specifications. WKT costs may be partially or entirely subsidized to provide fee-free or discounted environments.
Number 9: Algorithmic Incentives for Validators (AIV). Network fees must remain low with so many entertainment goods reliant on micro transactions. AIV, manages gas fees based on network load. This method eliminates delays and prevents excessive network free volatility.
Number 10: GameFi structures. Blockchain became swiftly successful in finance, giving rise to DeFi. DLT solutions can equally help gaming environments. By creating game structures, Wakkata can improve your in-game economy with Defi-style solutions.
Number 11: staking rewards. As a nominated proof-of-stake blockchain, Wakkata’s governance framework and network security are dependent on staking. By staking, native WKT, holders can receive competitive financial returns while contributing to the development of the ecosystem moving forward.
Let’s see how hassle-free it is to connect to the blockchain: Not too long ago, decentralization was viewed as a complicated notion that was unsuitable for many industries. No longer is this the case. Wakkata guarantees a simple integration regardless of your industry. It provides: Frictionless integration. Wakkanta appears to have been designed with users in mind. Therefore, it provides a software development kit or SDK that allows Unity and Unreal Engine, iOS and Android applications to be readily connected to the framework. It also offers a seamless migration from Ethereum. Wakkanta expands the scope of your project with the full Ethereum Virtual Machine or EVM compatibility. As we mentioned earlier, you may easily migrate your existing Ethereum-based smart contracts to Wakkata’s Polka Dot-compatible network. As we mentioned earlier, Wakkata is fast, scalable, and cheap. The throughput of Wakkata is quite high at over 1,000 transactions per second. If we compare this to Ethereum’s 30 TPS or BSC’s 50-60 TPS, we see it is as little as $0.001 per transaction, compared to $3 on Ethereum and $0.30 on BSC. This is ideal for gaming and NFT projects where users frequently trade in-game assets.
Wakkata is the technology and Polkadotor Kusama ecosystem. It is a feature of Wakkata that adds to its worth. Wakkata is created utilizing the same Substrate technology architecture that underpins the Polkadot ecosystem.
It is designed for corporations and developers. The network will be packed with features that make it extremely simple for non-crypto-savvy users to integrate it into their existing structures for bespoke solutions or leverage its rich NFT kinds VIA Proprietary Minting Platform.
Moving on; Wakkata blockchain intends to mint NFTs with qualities that no other blockchain can provide: time limited, unhashed, and upgradable NFTs.
Number one, we see; Upgradable. NFTs that allow the holder to make modifications. As the holder, you become a co-creator.
Number two is time limited. NFTs can alter their characteristics over time. For instance, an NFT concert ticket can be changed into a band-signed souvenir after the concert.
On number three we have Unhashed. These are containers with information rather than NFTs with a metadata connection to an image or other object. For instance, you can detect people whose NFTs are not hashed. It provides EVM compatibility, fees that can be customized, cross-change NFTs, and transparent on-chain NFT auctions.
Now, what’s next? WKT- is the token that’s behind it all. Wakkata’s native token enables staking, governance, and payments on the Wakkata network. Its stake, governs and pays. Talking about staking, we see that by securing your WKT assets you support Wakanta in maintaining the network security. You can receive competitive rewards in the meanwhile. Moving to governing; WKT holders can offer proposals, make changes, elect council members, or apply to become one. As far as paying is concerned. You can employ the native token to cover all network operational expenses, including NFT minting and transaction fees. The token WKT makes it all easy peasy!
So, you see why I’m so keenly interested in Wakkata? It is rare to discover a blockchain with outstanding technology and great relationships that meets the industry’s trendiest concept. Wakkata is intended for NFTs and entertainment, is connected to a large Metaverse Sensorium Galaxy, and has merged with Roborace. Art is quick and inexpensive, and it offers MFT advancements that other Blockchains do not, such as NFTs that can be upgraded. Furthermore, the team is developing substrate that is compatible with the Kusama and Polkadot ecosystems. The possibilities are just staggering. I’m glad we were able to catch this early. Wakkata has not yet disclosed any token sale intentions, although it is strongly recommended to stay connected.
[This article is a transcription of a video made by Crypto Diary]
Original video: https://youtu.be/8swgQ49YRuE]