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Like Bitcoin's Lightning Network torch, a WAX torch was created today and has begun being passed along.
The WAX torch is an NFT that is backed by WAX, the token of the WAX blockchain.
If you're unfamiliar with NFTs and backing them, it works like this.... An NFT is a digital item, a file, not unlike a howling-doggie.jpg image you might have on your device. You can copy that jpg image file many times and give it away many times. But, unlike that image which can be multiplied and put "out there" into the wild, the ownership of an NFT can be proven on the blockchain. A special, individual NFT can be shown to be truly special and unique.
On WAX, it's possible to back an NFT file with WAX tokens...to put money behind it. That means that if the owner decides to "burn" the token (decides to cash it in), he or she would then be awarded those backed tokens. I think of backed-NFTs as "redeem-for-cash" coupons.
The WAX torch begins
Telegram user @johanbeneke came up with the idea and started the torch with a post today, shown below (https://t.me/WAXNFTtraders/259):
The torch can be seen and monitored at https://wax.atomichub.io/explorer/asset/1099511631598.
Looking at the blockchain, it seems that the NFT torch started at 25 WAX by the t1.5c.wam WAX wallet address. 3vvau.waa carried it from 25 to 26 WAX. ikfau.wam made it go from 26 to 27. ikfau.wam moved it from 27 to 28.
I stumbled in
This was the point when I stumbled into the conversation on Telegram. I bought the torch for 28 WAX.
I figured, this is great...great idea, fun, trying things out, proving the concept, hopefully goes to charity. Let's step it up. I backed it with 100 WAX. Then, I goofed. When I looked at the NFT, it still read being backed by 28 WAX. I figured my backing transaction had failed for some reason, so, I tried again.
Surprise! Now it's backed by 200 WAX! Okay, I guess we'll really step it up!
It's all okay. The owner of wallet fvfqu.wam purchased the WAX torch from me for 229 WAX. I'd bought it for 28, added 200 to 228, then sold it for 229. (There was a small percentage in fees, but the trade was essentially a wash.) And, it was fun and gave the feeling of being a part of something new and big and just starting out.
More importantly, the torch moved along.
The ease of creating, selling, buying, trading, or backing NFTs on this platform is amazing. There are large possibilities here and something tells me that the next big use-case is still out there to be pondered up by some clever person.
So, where is the torch now?
I'm not sure of the torch's status when you're reading this, but you can check the WAX "Pass The Torch" at https://wax.atomichub.io/explorer/asset/1099511631598
:)
I don't see the point, but if you have fund doing it. ;)