What Does a Successful Blockchain Look Like?

What Does a Successful Blockchain Look Like?

How do you know that today’s most successful NFT blockchain will still be on top three months from now?

You don’t – and part of that uncertainty has to do with how “successful” is defined. In the infancy of the non-fungible token (NFT) space, maybe it was appropriate to obsess over sales volume. While that provides a snapshot of how blockchains rank at a moment in time in terms of a single metric, sales volume can no longer be considered the only indicator of current performance. Nor can it be relied on as an indicator of future performance.

Real-world consequences exist for ignoring other metrics. At the surface level, the value of the NFTs and in-game artifacts are diminished, while the price of the utility tokens that operate the platform could be penalized by the market. But the deeper consequence is that a blockchain’s sales volume is not indicative of how popular or scalable it might be.

Worldwide Asset eXchange, or WAX, is in a position to form a considered opinion on the subject. While its volume numbers are healthy, the project’s founders are adamant that this is not a sufficient goal for an expanding blockchain ecosystem.

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