WAXP shot up 55% from its price of $0.4790 today to a high of $0.7430 in just 17 minutes after it was announced that Amazon Inc. is investing in fractional sports-card NFT marketplace Dibbs.
Dibbs has a very interesting concept where sports card collectors can send their prized physical assets, such as a baseball or basketball card, to Dibbs, who will then store the asset in a high-security vault.
They have then created a marketplace where users can buy fractional shares of the physical trading card, receiving an NFT in return as a certificate of ownership.
Owners can then sell their share on the Dibbs marketplace with round the clock trading, without having to worry about shipping, damage or fraud. It's not available in the UK for now (where I'm based), but I'm excited to try it out when it becomes available.
Now Amazon Inc has invested in the startup and it's exciting to see one of the great business giants enter the NFT game. Dibbs already secured $13m in their first round of funding earlier this summer.
The reason for the WAXP pump? Dibbs utilises the WAX blockchain to power its NFT marketplace.
Boom, amazing news for everyone involved in WAX!
The price of WAXP has come down over the past 40 minutes and is hovering around the $0.60 mark at the time of writing.