How to use RWAX

Hive Digital
6 min readJan 22, 2025

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RWAX is the brand new tool to tokenize NFT collections on WAX. Colleciton owners can create tokens for schemas in their collection and set up factors based on traits on NFTs to determine their value in tokens.

How to create tokens

Collection owners can go to https://r-wax.io/create-token to get started. Connect your WAX Wallet and a you will a see a list of collections you’re authorized to edit. If you don’t have a collection yet, there’s a button that takes you to the collection creator on NFTHive.

Once you’ve selected a collection, you’re being taken to the token creator:

The first fields should be really straight forward. Enter a token name like “My Token”, enter the supply you want to issue, enter the decimal points, anything from 0–8, a valid token symbol like MYTOK. Eg, if you enter a supply of 1000000 with decimals of 4, your token will be displayed like 1000000.0000 MYTOK.

After that you may choose the contract. By default, this is token.rwax. In that case, you don’t have to worry about anything. The token will be created in the rwax token contract and issued from there. If you have a token and enter your own contract, you will be prompted to transfer the existing tokens with the entered supply to the RWAX contract. If your existing token has a higher supply than you own and want to allow RWAX to issue, enter only the supply you can provide to the contract. The supply is the amount of tokens that need to be locked up for the NFTs to be tokenized, or the amount of tokens that you transfer to the contract.

Then you have to enter the amount of NFTs you expect to have in your schema. If the amount is static and all NFTs have been minted, enter the actual amount of NFTs in the schema. This is used to calculate how many tokens per NFT will be issued.

Finally you have to choose the schema that you wish to create the token for. After you select the schema, a list of available traits in the schema is loaded. Selecting traits is important to differentiate between the NFTs and determine their value.

In this example, we base our factors on the rarity trait. If these traits are at the template level, you automatically get an estimation of how many NFTs with that rarity exist. Based on that, you can make a first estimation of how rarity should influence the value of the NFT in tokens. Here, we say that Common NFTs have a base factor of 1. Rare NFTs get a factor of 2, which means you’ll receive twice as many tokens as for Common NFTs, and so on. You can add additional traits, but beware, the more traits you have, the more they might influence each other. Multiple factors of multiple traits add up, so we recommend that you choose a base trait with strong factors and additional traits with smaller factors (anything between 1 and 2). If you have a PFP collection with a lot of traits, you might choose factors between 1 and 2 for all traits, because otherwise you might end up with very large factors if you get very rare combination of traits. RWAX can not determine all combinations of traits, but the tool is going to ask you to provide estimated numbers of assets with each trait, so that the token calculation for NFTs with their traits is most accurate. If you vastly underestimate the numbers, you might run into the problem that all tokens will be issued and no further NFTs can be tokenized.

For numeric traits, RWAX requires minimum and maximum values. If NFTs are already minted with these traits, it will take the existing range. You then have to add a minimum factor that will be used when the value is at it’s minimum and a maximum factor that will be used at the maximum value:

Here we expect strength to be anywhere between 0 and 6. We have a factor of 1 for 0 strength and a factor of 2 for 6 strength. That means when our strength is 3, it will receive the factor 1.57, or that an NFT with a strength of 3 is 1.57x more valuable than the same NFT with a strength of 0. Lastly you have to estimate an average factor for these kind of traits. This is again important to calculate how many tokens are required for these NFTs. So, when most of your NFTs have a strength of 0, and few have higher strengths, an average factor of 1.1 might be right. If there are as many NFTs at strength 0 as there are at strength 6 and everything in between, your average factor should be 1.5. For ranged traits such as strength, RWAX has trouble knowing exact numbers, so we’re asking the creator to provide their best estimate.

Once all traits are setup, you can actually run a market preview to see your NFTs on the market with their price in WAX as well as an estimate of the amount of tokens you would receive when tokenizing these NFTs. The filters allow you to filter for the traits you’ve set up. It’s sorted by price to show you the floor prices for your best evaluation of the token values:

If you’re not happy with these results, you can adjust the factors for your traits. You can do this as long as you need to find the best values for your traits.

When you’re done, don’t forget to upload a logo for your token. You need 64x64 version and a 512x512 version to accurately display your token on site.

Finally you can create the token. We’re currently asking for a fee of 250 WAX / RWAX / LSWAX or 140 HONEY or 15M WUF. But if you are early, feel free to reach out for a promotion. We will provide free $RWAX tokens in the beginning. These can be also be used to tokenize and redeem NFTs, so you can share them with your community to get started.

After you created your token, we recommend that you initialize your token by tokenizing the first NFTs of your collection and to provide liquidity for the tokens you receive. This way users have an immediate incentive to use the tool and exchange NFTs. Check market floor prices and tokenization estimates for an idea on how much liquidity to provide for each token. You can do so by following the link to Alcor on your token page.

How to Tokenize and Redeem NFTs

Once your token is created, it should show up in the token list at https://r-wax.io/tokens.

Users can click on it to see token details, see currently tokenized NFTs, check their own inventory for tokenizable NFTs or browse the market for available NFTs. If they own NFTs, they will see a preview of what they’re worth in tokens. If they click “Tokenize” they’ll get detailed information on the exchange rate and fees. If they’re happy with the deal, they can tokenize their NFTs. In exchange they receive your token:

Users can also go to https://r-wax.io/account to see all their tokenizable NFTs.

To see which NFTs are currently tokenized and can be redeemed, you have to check the specific tokens: https://r-wax.io/tokens

Click on the token and open the “Tokenized NFTs” tab.

Here you can browse the list of currently tokenized NFTs and can choose NFTs you would like to redeem, provided you own the necessary tokens to do so. Each NFT will always require the same amount of tokens to be redeemed that it was tokenized for.

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