The WavePhoenix project focuses on creating an open-source implementation of the WaveBird protocol used by Nintendo's GameCube. This initiative is designed to allow users to connect WaveBird controllers to various GameCube consoles through an open-source receiver. Currently, premade devices are available for preorder, aiming to reignite interest in the GameCube, especially among users who may have the console unused. Comments from users express excitement about the project, with hopes for expansion such as USB support for multiple controllers. However, there are concerns around potential patent conflicts with Nintendo.