Is this the first application built on the Waves platform? In terms of investing in the platform or the application, which do you feel is the better play? Generally, not just Wave/Incent...
Certainly one of the first.
In terms of which is a better investment, that's comparing apples and oranges. Waves is the platform, Incent the business/application. It's a bit like asking which is better, Linux or the app built on it. Or which is better, the US dollar or the business that uses it. (I.e. really depends on the business.)
What I would say is that if Incent attracts meaningful transaction volumes and exposure, that will be very good for Waves. That's one of the reasons why Incent itself is accepting (and holding) Waves in the ICO, as well as bitcoin.