WAX cryptocurrency review and description
WAX is a decentralized platform that allows any user to work on a fully functional virtual trading platform without investing in security, infrastructure or payment processing. WAX, the world’s leading online merchandise trading platform for virtual games, was developed by the founders of OPSkins to serve more than 400 million players who collect, buy and sell virtual items.
Using a simple WAX exchange widget, players will be able to enter the world market, where all transactions will be confirmed using blockchain trust mechanisms.
WAX is a platform and token that allows anyone to create a digital asset market.
With the founders of OPSkins, the No. 1 virtual trading platform in the world, WAX is designed to significantly expand the $ 50 billion market for the purchase and sale of virtual video game items.
The platform will allow you to trade many other types of digital assets, so almost any asset that can be symbolized will benefit from the project.
OPSkins is already processing millions of digital elements, and the platform will tokenize them for trading anywhere.
Why is the WAX platform needed
As long as the commodity trading industry no longer exists, consumers must continue to struggle with many problems when buying or selling a digital object. Buyers and sellers are often located in different countries and work with different types of currencies. Currency conversion costs, payment processing fees, and credit card payments can eat up sales revenue. This is especially important for transactions with a small dollar, which make up the majority of the goods sold. And since these elements are digital, fraud is more than with physical elements, where people must send something to a physical address.
For example, from someone in Brazil who wants to buy a digital product from a seller in Germany, it would not be easy to do this without paying a high currency conversion and cross-payment fee. Counterparty risks inherent in any situation where transactions are between strangers are present for both parties.
WAX addresses these issues through the use of cryptocurrency, smart contracts, and blockchain-based settlement.
The platform provides all of these digital merchandising opportunities for tens of thousands of video game and content site communities who want to participate in the $ 50 billion virtual item industry. Think about how deep it is. Any website owner connected to the video game or esport industry will be able to use the platform to offer OPSkins as a virtual element feature in the market with almost no effort.
Digital entrepreneurs can provide their audiences with the same robust e-commerce capabilities as OPSkins to let their customers buy and sell virtual items.
Each time a product is purchased, the platform automatically completes the settlement process by all interested parties (buyer, seller, settlement agent, affiliates, listing sites, etc.). WAX launches a new generation of digital powerellers, such as those found on eBay, Amazon, or Alibaba.
Why do I need a WAX token? Why can’t I use Bitcoin / Ethereum / or other tokens
Given our unprecedented experience in digital commodity markets, combined with our deep experience in the field of blockchain-based technologies, we understand that a user platform and token designed for unique conditions for trading virtual items are the optimal solution for the needs of 400 million strong communities.
The main reasons include security, transparency, and the many different calculation options that are required because each game publisher creates elements that are essentially different asset classes.
We used the experience gained by us to create other business structures based on blockchains, as well as the launch of virtual trading platform No. 1 in the world (www.opskins.com) and developed a marker that is ideal for trading digital goods. The WAX utility current eliminates the need for trust between the buyer and the seller and can be standardized for common types of transactions occurring in this industry with an investment of $ 50 billion.
What can I do with a WAX token
As an individual consumer, you can safely buy digital items from anyone anywhere in the world. You can trade tokens the same way. If you own a website that serves the video game community, it can be very beneficial for you to use the WAX platform to become a product listing website to capture new revenue opportunities for your existing customers as they buy and sell products through your website.
WAX allows you to discover all the virtual items available for sale around the world and reliably trade these items with other enthusiasts.
Who will use WAX
There are more than 400 million video games that today sell virtual goods, in total about 2 billion gamers around the world. WAX provides complete transparency of all available item inventories in real time and provides this information to a global pool of buyers and sellers.
Ultimately, our blockchain-based system can be used by video game publishers to provide greater opportunities for trading items in their games.
What is the WAX revenue model
WAX takes a small percentage of each transaction to further develop the platform. OPSKins, the largest digital goods market in the world, will be the first customer of the platform. In addition, based on the significant number of video game-related sites that have previously requested a private label on the OPSkins platform, we believe that there is great interest in the video game ecosystem for using WAX.
What’s next after WAX
We have many ideas on how the platform can benefit other industries. Imagine if someone can send a real physical item (for example, a rare coin) to the vault, get a marker based on the chain instead, and then exchange this digital marker instead of a physical element? This would allow the trade in digital and physical goods, allowing the owner of the skin of a video game to trade this item for the amount of actual gold instead of the fiat currency. The possibilities for multiparty trading in digital and physical objects are endless.
We cannot know everything that people all over the world want to buy, sell, exchange with each other, but having a secure architecture based on block architecture, we hope to provide entrepreneurs everywhere to create new business opportunities around safe and secure trading of items. This is what WAX creates.
- The project is developing in the computer games industry.
- Market capacity covered by the project is $ 50 billion.
- The project is easily scalable, its final product can be easily sold around the world and anywhere in the world.
- The presence of blockchain in the project is fully justified. The value of tokens is determined by their ability to sell game skins.
- At the ICO stage, the project plans to implement 35% of tokens, 10% to transfer to sponsors and advisers, 25% to keep and 30% of tokens put into promotion of the project itself. However, the company reserves the right to change these figures in the future.
- Average traffic to the project site: over 11 million (Opskins), 4,500 – Waxtoken. Good activity is also present in the social networks of the project. 88% of the traffic comes from paid advertising.
- The information partner of the project is Forklog.
- Investments in this project were announced by: Pantera, Fenbushi, Kenetic Capital, Galaxy, Blockchain Partners Korea, Element, Hyperchain Capital, etc.
- The constant increase in the number of investors is an undoubted success in the development of WAX.
- The community that is ready to use the product of the project and not merge tokens for a long time is gamers. They even have a special sale.
- A similar centralized structure for the project is OPSkins. WAX has an advantage over decentralization and the availability of tokens.
- Of the decentralized projects, there are similarities with Skincoin. However, the platform has an undeniable advantage over it – it is in the presence of a working skin store.
Threat from the SEC and regulators
At the moment, it is difficult to determine which legal and regulatory standards are applicable to the platform and tokens. As these issues are resolved, the WAX platform and tokens may change to ensure compliance with applicable law.