WAX is a decentralized platform that enables anyone to operate a fully functioning virtual marketplace with zero investment in security, infrastructure, or payment processing. Developed by the founders of OPSkins, the world’s leading marketplace for online video game assets, WAX is designed to serve the 400+ million online players who already collect, buy and sell in-game items.
Harnessing the power of blockchain technology, WAX Tokens are utility tokens that allow virtual goods - and not just for use in video games - to easily be tokenized and exchanged for cryptocurrency. The smart contract underlying the transaction acts as the mechanism that permits trustless trading between buyers and sellers. The WAX Platform will allow millions of traders to create their own virtual stores on one decentralized platform, providing instant payments, security, and trust services that will bring millions of new participants into a growing ecosystem.
The WAX platform allows the global pool of buyers and sellers to access a global supply of virtual goods while eliminating financial risks encountered in the prevailing consignment-based marketplace model.
WAX enables a new generation of virtual asset traders, similar to how earlier online marketplaces enabled entrepreneurs to become power sellers.
WAX is the onramp for mass market cryptocurrency adoption.- William Quigley - CEO, WAX
WAX is designed to serve the 400+ million online players who already collect, buy and sell in-game digital items.
Using WAX’s simple exchange widget, buyers can select an item, provide payment in WAX Tokens, and accept the item without having to leave the site they’re on. Seller’s items can be viewed and purchased by any buyer interacting with the WAX Platform.
The WAX Platform is a global virtual item repository, accessible to anyone, that provides a complete catalog of all items available for sale in real time. This providers users of WAX with access to a worldwide market, with all the advantages of blockchain technology.
Through decentralization, WAX will solve problems commonly experienced by digital item traders such as high payment processor fees, currency conversion fees, and limited access to inventory. By lifting these barriers to entry, the size of the existing items trading market will grow far beyond its current $50 billion size.