This article was written by Michael Maloney, an advisor at WAX and who leads Galaxy Digital Labs. Previously, he served as Ernst & Young’s Financial Services Advisory’s Blockchain IT Enablement lead. Prior to his involvement in blockchain, Michael consulted clients on technology and regulatory compliance for 6 years.
There is a highly needed and profitable solution in the rocky cryptocurrency market, and it’s being brought by a company that’s already dominating the area.
I couldn’t help but be impressed when I saw that OPSkins, who were already leading the industry, was ready to take their dedication one step further. Despite the fact that becoming a blockchain solution under Worldwide Asset eXchange™ (WAX) would lower OPSkins’ profitability, the team pushed for the move because it would drastically enhance the customer experience when trading digital items.
WAX Brings a Multitude of Benefits
I’m excited about bringing enterprise solutions to the next level, and WAX offers that opportunity.
WAX will increase the market share of blockchain usage in the $50 billion gaming industry. There are 400 million gamers worldwide, many of whom trade skins and other digital assets.
If we can make it so gamers are using blockchain without ever knowing, we’re going to learn quite a bit about the actual engineering and build of blockchain, as well as expanding blockchain to an entirely new market.
Moving Toward a Future State
At WAX, we’re taking non-fungible digital assets, which effectively have been replicated and pirated since the inception of computer games, and taking a step back and seeing how to make these things tradeable in a real sense. I’m excited about digitally labeling each of these as “real” items.
This is paving the way for people to be able to trade digital for physical items. In future state, I should be able to buy a hat digitally, and then turn around, go to a store, and turn that digital hat in for the physical version of it. Or, the opposite side of that as well; buy a physical watch, and have it transferred over to my character in the virtual world.
As we move more into our future world, where everything is digitized and computerized, we have to have real ownership if we want to understand what that future state is. This is the future state of digital ownership.
The Intersection of Avant-Garde and Socially Acceptable
It’s the perfect time to introduce WAX because we are just a little bit before WAX would be generally required; WAX is leading edge. It’s future state.
Gaming is growing across most of the world, and critical mass is building to the point where eSports are coming soon to network television. Simultaneously everybody is interested in blockchain technology, but few people can harness the actual infrastructure to put it together.
When the coming Dark Age of many upcoming cryptocurrencies happens, WAX is going to be one of the few that stand out on top because WAX has the inventory and market around the actual product, as well as the technology to deliver it to their clients — that’s the key differentiator.
A Game Changer for Gamers, by Gamers
Gamers are currently paying outrageous fees to all sorts of intermediaries, just to get ripped off. You see this with credit card theft in the purchase of skins across the world.
That hurts the industry; Prices go up, because liquidity isn’t there. Then bad actors cheat the system or use illegal payments, and now gamers have a bad rap.
If you want to get to a point where this is a legitimized and understood space, you have to have provable provenance of ownership, and the only way that’s going to happen is through WAX.
How do I know WAX will benefit gamers in the long run? From the ground up WAX is based around games, and developed for gamers.
We even used gaming conventions in the design and naming of our infrastructure. Take Guilds for example. In games,a guild is a very well-understood organizational form. There are even some extra easter eggs and hints that I left inside the WAX white paper for people to find on their own where we make references to classic games.
More important than talk, WAX continually demonstrates that we really care about this industry. Our product will stand on its own.
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