“We see online video game players as the best customers to start with because a lot of what they do collecting and selling virtual items is similar to trading cryptocurrencies on the blockchain.” — William Quigley
Across the globe, 400 million online video game players spend $50 billion annually on virtual items.
That’s not exactly a small number, especially considering that the global video gaming industry itself generates nearly $100 billion in revenues each year.
Comparatively, the 4 million or so active cryptocurrency customers are a tiny consumer group. But despite being 1/100th the size of the virtual item trading market, cryptocurrency users and video gamers share some strikingly similar trading experiences.
They both deal in digital property of substantial value, face counter-party risks trading with other people across the world and share common concerns about the security of their online wallets and transactions. They also both endure the difficulties of trading digital items in a fiat centric world.
And yet, despite their underlying similarities, these groups have remained largely unaware of one another for a long time.
Cryptocurrency’s long road to recognition
Cryptocurrency was for many years something of a niche industry, the domain of tech wizards, financial visionaries, and fervent Libertarians. Bitcoin was introduced in 2009, but has only recently broken into mainstream awareness.
This newfound popularity owes much to the massive increase in cryptocurrency prices in 2017, including the media storm that erupted when Bitcoin surged beyond the $4000 mark this summer and Ethereum skyrocketed from $10 to $400 in a matter of a few months.
There are other factors as well that put a recent spotlight on cryptocurrencies — such as that time millionaire playboy Dan Bilzerian tweeted that he had ‘bought a s**tload of Bitcoin’.
Adoption hurdles remain, however. Cryptocurrency remains an enigma to many people. What is the use case? What problems does it solve? This is particularly true of online video gamers who have not yet been introduced to the profound benefits of using cryptocurrencies for buying and selling digital items.
We aim to change that.
The Best Use Case for CryptoCurrencies
WAX — Worldwide Asset eXchange™— will revolutionize the way video gamers buy and sell digital items. Developed by the founders of OPSkins, the world’s largest virtual item marketplace, WAX will allow video gamers to participate in a giant decentralized market of the most popular virtual items. WAX will give virtual item collectors exposure to the global pool of buyers and sellers — in real time.
By harnessing blockchain technology and cryptocurrency, WAX will use smart contracts and secure settlement to ensure a level of security, efficiency and market liquidity that has not been possible until now.
WAX will also remove the hidden costs of using different fiat currencies.
For video gamers, WAX will spell the end of a whole host of worries and inconveniences, giving fans of virtual items more freedom to trade with anyone anywhere in the world along with the promise of blockchain level safety when buying or selling. These never before possible WAX capabilities will usher in huge group of video gamers who have heretofore limited their item trading to the relatively small community of people they know and trust. More people trading using superior settlement and payment options means a deeper, more transparent and better functioning global market. Making buyers and sellers both economically better off.
WAX is great news for the 4 million active cryptocurrency community as well.
WAX is exactly what is needed to accelerate the mass market adoption of cryptocurrencies and and shed light on one of the most exciting opportunities in global ecommerce — the integration of cryptocurrency and digital item trading.