The video game skins trading economy is one of the largest consumer markets that most people have never heard of. Tens of billions of dollars of these in-game digital items called skins are purchased every year by 400+ million gamers. The most popular video game skins are associated with games that also have thriving eSports communities like Counter-Strike: Global Offensive, PLAYERUNKNOWN’S BATTLEGROUNDS, H1Z1 and Dota 2.
Online video gamers are primed to become the next wave of cryptocurrency customers. And their numbers dwarf the current bitcoin customer base. There are 100 times more video gamers who trade digital items than there are people today who own cryptocurrencies.
To serve this important audience for blockchain-based digital money, the founders of OPSkins, the world’s most popular digital item trading market, are introducing the Worldwide Asset eXchange™ (WAX) Token.
How will WAX affect the skins trading market?
The WAX platform and its accompanying tokens will encourage widespread adoption of cryptocurrency among online video gamers — a technology savvy group of global consumers who are already well versed in trading, storing and safeguarding virtual items. WAX has been designed to facilitate buying and selling virtual items and has the potential to dramatically expand the existing $50 billion skin trading market. WAX will also introduce 400 million digital-item-trading-savvy gamers to the benefits of crypto currencies. Importantly, WAX Tokens bring real utility to a large and growing market.
How does WAX do this?
WAX is a decentralized platform that will allow all virtual item market participants to exchange assets, distribute fees, settle transactions, and create their own decentralized exchanges.
How will WAX convert skins traders to crypto traders?
Skins and cryptocurrencies have a lot in common. Both are stores of value subject to sudden price changes, and both are traded on centralized marketplaces as well as decentralized exchanges. Skin and crypto traders also share similar profiles. They obsessively track news and market trends that affect the demand for their virtual items or currencies and they are always seeking new sources of supply or pools of buyers to transact with.
Cryptocurrency adoption is the natural next step for the global pool of online gamers. The biggest barrier to this occurring yet has been antiquated payment processing networks.
Why will gamers use WAX
As experts in virtual item trading ourselves, we have designed the WAX platform to eliminate the primary friction points involved in buying and sellings skins today. The WAX platform and tokens alleviate the most vexing pain points like converting fiat currency into skins and finding the largest available pool of items at the best prices. WAX will also do something remarkable. WAX will allow anyone to easily establish their own item marketplace and do so without any of the complexities associated with setting up an ecommerce site today. WAX is powered by the Ethereum blockchain. With Ethereum powered WAX smart contracts, there is no longer a need for centralized marketplaces; buyers and sellers will be able to instantly conduct transactions among themselves without delay or the risk of fraud. The WAX smart contracts are programmed with the skin trading logic acquired over many years by the OPSkins team. These expert rules based contracts will conduct all the essential functions needed to safely trade a skin: item escrowing, fraud prevention, and access to a global pool of buyers and sellers
How will WAX users impact the crypto market?
The WAX platform and tokens has the potential to greatly expand the global usage of crypto currencies. Today there are just 4 to 5 million active crypto currency consumers across the entire globe. Compare that to the 400 million + people who buy and sell skins — a consumer force 100 times greater than the active crypto currency user base! And then consider that the current skin trading community represents just 22% of the 1.8 billion people who play video games. As more video game publishers discover the extraordinary advantages that virtual item trading provides to driving community engagement within their game properties, the WAX Platform and Tokens will be useful to more and more gamers who wish to trade digital items.