WAX (which stands for Worldwide Asset eXchange) is where cryptocurrency and blockchain technology meet online gaming. To many, online gaming seems like a niche market, but in the last year, over 400 million gamers purchased $50 billion in virtual items worldwide. The fragmented nature of the marketplace meant that scams, lost or stolen items and exorbitant transaction fees were rampant. That’s a big problem in such a huge industry.
Like Amazon.com did for goods, WAX has created an online virtual asset repository containing a real-time catalogue of all in-game items available for sale worldwide. The platform and use of blockchain technology solves problems like fraud, settlement execution and user interface, product and seller reviews, standardized product catalogues, and supply and demand matching.
There’s lots of digital supply and demand out there, and the WAX ecosystem provides the centralized marketplace this industry needs. And bonus: digital products don’t create a cache of cardboard boxes in your garage large enough to pack up a small country.
WAX tokens are utility tokens that allow online video game players to collect, buy and sell in-game items. The decentralized platform runs on smart contracts and a Guild system for verification, providing instant payments, security and trust services.