WAX is not a particularly new startup when put alongside some other startups that we’ve reviewed here at Bitrazzi. Its token presale ended back in November 2017, raising 100% of its goal – $46.5 million. A short token sale followed two weeks later, again reaching its goal of $9.5 million. So, what have WAX been doing with the money?
The WAX team are already behind a gaming asset trading platform – Opskins. Opskins is incredibly successful; 150 million trades were recorded in 2017 alone. Now, they are harnessing the reputation they have built to create WAX – a decentralized version of Opskins – on the blockchain.
WAX tokens are utility tokens; buyers pay sellers using these tokens in exchange for their goods. It’s extremely simple. But with decentralization, people are free to set up their own stores using WAX as the trading point. This will circumnavigate issues with centralization; namely the cost of trading and the lack of trust associated with large corporations. And the global aspect of the token means that the marketplace is being opened up to millions more people. The team estimate that there are 4 million crypto users, and 400 million gamers in one of the world’s largest digital markets.
The system is already up and running, and the team are offering a 20% discount comission discount to sellers who list their items for trade in exchange for WAX tokens – see here for details. And with Opskins already using WAX, the concept is growing organically, with a trusted and experienced team overseeing matters. The custom blockchain token is due for release this year. from there, WAX are simply looking to spread their influence in terms of sites. Their aim is to have 100 sites using WAX tokens by the end of 2019, which would put it on a par with centralized fiat trading. And given the start that they have made, who would rule that out?
Are you a gamer? Do you trade skins and other gaming assets online? Would you do this using WAX? We’d love to hear from you in the comments!