MENLO PARK, Calif., Aug. 15, 2017 /PRNewswire/ -- Today, the founders of OPSkins, the world's #1 centralized marketplace for trading video game virtual items (or assets), formally unveiled Worldwide Asset eXchange (WAX), a new decentralized platform for virtual exchanges, ahead of its upcoming token sale in mid-October 2017, with a detailed announcement coming in September.
WAX is a decentralized platform to power all virtual item market participants - listing and selling agents, item escrow fiduciaries, appraisers, affiliates, buyers and sellers - to exchange merchandise, apportion fees and settle transactions quickly and securely.
With WAX, OPSkins enables the community of over 400+ million online video gamers to host their own secure virtual item exchanges on the blockchain, allowing for high frequency, transparent transactions at extremely low costs. WAX is designed to give gamers their own exchanges, similar to OPSkins, without investment in hardware, security infrastructure or payment processing.
"The current virtual item trading industry is fragmented across hundreds of mostly regional marketplaces, creating significant supply and demand imbalances," said William Quigley, CEO of OPSkins. "WAX solves this issue by creating a global virtual item platform accessible to anyone, providing a complete catalog of all assets available for sale in real time. Such a repository, when coupled with a reliable and low cost settlement network, vastly improves price discovery, market liquidity and growth."
WAX incorporates the OPSkins founders' 20 years and billions of transactions of virtual asset sale experience to design a smart token for highly secure and automated transactions. The WAX platform allows the global pool of buyers and sellers to eliminate the many financial risks they encounter from the prevailing consignment-based marketplace model in use today. WAX tokens act as stored value for acquiring in-game assets and as smart contracts, which ensure secure and efficient buying, selling and trading of virtual assets.
ABOUT WAX Worldwide Asset eXchange (WAX) is a new company created by the founders of OPSkins to expand asset trading for in-game items. WAX uses blockchain technology to empower hundreds of millions of multiplayer online video gamers to collect and trade in-game virtual assets conveniently and securely.
ABOUT OPSkins Created in 2015, OPSkins is the global marketplace leader for video game virtual assets. The company facilitates over 100 million purchases annually from millions of customers in 95 countries.