A Decentralized Marketplace for Gaming Assets
The WAX platform is developed by OPSKin, which has 20 years’ experience as a centralized trading platform for digital gaming assets and is therefore familiar with the industry as well as buyer and seller needs. In order to increase the security of transactions and to allow for the exchange of digital assets for the purchase of digital goods, they chose to develop and integrate the Ethereum-blockchain based World Asset Exchange platform into their existing online infrastructure. In doing so, OPSkins aims to provides users with the opportunity to exchange digital goods for either digital currencies or other digital assets across platforms, instead of only allowing for the use of fiat currencies.
WAX Platform’s Structure
OPSKins’s Worldwide Asset Exchange (WAX) Platform is a decentralized, global blockchain-based platform designed to provide users the ability to transact on a peer-to-peer basis. All transactions are carried out by means of smart-contracts, which will automatically authenticate and transact the goods and assets being offered for a minimal transfer fee. This will eliminate the need for third-party engagement, and therefore ensure that goods are transacted more quickly and at lower prices than they would otherwise be. Both gaming sites and independent users can register to operate on the WAX platform, thereby gaining access to the services listed below.
WAX Platform – The Opportunity
- For websites – less competition as new competitors can operate off of an existing infrastructure, thereby saving them development costs and time.
- Buyers – digital goods are authenticated by smart-contracts, thereby providing them with the security against fraud from fake sellers. The transaction will be carried out automatically by the smart contract once it has been agreed upon by both parties.
- Sellers – the buyer’s digital assets are verified by the platform and only once both parties have agreed to participate, will both the good and asset be automatically transferred between them.
- Scalability – this is a cross-chain platform which allows for assets to be traded for fiat and cryptocurrencies that they would otherwise be limited on other platforms. For instance, CryptoKitties can now be purchased for dollars or bitcoins, whereas they can only be purchased for Ethereum on the CryptoKitty blockchain.
- Guild creation – enthusiasts can create guilds specific to their preferred game. Members can then autonomously assess goods’ values and monitor transactions, with token rewards being offered for their involvement.
WAX Platform Token Functionality
The WAX token (WAX) is a utility ERC20 token required by users in order to access the services available on the OPSkins platform, such as listing sale items, performing transactions and accessing WAX guild voting rights. Although items may be listed in other currencies on the platform, actual transactions are completed with WAX. All users on the platform can transact WAX to each other on the platform. Furthermore, all transactions require some WAX as a transaction fee, with a 20% reduction on sale fees upon completion of sales that were listed in WAX. WAX can also be used to create customized game weapons to sell on the platform.
There are four types of accounts available on the WAX platform, namely:
- User Accounts
They have the ability to own and transact digital goods and assets either through an exchange website, or through their own initiative. Users can also vote on game proposals, provided that they have tokens equal to the number of votes that they would like to cast, in their account. If they no longer have the necessary balance, their vote will be removed. They can only vote a total of eight times, once per proposal, and only one proposal per game.
- Guild Accounts
These are formed through a consensus of nodes representing a specific online game, and network approval. They are responsible for a few functions, such as appoint transfer agents and then encrypting and recording the transaction of game-specific assets by users on the WAX blockchain. This then creates the blocks that form the WAX blockchain. Guilds receive a fee upon the completion of each block, and are required to pay a portion of these earnings to their stakeholders at set intervals. They are also responsible for the distribution, monitoring and submission of game proposals. These are in addition to other functions.
- Transfer Agent Accounts
These accounts act as arbitrators for all steps relating to transactions between users according to specific WAX protocols, including inter-user communication, digital asset and currency authentication, acquirement and transferal, and signing as a witness to the contracts conclusion. Transfer agents can only act on behalf of a single game at any time and are required to complete all transactions assigned to them before they can retire from their position. In order to prevent fraud, these agents are required to use a value of up 25% of the WAX tokens of their assigned transactions as leverage.
These are the codes that are stored on the WAX platform blockchain. They can potentially be carried out by Transfer agents and are limited in type and scope.
Post-ICO Achievements as of April 2018
- December 19, 2017 – WAX tokens launched on the OPSkins platform.
- December 20, 2017 – WAX platform partners with SALT Lending. Read More.
- December 21, 2017 – CryptoKitties become available for trade on OPSkin.
- December 22, 2017- GIFTO partners with WAX.
- January 1, 2018 – WAX platform partners with Cointopia.
- January 25, 2018-The WAX platform partners with Robot Cache.
- January 26, 2018– WAX platform partners with Robocache in order to make inter-game trading more accessible to new blockchain based game platforms.
- March 10, 2018 – Over 5 Million items are tradable with WAX tokens.
- March 20, 2018 – The WAX platform partners with Crypto Racing League.
- April 2018 – Nexo Lending, MyHero9 and others partner with WAX platform.
(as of May 6, 2018)
November 15 – 29, 2017
1 WAX = ~$0.32 USD
$9.6 Mill USD
$9.6 Mill USD
1 WAX = ~$0.38 USD
Current Market Cap
~$222 Million USD