WAX Token and Blockchain Tech are Changing the “Item Trading” Industry in Online Games
eSports is relatively new, but is experiencing unprecedented growth. In fact, eSports has gotten so wildly popular that it is going to be a medal event at the 2022 Asian Games and is being considered as a medal event for the 2024 Olympics in Paris. Nearly 400 million people will tune in to eSports events in 2017, making the audience for eSports roughly the same size as the audiences for football (390 million), basketball (400 million), and baseball (500 million).
The explosive growth in eSports will translate into explosive growth for the “item trading” industry, and one company in particular, WAX, is transforming the video game asset trading industry with blockchain technology via the development of a utility token called WAX that will revolutionize and significantly expand the size of the digital items trading industry. WAX is a decentralized platform that empowers users to operate a fully functional virtual asset marketplace without having to develop any of the technology themselves.
WAX is developed by the founders of OPSkins, which handles transactions for millions of digital items, and is backed by the most experienced team in the virtual item trading industry. The most exciting part? WAX simplifies the process by giving users a simple exchange widget that grants access to a worldwide network for virtual item trading backed up by the transactional verification and high fidelity of the blockchain.
Put simply? WAX empowers users to create their own stores for selling digital assets, built upon the transactional trust of its blockchain platform. Similarly to how AirBNB and Uber transformed the travel and transportation industries and empowered millions to make money via their own personal small businesses, WAX will empower a new generation of virtual asset traders via the tokenization en masse of virtual assets. And with the massive community of existing OPSkins users, WAX will quickly and effortlessly develop a massive user base of its technology from the existing OPSkins user base.
WAX transforms the virtual goods market by leveraging blockchain technology while allowing users to purchase the same assets with a global token. WaxToken has announced that it will hold an initial coin offering (ICO) to fundraise for development and integration of additional blockchain features, garnering investment from smart-money heavy-hitters like hedge fund manager Mike Novogratz. Additional information can be found in WaxToken’s white paper.
Thanks to companies like WAX, it’s possible (and even likely) that gaming will become the most tokenized industry, given that smart contracts are perfectly applicable to the various types of transactions that occur in the eSports space. eSports is built for smart contracts, and once smart contracts are pervasive, the eSports experience will be more seamless than ever before.
Credit Goes To:
Malcolm CasSelle
President, WAX
Credit Goes To:
Malcolm CasSelle
President, WAX