ICO Status: Ended
The team from OPSkins, a centralised marketplace for trading video game virtual assets, is developing Worldwide Asset Exchange (WAX), a decentralised platform designed to serve the 400 Million online game players who collect and trade in-game items. WAX will enable anyone to operate a fully functioning virtual item marketplace, similar to OPSkins, with zero investment in security infrastructure and payment processing.
WAX is a global peer-to-peer marketplace for video game virtual goods trading based on decentralized smart contracts on the blockchain. The WAX platform will allow the global pool of buyers and sellers to access the global supply of virtual goods in a decentralized market while eliminating financial risks they encounter from the prevailing consignment-based marketplace model in use today.
Utilizing smart contracts, WAX supports a platform where all market participants—listing and selling agents, item settlement agents, appraisers, affiliates, buyers, and sellers—will merchandise, apportion fees and settle transactions quickly and securely.
Virtual goods’ sales prices are listed in WAX Token; when a user wants to purchase the virtual good they pay with WAX Token. If the item is listed in a different currency (through a site linking to the WAX Platform), the WAX Token must be converted by the listing agent at the current exchange rate at time of purchase.
The WAX proposition is already proven, with many vendors (like OpSkins and others and Enjin in the cryptocurrency space) already offering a similar service.
The ability to trade items earned in a virtual world within a real-world financial context further incentivises gamer engagment and participation; now players can have their efforts rewarding in currency that has a value outside of the games in which the item was earned. But this isn’t new – OpSkins and other providers already offer a similar service based on fiat currency. The problem though is that fraud is rife with the current exchange mechanisms. The founders of WAX believe (and I agree) that blockchain technology is the solution to this problem and will serve as a profitable innovation to an existing market behaviour.
The gaming industry is huge, with over 400M gamers purchasing close to $50B dollars in virtual items annually. All projections indicate that this is will continue to grow. Who knows – perhaps the ability to ‘game and earn’ will further compound industry growth!
WAX tokens will be the currency upon which all transactions are made across the platform. As the volume of transactions increase, so too will the demand for WAX tokens thereby influencing their market value. WAX tokens will also be the currency which fuels the associated blockchain – something which will influence token value.
Researching the WAX team has been intriguing, with many of the people listed having rather vague LinkedIn profiles. WAX President, Malcolm CasSelle’s LinkedIn profile shows a time in role of only 3 months, while CEO William Edward Quigley doesn’t list OpSkins or WAX at all; instead, his profile lists Clearstone Venture Partners (19 years) as his current employment.
Is this an issue? Probably not. Whilst it would give greater confidence to read profiles that show a long and exclusive tenure at the company behind the ICO, the history of the people listed on the WAX team certainly read as though they have the experience necessary to make this a success. All I’m saying, is it would be nice to get a greater sense who the company is, especially given how much the proposal leans on their existing platform OpSkins and the ‘market-leading’ position it occupies.
Wow… this is perhaps the least explanatory roadmap I’ve reviewed so far. Check it out:
As an ICO investor, this gives me no confidence whatsoever about when I might expect a return on investment. Awful.
There will be a total of 185 million WAX tokens in existence; 64,750,000 of which will be available via their token sale. The price per token during the main sale is set at 300 WAX / 1 ETH, making the ICO price per token approximately $1.00 at the time of writing. This seems considerably in excess of the price offered by other ICOs – including ICOs in the same industry such as Enjin Coin whose sale price was around $0.03.
There’s no doubt that the gaming industry is huge and that the ability to trade items earned in-game either for other items or for currency which can be used in the real world is has a purpose. The problems I have with WAX from an investment point of view, are:
With only the published information base an investment decision upon, it is impossible to determine when (or even if!) I might see a return on my investment.
The success of any venture hinges not on the idea, but the team driving it. I feel a little concerned that I was unable to find any concrete evidence to convince me that the team was dedicated to the project.
$1.00 per token, for an ICO?!?
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