Opskins: Raising more than $40 Million to WAX

OPSkins is a company and website that allows you to buy and sell steam marketplace skins and items on the world’s largest skin market.

This world’s largest centralized marketplace for trading video game virtual items (virtual game assets), is going to be shifting toward a blockchain and decentralized approach.

They are rolling out their latest innovation, WAX. Their new service or offering, dubbed the Worldwide Asset eXchange, (WAX), which will be a decentralized platform for virtual exchanges, to empower all virtual item market participants.

The idea would be to connect both buying and selling agents and accounting for item escrow, fiduciaries, appraisers, affiliates and buyers & sellers to exchange merchandise, apportion fees and settle transactions quickly and securely.

The Platform

The Worldwide Asset eXchange platform would enable a community of over 400+ million online video gamers to host their own secure virtual item exchanges on the blockchain, allowing for higher 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 CEO of OPSkins stated

“The current virtual item trading industry is fragmented across hundreds of mostly regional marketplaces, creating significant supply and demand imbalances”. “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 is sort of a culmination of the vast knowledge and experience of the founders of the experience of the OPskins founding team. The founders have over 20+ years of billions of transactions of virtual asset sale experience and they have utilized this knowledge to create a smart token that would allow for highly secure and automated transactions. The WAX platform enables for global groups of buyers and sellers to minimize and eliminate the many risks associated with the traditional consignment-based economic model that is present today.

The tokens that WAX issues will serve as a store of value for the acquisition of in game assets and as smart contracts. The smart contracts will allow for the ensuring of secure and efficient buying, selling and trading of virtual assets, improving the overall user experience for all involved.

Reasons for Relevance: In demand

Skins “decorations for virtual guns, knives and more” are important to many gamers and are increasing in demand within popular games such as Counter-Strike:Global Offensive, many gamers’ go to great lengths to comparison shop and can spend over a $80,000 – $100,000 on the purchase of high end skins.

Opskins ICO & Value

The company is in the process of raising about $41+ million by selling its WAX tokens, (as noted above). The ICO is set to close shortly and will be finalized this month.

Parties in the platform will use WAX to transact on the platform. The company seeks to make the process hunting for skins simple, convenient and more open. If the company can effectively provide the right conditions, users will be able to see the real prices of items as determined by the marketplace and don’t have to guess and spend time shopping.

 

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.

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.

By | 2017-11-28T23:16:14+00:00 November 28th, 2017|Token Review|0 Comments

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