“A user decides to purchase a virtual good by selecting “buy now” in the WAX widget and is presented with an authentication window. If this is the first time he is interacting with the WAX Platform, he’ll be taken through an onboarding process that creates an identity, allocates a WAX Wallet, and allows him to fund the immediate purchase, all without forcing him to understand WAX, the WAX Platform, or WAX Tokens. From the buyer’s perspective, all that is required is to select an item, provide payment, and, a short while later, the item shows up in his personal inventory without him ever leaving the site he was visiting.
The role of the WAX Platform as a virtual goods marketplace is to decentralize exchanges while allowing users to purchase goods with a global token. With this important shift in structure, millions of buyers and sellers will have the power to use their social graphs to buy and sell virtual goods effortlessly.
WAX can support a variety of selling structures to maximize liquidity, such as bidding, reserve bidding or fixed price. The cottage industry of buyers and sellers currently served by OPSkins will not have to develop complex backend systems but, instead, will use the WAX Platform to leverage the most powerful aspects of the OPSkins asset exchange.
WAX will enable a new generation of virtual asset traders, in a similar way that modern marketplaces enabled entrepreneurs to become power sellers online, ride share drivers or hosts for travelers (Alibaba, Amazon, Uber, and Airbnb).
These platforms enhanced commerce for millions of small business owners and created hundreds of billions of dollars of new value by making their platforms easy to use and widely available, while simultaneously solving expensive problems like fraud prevention, settlement execution, product and seller reviews, standardized catalogs of product information, supply and demand matching, etc.
“OPSkins introduces the WAX blockchain protocol, connecting 2 billion gamers worldwide to a highly sophisticated virtual goods exchange. By decentralizing these exchanges, vastly more trading in the already sizable $50 billion video game virtual goods trading market is possible.
