The gaming industry is igniting the world of cryptocurrency through the sale of virtual assets online in the gaming world. Malcolm CasSelle, CIO of OPSkins, is working on with his team the creation of what is called WAX (Worldwide Asset eXchange) which will help players in the virtual realm of video games buy and sell items via what they call smart contracts making the efficiency of trading that much easier. The purpose of WAX is to help combat what are the biggest issues in the virtual asset market which is fragmentation and fraud.
Fragmentation being one of the issues that gamers are run into is having to switch out of their screens to purchase in game items and WAX has a solution for this. By taking the in game assets and tokenizing them meaning giving them a WAX token value within the game, players are able to trade, buy, and sell as they interact with other gamers.
Another issue that gamers experience is interacting with players worldwide. The different countries all have different currencies, however using the cryptocurrency format allows players to trade on a universal token allowing access to all virtual asset markets.
Fraud is also a very big issue in the virtual asset market and this is because people often are not receiving the items in which that they are purchasing. Scammers are able to receive the funds for items without actually giving over the promised item. However, with WAX and its new block chain system it stops this issue.
The only way an asset can be exchanged is through what’s called a smart contract, which is two individuals agreeing upon the trading and sale of an item. This is helpful also for the virtual asset industry as it requires no third party assistance. Malcolm CasSelle is looking forward to further developing WAX and it changing the cryptocurrency game forever.