WAX Token Sale Set to Disrupt the $50 Bln Virtual Asset Trading Industry
Over 400 mln gamers worldwide currently trade “skins,” making up an industry that is currently worth over $50 bln dollars.
The Worldwide Asset eXchange Token Main Sale is opening today. Many experts agree that this could well be the last big sale of 2017. What makes WAX so special in today’s cluttered and noisy token sale market? A number of things, but most importantly -- the industry in which it operates. WAX is ready to disrupt one of the most lucrative markets in the world. Over 400 mln gamers worldwide currently trade “skins,” making up an industry that is currently worth over $50 bln dollars. These “skins” are virtual goods which customize the way certain in-game objects, such as characters and weapons, look. Although skins have been part of the gaming community for a long time, trading them has gained massive traction only in recent years, but many problems remained -- that is, until WAX came along.
Skin trading: a background
In-game skins have been around for a long time. In essence, a skin serves a single purpose: it makes items and characters within the world look unique. The value of an extensive collection of skins is very similar to the value of a collection of shoes or baseball cards in the offline world. They are a source of pride for the owner and a source of respect and envy for others within the community.
Up until 2011, gaming skins could not be traded -- they were only available through a random drop in the game. Steam changed everything that year by giving people the ability to trade skins with each other when they announced the Steam Trading Beta for Team Fortress 2 (then the game with one of the highest player bases on the platform). Once the popularity of the beta became apparent, the Steam market opened in 2012, associating skins with particular monetary values for the first time.
However, there was a significant limitation: any money earned in the Steam market was confined to the Steam market, meaning that you could not use this money anywhere else. This became a noticeable issue once various skins became highly sought-after items. Although a wide variety of skins are traded for a few cents or a couple of dollars a piece, a significant minority of them can trade for hundreds, thousands or even tens of thousands of dollars. Many online gamers saw this lock-up as a significant hindrance and took trading out of the Steam Marketplace and into the realm of peer-to-peer trading, only to be faced with a much bigger problem: fraud.
Gamers today rely on centralized online marketplaces to trade their items. This means that gamers rely on third-party service providers for these transactions. They consign their goods