Who is behind WAX?
Over the past month, crypto enthusiasts have seen many articles and advertisements promoting an ICO for a new token called WAX. This article simply aims to express why the token is important to the crypto world and show how it has the propensity to strengthen cryptocurrency as a whole.
If you go through the website waxtoken.com, then you will notice that the individuals that have signed on to the project aren’t ordinary individuals. Most of the members have carved out a name for themselves as accomplished businessmen and women in their respective niche. We have creators of well-known games like ‘Call of Duty ‘, and we have the leading marketplace for buying and selling in-game items ‘OPSkins‘ backing WAX as a form of payment for said items. This list also includes the likes of the Jaxx Wallet and Ethereum CEO. The quality of support for this project is far and beyond one of the best lineups, and for good reason.
Now, why is this important?
Video games, and esports as a whole, is a booming industry. To let people understand the gravity and magnitude of the esports movement let me throw out a few recent events that have taken place:
- Major franchise organizations have begun acquiring esports organizations and/or buying a share of various teams. This list includes the New York Yankees, the Houston Rockets, the Dallas Cowboys, the Cleveland Cavs, and a host of more.
- Professional athletes have also invested in various teams and organizations like Shaq and Rick Fox just to name a few.
- Gaming events offer players millions of dollars for specific tourneys. The International DOTA 2 Tournament boasted a prize pool of over $24 million dollars. $10 million of which went to the winning esports org Team Liquid.
- OP Skins is the leading market for buying and selling pixeled in-game items in a market that does $50 Billion dollars a year.
- The entire gaming industry is being mass adopted as an actual sport and has even landed an actual news column on the popular ESPN platform. The column highlights streamers and gamers from various esport tourneys and scenes. To put it mildly, gaming has become mainstream.
What does it mean for cryptocurrency?
Well, as many of you might know and understand, cryptocurrency is still in the early stages of adoption. You could ask random individuals that you pass if they know about cryptocurrency, but chances are that many have not heard of this little world that most of us find ourselves delving into in the wee hours of the morning. It has not been adopted worldwide as a decentralized solution to create peer to peer transactions with a bit of anonymity. Yes, there may still be some issues with security, but with any new technology, there are still innovations that need to be created.
Wax Token actually creates a solution of security for individuals that like to buy and sell in-game items. Before marketplaces like OPSkins existed gamers would sell their items on platforms like eBay or simply posting in forums that they would like to trade or purchase specific skins (in-game items).
Now, the issue with trading fiat currency for an item is the risk that an individual may not keep their end of the bargain. An individual could send the money, but not receive the item and vice versa. Also, an individual could pay for an item and then charge back the transaction via PayPal, which is essentially scamming a patron.
So, OPSkins helped bridge a gap in a world of uncertainty. WAX Token will take it a step further by taking a step backward. The individuals will still receive the security of the marketplace without having to always use the marketplace. In essence, the bartering gamers can make trades using WAX as currency without the possibility of chargebacks and fraud. Any entity and individual can create their own marketplace and use WAX as a form of equal payment for goods.
This entire process is good for the crypto space because it has the propensity to bring billions of dollars into cryptocurrency. The reach for new investors in decentralized coinage is enormous. This is also one of the goals of WAX, which is listed on their site. The possibility of new users being in the cryptocurrency space helps boost the possibility of eventual mass adoption of crypto as a form of payment for other goods and services without the use of fiat.
Investors will be singing all the way to the bank.
If you are still not convinced that Wax Token is as close to a sure thing in the investment world, then let me put a cherry on top of the sundae. Just recently the payment processor Xsolla, which is a serious contender in the payment processing world. It used and adopted on many platforms including the streaming service Twitch and the gaming powerhouse Steam.
The adoption of WAX with this payment processor alone will make this ICO and coin a successful investment, but it should be just the beginning of where this coin could go in the crypto world. The potential and adoption of WAX as a real-time payment option is simply unlimited.
My opinion is the ICO price of around $1 per coin for the pre-sale and $2 per coin for the main sale is a bargain!