When the President of WAX (Worldwide Asset Exchange), Malcolm CasSelle, thinks about the future of his company he cannot help but be enthusiastic. His business is positioned correctly to exploit one of the critical drivers of the electronic gaming industry. Namely the ability to tout your status to other players in a given game.
Gamers show off by purchasing skins. A skin is a virtual item which players can introduce into a game as part of their in-game personalities. The price of these accessories can vary from a few cents to hundreds or even thousands of dollars. Mind you these skins are only digital creations. Some of the skins are hard to achieve and highly coveted. So much so that gamers are willing to pay real world money to own them.
Therein lies Mr. Caselle’s business. The value of turnover in-game skins is $50 billion annually. Up to now it was centralized marketplaces such as OPSkins, the parent company of Mr. Caselles company, which acted as reliable intermediaries between buyers and sellers of game skins. Businesses like OPSkins and others made it possible for players to exchange payment for skins using an in-game virtual currency which could be purchased using:
- credit cards
- coupon codes
Players could buy game skins brand new or purchase them on the secondary market at an agreed price from one another. However, you could not withdraw earnings in real cash. Not even your Bitcoin. That was a problem of sorts.
The tech-savvy managers of OPSkins decided that the advent of smart contracts coupled with blockchain technology would lead to a new era of decentralized peer-to-peer trading of skins. So, they acted proactively seeking out Malcolm CasSelle to lead WAX, their new endeavor. They tapped Malcolm Caselle as the President and CIO. He holds a BS from the Massachusettes Institute of Technology (MIT) and a Masters from Stanford in Computer Science.
Wax will be the name of the virtual gaming token which can be used by gamers throughout the world as a medium for trading skins. The genius of Wax is that although it stems from Etherium, it will be interchangeable with all cryptocurrencies. That is thanks to smart contract technology. The result will be a transparent, decentralized platform through which gamers can safely trade their skins, and profit in cash by doing so if they wish.