Malcolm Casselle is a Web entrepreneur, a venture capitalist and the creator of the Worldwide Asset Exchange or WAX. WAX is an innovative platform for buying and selling virtual gaming assets. The WAX token is a cryptocurrency that customers use for transactions. Millions of online gamers who collect virtual items can now use WAX and its system of tokenization when buying and selling.
In a recent blogpost, Casselle, a graduate of both MIT and Stanford, talked about the future of WAX. Casselle explained that WAX is a decentralized platform that allows anyone to locate and obtain virtual assets. An example of a virtual asset is a “skin”. A skin is a unique decoration for a virtual weapon that a gamer uses while playing online. A rare skin is highly valuable and gives its owner the same kind of prestige that an expensive car bestows on drivers in the real world.
As with any online activity, security is a big issue. Casselle explains that token holders themselves provide security for the marketplace using a digital ledger system like the one used by Bitcoin. Transfer agents perform the process of exchanging tokens and virtual assets. They are supervised by committees called Guilds. Transfer agents and Guilds that fail or attempt to cheat can be removed by token holders who are dissatisfied with their performance.
The next step for WAX according to Casselle is to enter the real world and allow token holders to own percentages of physical items. For example, someone might own a certain percentage of a classic automobile or a valuable piece of sports memorabilia. As with virtual items, the guilds will be responsible for verifying physical assets and monitoring who owns them.
The bottom line is that WAX is poised to create a whole new way of exchanging assets both virtual and physical. Over 200,000 new gamers purchase virtual items every month using their traditional currencies. WAX not only makes it easier to buy virtual items, especially for gamers from other countries, it also holds promise for giving its users a clearer picture of what the assets are worth.