WAX is a global peer-to-peer marketplace for video game virtual goods trading based on decentralized smart contracts on the blockchain. The WAX platform will allow the global pool of buyers and sellers to access the global supply of virtual goods in a decentralized market while eliminating financial risks they encounter from the prevailing consignment-based marketplace model in use today. Utilizing smart contracts that incorporate the OPSkins team’s 20 years and billions of transactions of virtual item experience, WAX supports a platform where all market participants listing and selling agents, item settlement agents, appraisers, affiliates, buyers, and sellers—will merchandise, apportion fees and settle transactions quickly and securely.
WAX Token (market abbreviation WAX) is the native token of the WAX Platform, and supports all activities and functionality on the WAX Platform.
WAX Token is a platform utility medium that enables users to list items for sale, transact value between each other, settle the transfer of virtual goods, create and service contracts, and propose and vote for WAXGuilds. The application of WAX Token is entirely focused onthese functions, and developed to strongly enforce security during digital exchange.
Virtual goods’ sales prices are listed in WAX Token; when a user wants to purchase the virtual good they pay with WAX Token. If the item is listed in a different currency (through a site linking to the WAX Platform), the WAX Token must be converted by the listing agent at the current exchange rate at time of purchase.
The number of votes a user can distribute to one or more Guilds is equivalent to the number of WAX Tokens such user holds. When WAX Tokens are transferred, the vote allocations are diminished by the same amount, so it is important to hold a reserve of WAX Tokens to ensure a user’s delegated votes remain sufficiently high.
A small amount of WAX Token is also used during transactions and messages, as a fee for using the network. This fee, similar to ETH Gas and Bitcoin Fees, incentivizes Guilds to include transactions into blocks.
All accounts have the ability to transfer WAX Tokens between themselves and other users. This involves the reassignment of asset (X) from one account (A) to another (B), with enforcement
that the originating account (A) was in possession of at least that many WAX Tokens (X) before the transaction was approved.
All settlements on the WAX Platform are conducted in WAX Token. Since WAX Token is divisible to 18 decimal places (10-18), the transfer of WAX Token also allows for microsettlements, a feature likely to be leveraged for future virtual goods.
Total Supply: 1,850,000,000
Circulating Supply: 492,954,537
Price: 1ETH = 3000 – 1500
Official Website: https://wax.io/