WAX is the safest and most convenient way to create, buy, sell, and trade virtual items - to anyone, anywhere in the world.
Hundreds of millions of people around the globe already trade digital and physical items. But the problems that plague the digital goods and trading community have stunted its growth far beneath its full potential.
WAX is creating a full suite of blockchain-based tools that allows anyone to trade digital or even physical items instantly and securely, to anyone, anywhere.
Participants of the Worldwide Asset eXchange gain access to a global community of collectors and traders, buyers and sellers, creators and gamers, merchants, dApp creators, and game developers.
WAX's target market for digital goods is a superset comprised of virtual items from video games ($140 billion in total sales, $50 billion in secondary trading volume) and potentially tokenized products from consumer e-commerce ($1.8 trillion of a global $2.8 trillion e-commerce market). In our calculation, we add the primary sales of video games and video game items and secondary virtual item sales because the WAX Platform supports both. The subset of products we see tokenizable is $1.8 trillion of the $2.8 trillion e-commerce market. Today, taken together, that's about a $2 trillion total market size for digital goods.
The problems that plague the digital goods and trading industries have stunted their growth far beneath their full potential. Sellers want to maximize their profits on items of any price. Buyers want assurance that the goods they’re buying are authentic and that they’re protected from unscrupulous sellers. But microtransactions are extremely uneconomical, guaranteed safe trades between strangers are impossible, customs and shipping costs are expensive for the seller or the buyer (or both), and authenticating rare collectibles is difficult.
WAX is solving these problems by creating a full suite of blockchain-based tools that allows anyone to buy, sell, or trade digital or physical items instantly and securely, to anyone, anywhere.
WAX gives game publishers a way to monetize their customers who usually don't buy or spend money in their games. While non-paying players in free-to-play games spend enormous amounts of time in the game, publishers can start to offer NFTs through WAX. The brand affinity is high for players who then look for merchandise that reflects their interest. Different from an ad, this is a direct integrated shopping experience that can tie to game activity, promotions, or interact with streamers who create content related to the game. WAX believes this model, when proven through well-executed trials, will sweep through the entire video game industry to capture revenue from "non-performing" customers not spending money in their games. Currently, there are several game publishers currently working to roll out tests with WAX and vIRLs within their games.
WAX is a purpose-built blockchain and protocol token designed to make e-commerce transactions faster, easier, and safer for all participants. The WAX Blockchain uses Delegated Proof of Stake (DPoS) as its consensus mechanism and is fully backward compatible with EOS. The custom features and incentive mechanisms developed by WAX are designed to optimize the blockchain's usability in e-commerce, and encourage voting on guilds and proposals.
WAX has created a suite of blockchain-based tools upon which dApps, marketplaces, and native non-fungible tokens (NFTs) are built. These tools include services to support e-commerce operations such as the WAX Cloud Wallet, SSO and OAUTH, a native RNG service, a developer portal, and more. The resulting technology represents a blockchain architecture with 500 millisecond block times, is fee-less for customers, and leverages voting rewards to incentivize participation in the selection of block producers and proposals.
The co-founders of WAX include William Quigley. Since 1998, he has worked as the Managing Director at Clearstone Venture Partners, an independent venture capital firm listing several dozens of successful projects that they have raised over the years. William has also helped many cryptocurrency-oriented companies build up their businesses including Tether, Mastercoin, and GoCoin.
He has incubated and invested in over 40 Bitcoin, blockchain and crypto currency related investments. Quigley co-founded many transformative crypto companies including Tether, a USD derivative adopted by many of the world's leading crypto exchanges and GoCoin, a pioneering crypto payments processor. He and his business partner were early backers and the largest investors in Mastercoin, the technical forerunner to Ethereum and the world's first ICO. The Mastercoin team invented the concept of a blockchain based smart contract. Prior to forming Cashel, William co-founded Clearstone Venture Partners, a $700 million early stage focused venture capital firm where he concentrated on Internet investments. He also co-founded the world's first consumer Internet venture capital firm, idealab Capital Partners, and led Internet incubation efforts at idealab, the most successful consumer Internet incubator of the Web 1.0 era.