WAX Post-ICO Update – August 2018 - Crush Crypto

WAX Post-ICO Update – August 2018

Overview

  • Project name: Worldwide Asset Exchange
  • Ticker symbol: WAX
  • ICO date: November 2017
  • Market cap*: $75 million
  • Circulating supply*: 930,851,783 WAX
  • Total supply: 1,850,000,000 WAX

* As of August 28, 2018. Source: Coinmarketcap

The Worldwide Asset Exchange, or WAX, is a protocol created by OPSkins.com that allows gamers to exchange virtual goods using a decentralized marketplace. WAX was founded by William Quigley, John Brechisci Jr. of OPSkins, and Jonathan Yantis. OPSkins.com is the world’s largest third-party marketplace for gamers to buy and sell item skins from different online games like Counter Strike Global Offensive.

WAX and WAX Tokens are OPSkins’ blockchain solution to the centralization and regulations surrounding the current video game skin marketplace. WAX uses ERC-20 tokens on the Ethereum blockchain to facilitate transfers of virtual items but plans to launch a native blockchain in Q4 of 2018.

OPSkins launched their WAX ExpressTrade service on June 6, 2018 and shortly after received a cease and desist order from Valve, the developer of Counter Strike Global Offensive and Steam, due to issues surrounding gambling and copyright.

The below diagram shows how the WAX platform works in a nutshell:


Key Milestones/News

The WAX team provides progress updates on their Medium blog. Below are the key news/milestones achieved by the project.

  • November 2017: Token Sale ended and raised $80 million
  • December 2017: CryptoKitties are made tradeable on WAX
  • December 2017: WAX distributed 10x the original token amount to facilitate microtransactions
  • February 2018: WAX announced Etherbot and Fishbank collectible integration on platform
  • March 2018: Cryptobots, Day of Infamy, and Armello items integrated to WAX
  • June 2018: Developer of Steam, Valve, issues cease and desist to OPSkins
  • June 2018: VGO items made tradeable on the WAX marketplace
  • July 2018: VGO encounters issues with Ethereum main net and relaunches on WAX alpha 
  • July 2018: Physical items are available to trade on WAX ExpressTrade

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Conclusion

It looks like VGO is by far the most popular dApp on the WAX platform, and the team claimed that it is the world’s most popular dApp, with weekly transactions in the millions during the month of July 2018.

Apparently VGO items are only used for offline CS:GO games. The design for VGO skins are also based off of CS:GO game items, which may have legal consequences. Therefore, we are unsure about the long-term viability or attractiveness of VGO.

The project also announced a few partnerships but we believe those projects/games do not have much current usage based on web traffic.

On the technical development front, because the project is not open source and the team does not provide frequent technical update, it is difficult to gauge how much development progress has been made.

Therefore, it appears to us that the project has not progressed too much since the ICO.


Additional Resources

WAX Official Resources

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