eSports is still quite new when it comes to the sporting industry, but it’s recognized as one of the fastest growing ones. It’s actually gotten so popular lately that it’s slated to turn into a medal event at the Asian Games in 2022, and is also being considered to be included in the 2024 Paris Olympics. In 2017 alone, around 400 million people kept their eyes glued to various eSports events, putting it on the same level as football and basketball.
Thanks to the growth of eSports, it means that item trading within the industry is bound to explode in the near future. WAX, a decentralized platform, aims to transform video game asset trading with the help of blockchain technology. They’replanning on developing a utility token dubbed as “WAX” and aim to innovate and expand the size of the industry when it comes to trading digital items.
The system is planned to simplify the whole exchange process by providing users with a platform that will let them access a worldwide network catering to trading virtual items, which is then backed up by a verification process and the high fidelity of blockchain,
WAX was developed by the founders of OPSkins, a company that oversees transactions for millions of dollars’ worth of virtual items. They’re also backed by a highly experienced team of experts in the virtual item trading industry.
WAX will allow users to have their own digital stores to sell their assets and at the same time, remain protected when it comes to transactions thanks to the blockchain platform. WAX is also targeting to follow the model that Airbnb and Uber did in transforming their respective industries by allowing people to make money on their platforms.
It’s highly possible that eSports and the gaming industry will become the most tokenized in the whole world. This is made possible by the fact that smart contracts can be applied to a variety of transactions that are used in eSports, making things seamless and hassle-free.