WAX (WAX) the Global Decentralized Marketplace for Virtual Assets
WAX is a decentralized platform that enables anyone to operate a fully functioning virtual marketplace with zero investment in security, infrastructure, or payment processing.
The aim of the WAX Platform as a virtual goods marketplace is to decentralize exchanges while allowing users to purchase goods with a global token making the entire process faster, easier and safer for everyone.
They ran ICO in November when they raised a very significant amount of over $68 million.
WAX enables store owners to operate their own virtual item marketplace and can support a variety of selling structures to maximize liquidity, such as bidding, reserve bidding or fixed price.
Usage wise if the user decides to purchase a virtual good by selecting “buy now” in the WAX widget and is presented with an authentication window.
If this is the first time he is interacting with the WAX Platform, he’ll be taken through an onboarding process that creates an identity, allocates a WAX Wallet, and allows him to fund the immediate purchase.
WAX Token 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 WAX
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 the WAX Token must be converted by the listing agent at the current exchange rate at time of purchase.
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