While in-game virtual assets like skins and weapons have been lucrative business for a few years now, it seems the industry within an industry is reaching new and uncharted heights. In early 2016, a CS:GO weapon skin themed after eSports team Cloud9 sold for a record-setting $61,052.63 in the aftermath of the team’s upset victory in the ELEAGUE Boston Major Grand Final. The platform that facilitated the astounding sale? An online marketplace known as OPSkins.
Launched in 2015, OPSkins has rapidly grown not just into the world’s leading platform for in-game virtual assets, but also into its leading bitcoin merchant. Now, some of its creators and leading figures are launching a blockchain platform for trading virtual assets called Worldwide Asset Exchange or WAX.
Designed to be the decentralized counterpart to OPSkins’ centralized trading system, WAX facilitates peer-to-peer transactions while maintaining safety by harnessing the power of blockchain technology and smart contracts to ensure that each seller can maintain their own virtual marketplace and each buyer is assured of a fraud-free transaction.
A benefit of this new innovation is that a new marketplace is created that overrides the friction and fragmentation caused by differing regional financial systems. This new marketplace is designed to make tokenizing and dealing assets easier and much more cosmopolitan. Another benefit is affordability, since a decentralized model eliminates all the cost-accruing stages that are needed in a centralized model to detect and eliminate fraud.
Part of the management team is President Malcolm CasSelle, who is also the Chief Information Officer of OPSkins. Holder of a Bachelor’s from MIT and a Master’s from Standford University, both in Computer Science, CasSelle joined OPSkins and subsequently WAX in 2017 after serving as Chief Technology Officer and President of New Ventures, a subsidiary of tronc, Inc. He was also an early stage investor in companies such as Facebook and Zygna.
CasSelle is certain of the viability of the platform, and of the wider impact that gaming will have on the cryptocurrency market, proclaiming, “The gaming industry will ignite the world of cryptocurrency to the mainstream.”