Since its founding in 2015, OPSkins has emerged as the world’s leading site for trading in-game virtual assets such as skins and weapons. With assets designed for a wide variety of games like CS:GO, H1Z1 and CryptoKitties, among others, OPSkins is undoubtedly the gaming industry’s premier centralized marketplace for virtual assets. Now, the team behind the website has launched a new venture called Worldwide Asset eXchange (WAX) a decentralized asset marketplace that serves to address the natural restrictions that a centralized model might run into. Part of the team behind WAX is OPSkins CIO Malcolm CasSelle, who acts as President for the new platform.
Designed as a peer-to-peer platform, WAX uses blockchain technology to enable individuals to operate their own virtual marketplaces, which serves to combat issues of fraud and fragmentation that may arise in a centralized model.
By utilizing blockchain and smart contracts, WAX users are guaranteed of fraud-free transactions, with ordered assets delivered on time and on quality. A by-product of this development is that the numerous costly intermediate processes that serve in a centralized marketplace to combat fraud are eliminated, hereby increasing affordability.
Another benefit of blockchain technology is that the fragmentation that arises from the intersection of different economic systems and regulations on a single platform is eliminated. Users are able to quickly and effectively tokenize and trade assets in a few mouse clicks.
That WAX represents the next step in virtual asset trading is apparent to its management team. “The gaming industry will ignite the world of cryptocurrency to the mainstream,” CasSelle said in reference to the platform.
Malcolm CasSelle graduated with a Bachelor’s from MIT and a Master’s from Stanford University, both in Computer Science. He was previously President and CTO at Tribune Publishing (now tronc), as well as SVO & General Manager of Digital Media at SeaChange Int’l. He has been an active investor in leading companies such as Facebook and Zynga, and co-founded the Hong Kong telecom company PCCW, which is now valued at over $35 billion.