OPSkins, the world’s largest platform for video game virtual goods traders is building a blockchain protocol called Worldwide Asset eXchange (WAX), designed to enable an unlimited number of marketplaces operated by individuals or small businesses to buy, sell and trade virtual goods at scale with just a few clicks.

The role of the WAX Platform as a virtual goods marketplace is to decentralize exchanges while allowing users to purchase goods with a global token. With this important shift in structure, millions of buyers and sellers will have the power to use their social graphs to buy and sell virtual goods effortlessly. WAX can support a variety of selling structures to maximize liquidity, such as bidding, reserve bidding or fixed price. The cottage industry of buyers and sellers currently served by OPSkins will not have to develop complex backend systems but, instead, will use the WAX Platform to leverage the most powerful aspects of the OPSkins asset exchange.

The WAX platform will allow the global pool of buyers and sellers to access the global supply of virtual goods in a decentralized market while eliminating financial risks they encounter from the prevailing consignment-based marketplace model in use today. Utilizing smart contracts that incorporate the OPSkins team’s 20 years and billions of transactions of virtual item experience, WAX supports a platform where all market participants—listing and selling agents, item settlement agents, appraisers, affiliates, buyers, and sellers—will merchandise, apportion fees and settle transactions quickly and securely.