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Is WAX a Leader in Blockchain Asset Exchange for Games? Our Take

WAX (Worldwide Asset Exchange) is a decentralized system for trading traditional (centralized) in-game items and blockchain-backed non fungible tokens. WAX can also be used as a blockchain to run Dapps themselves.

This article will explain how WAX works and what it can be used for. We’ll go over OPSkins, Guilds, Transfer Agents, item tokenization, EOS Dapp duplication, vIRL, VGO, and more.

We’ll tell you everything you need to know about this new method of participating in the gaming economy.

Game-item trading problems

WAX was developed to solve problems in the game-item trading economy.

Most major PC game developers do not provide blockchain-backed items in their games. Instead, they require players to use an in-game mail system or face-to-face interaction between characters to facilitate a trade.

And only in-game currency can be used to purchase items in these games, not cash.

Although some players do attempt to sell items for cash, this inevitably requires trusting a third-party to adjudicate disputes.

Compounding the problem is the fact that most game developers have terms of service that expressly forbid selling in-game items for cash. This means that if one player defrauds another by refusing to pay for an item after it has already been transferred, the victim has no recourse to get restitution.

Despite these problems, many players do want to trade game items. They feel that these items belong to them and that they should be able to trade these items freely. Yet they still face the problem of how to complete a transaction safely.

Seeing this problem, the WAX team attempted to come up with a solution. Their first attempt was OPSkins. This initial project eventually led to the creation of WAX.


OPSkins is a website that facilitates the trading of in-game items. It acts as a trusted third-party between players.

If a player wants to sell a skin, weapon, piece of armor, or any other item, he can list it on OPSkins. When a buyer decides that he wants the item, he pays OPSkins the purchase price. OPSkins then contacts the seller with a trade offer from within the game.

The seller delivers the item to the OPSkins character or account in game. The OPSkins website then delivers the funds to the seller and the item to the buyer’s character. This eliminates the need for buyers and sellers to trust each other.

After developing OPSkins, the team realized that the problem they were attempting to solve would soon be eliminated by blockchain technology. So they set about creating a blockchain that would allow anyone to create an OPSkins-like system on their own.

Worldwide Asset Exchange (WAX) was the result.

WAX item trading for centralized items

WAX has many different uses, but the primary purpose it was intended for is to facilitate trading of in-game items for cash or crypto between players in a decentralized manner.

This section will explain how it accomplishes this.

WAX accounts

There are four different types of account on the WAX network: Users, Guilds, Transfer Agents, and Contracts. Here is a list of the basic functions of each type.

Users – Buy and sell items

Guilds – Verify transactions on the blockchain

Transfer Agents – Ensure that items get delivered to the right people

Contracts – Automated agents that carry out code as programmed

DPoS Consensus Protocol

WAX uses a delegated Proof of Stake (DPoS) consensus protocol. Guilds are chosen by users who pledge votes to them.

This system allows for high speeds and low costs, two features that are necessary for any system that can support scalable Dapps.


Blocks are confirmed by an initial set of 64 guilds. New guilds can be created if users submit proposals for new games or servers to be represented. If these proposals receive enough votes within a certain time period, the number of Guilds is increased.

Guilds are responsible for assigning Transfer Agents to transactions. They use criterion such as trust score, activity level, number of settled transactions, etc. to make this decision.

Each Guild has a trust score based on the number of votes that have been delegated to it plus the trust score of its Transfer Agents. If a Guild assigns Transfer Agents who end up being dishonest, its score falls.

If its vote total falls below 10, it is disbanded.

Transfer agents

Transfer Agents are responsible for transferring items from one player to another. Each Transfer Agent works on one game and server.

Each Transfer Agent must put up a bond equal to 25% of the value of all transactions he is working on.

A Transfer Agent communicates with the buyer and seller, takes control of the seller’s virtual item, verifies that it is the correct item, digitally signs a statement that the item has been received, sends the item to the buyer, and digitally signs a statement that the item has been sent to the buyer.


Each WAX token holder has the right to delegate votes to one or more Guilds based on the number of tokens held in his wallet. If the token holder votes for more than one Guild, the votes are distributed evenly between them.

The maximum number of Guilds a token holder can vote for is 8.


To become a Guild, the user submits a Proposal. The Proposal must include the game and server the new Guild will serve, the proportion of fees that will be shared with delegates, and the user account address to be used as the Guild address.

The account initiating the proposal must contain at least 10 WAX tokens. These 10 tokens automatically get pledged as votes to the new Guild.

If the number of votes pledged to the Guild ever falls below 10, the Guild is disbanded.


Each User, Guild, or Transfer Agent has a rating. When accounts interact with each other, they each have an opportunity to rate the other.

Over time, an account gains rating as it performs trustworthy actions. Untrustworthy actions will cause an account’s rating to fall rapidly.

Item listings

Any user can list an item on the WAX platform. Website developers can use the WAX Software Development Kit to display all items listed.

The list for an item includes its game, server price, and estimated delivery time.


If a user believes he has been wronged by a Transfer Agent, he can place 50% of the transaction value up as a bond and initiate a formal dispute. Once this occurs, the Guild that first assigned the Transfer Agent must assign a different agent to review the transaction.

If the reviewer finds that the Transfer Agent acted wrongly, the disputed amount plus 10% is deducted from the Transfer Agent’s bond and given to the user.

Tokenization of centralized items

Some developers allow their items to be traded on WAX.

In cases like these, WAX tokenizes the items. For each item listed, a new blockchain-backed token is issued that contains information about the item.

WAX blockchain

Although the WAX platform is primarily intended to allow players to trade game items, it is also a fully functional blockchain. Dapps can be run on WAX – just as with any other smart contract platform.

Duplicating an EOS Dapp on WAX

WAX was inspired by EOS. And EOS Dapps can be duplicated onto WAX through a simple process.

For a developer to deploy his EOS Dapp onto WAX, he must take the following steps:

  1. Make a WAX blockchain account and link a Scatter wallet
  2. Make sure there is enough WAX in the account to handle resources needed by the Dapp
  3. Install the Cleos developer tool
  4. Make an account for the Dapp’s smart contract
  5. Deploy the contract

Current popular Dapps on WAX

There are two dapps on WAX currently that have high operational volume: vIRL and VGO


vIRL is a website and Dapp that allows users to buy “boxes” of real items digitally. The real items include such things as iPhones, Luis Vutton apparel, Yeezy sneakers, and other valuable objects.

For each object, a blockchain token is created to represent it. These tokens are then sent to a smart contract and organized randomly into “boxes.”

When a user buys a box, he can “open” it with the click of a mouse, revealing the token within. Once he owns the token, he can redeem it himself or sell the token to someone who wants the item.


VGO is a website and Dapp that offers blockchain-backed skins to be used in future games.

The skins are randomly generated from a smart contract. To obtain a skin, the user must buy a vKey and use it open a vCase. Once the vCase is opened and the user sees which skins he owns, he can sell them or keep them for future use.

The Forge Arena has recently announced that it will allow VGO skins to be used within its game.

Other Dapps on WAX

Although the Dapps listed in the above section provide most of the transaction volume for the WAX blockchain, there are many smaller Dapps that run on it as well. Here is a list of some of them.

Prospectors – A game about gold-mining

BetPink – A decentralized gambling Dapp run by one of the WAX Guilds

DCart – A game item trading hub

Alchemy Expert – A simple crafting game that uses “elements” as resources

WAX Strategy – An RTS on the WAX blockchain

WAX Tetris – The name says it all

WAX Conclusion

We’ve explained how WAX works and what it can be used for. We’ve gone over the history of WAX, including its origin in OPSkins. And we’ve explained Guilds, Transfer Agents, Voting, and more.

It’s too early to tell whether WAX will eventually take over the market for NFT trading. But what it has done so far is certainly impressive.

We’ll be watching this blockchain as development on it continues, and we’ll update this page if anything new and significant happens to it.

– This article was originally posted at Castle Crypto

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