The creation of WAX (Worldwide Asset eXchange) has demonstrated to the tech world the power of companies and that of individuals to create tokens from in-game items. The creation of WAX’s platform has also availed a decentralized platform through which everyone can transact within the marketplace for exchanging virtual game assets.
WAX currently is reducing transaction costs while at the same time creating a marketplace that enables the transfer of assets for even games that didn’t have the functionality before. The ability to exchange in-game tokens is currently allowing the players to fractionalize their profits with other players.
It is worth noting that the tokenization of assets comes with its sets of challenges. The primary issue that has to be addressed within the Worldwide Asset eXchange is how to guarantee that all tokens traded within the market remain tied to their assets within the blockchain network.
To address this challenge, WAX has designed a multi-layered governance approach that can provide the clients using the platform with an oversight role. There are users within the marketplace who are responsible for transferring the tokens. These users are called Transfer Agents. Currently, the Transfer Agents have a supervisory committee referred to as Guilds.
In the governance of the Worldwide Assets eXchange, there are penalties imposed on Transfer Agents who do not carry on their mandate. The Penalties are enforced by the Guilds so that its reputation and that of the platform is upheld. The economic feedback imposed on the Worldwide Asset eXchange guarantees that items and tokens remain connected to their virtual assets.
The serving president at the Worldwide Asset eXchange is Malcolm CasSelle. He is also the current CIO at OPSKins. OPSKins is the world’s most trusted marketplace that enables players to trade on items from video games. Malcolm CasSelle has previously held other executive positions; he was the president of the Tribune Publishing previously known as Tronc.
Malcolm CasSelle has worked at SeaChange International; this is the same firm that acquired his company Timeline Labs. Malcolm was the CEO of Timeline Labs, a company that focused on analyzing engaging digital content.