WAX is also known as Worldwide Asset eXchange, shows how powerful tokenizing in-game items actually is. WAX is a decentralized platform that lets anyone be active in the market place of virtual game assets. WAX will help reduce the transaction costs, help give portions out for an item sold fairly, and create new marketplaces that might not have been an option prior to this. By giving tokenization it will allow ownership over virtual assets and create a new economy and have better selling access to allow a possible expansion into physical assets. A big issue with tokenizing assets is how to monitor them and make sure they stay with the asset. They are hoping to make the token holders themselves responsible for the assets. The virtual asset exchange process is done through a Transfer Agent. The Transfer Agent is part of a guild. The guild is a rating system that prove that there really is a need for the asset. If a Transfer Agent does not successfully complete the trade, their guild reputation and financial stakes can be affected. If the Guild does not take action against the Transfer Agent that did not complete the trade, token holders will be able to choose not to use that Guild again for future trades.
Malcolm CasSelle is currently the president of WAX, and the CIO of OPSkin. He has worked for tronc, SeaChange Int’l, MediaPass, and Xfire. He has helped with many start up companies. He also worked on Groupon’s joint work between a Chinese instant messaging and Tencent, a gaming giant. Malcolm CasSelle has strong skills in marketing, sales and technology.
Malcolm CasSelle is fluent in Mandarin and Japanese. He has a degree in Computer Science from both MIT and Stanford University. He currently resides in Los Angeles, California. He has actively been investing in companies like Zynga and Facebook.