OPSkins is the world’s largest centralized marketplace for virtual goods (gaming skins, etc.), with millions of users with almost 100% retention, millions of transactions annually, billions of items listed, and growth of nearly 200,000 new users per month. The marketplace for virtual goods trading is estimated to be $23 billion dispersed in trading, with another $23 billion being traded between players. OPSkins maintains transactional trust between users and prevents fraud by maintaining banking relationships and risk management processes with vigilant security controls headed up by OPSkins personnel.
However, while OPSkins has eliminated user risk through careful management of its platform, centralized marketplaces have constraints stemming from the fact that the marketplace is centralized. While platforms like OPSkins allow users incredible efficiency trading within a platform, the centralized nature does not allow virtual goods traders and gamers to transact outside the platform with the same level of efficiency and security.
There are several major reasons for this, including a lack of liquidity within smaller virtual goods trading sites, the lack of a common trading method for different games that prevents assets being traded on a directly exchangeable basis, and the lack of sufficient variety within buyers and sellers to ensure a market for every potential virtual good. While centralized marketplaces work well, they only work to a point. And this is where the need for a decentralized marketplace comes in, and this is why decentralized asset exchanges are the next big thing in gaming.
Worldwide Asset eXchange™ (WAX), a decentralized marketplace for virtual goods, allows gamers to trade wherever and whenever in a peer-to-peer fashion. There are a number of exciting aspects of a decentralized exchange that enable unprecedented growth in virtual goods markets, and a number of benefits that decentralized exchanges will produce for the space that would not be possible without blockchain…