Worldwide Asset eXchange (WAX) from OPSkins, the top bitcoin merchant and marketplace for online video game virtual asset sales, may be the solution for the two main virtual marketplace pitfalls: fragmentation and fraud. Malcolm CasSelle, WAX president and OPSkins chief information officer (CIO), believes it will “ignite the world of cryptocurrency to the mainstream.”
The first step was to eliminate issues in the current fragmented marketplace due to hundreds of marketplaces working independently and geographic issues—meaning buyers typically could only make transactions on platforms in their country or be forced to use intermediaries, which bump up costs and increase the potential for fraud.
The solution was to create a blockchain widget. WAX’s blockchain technology will tokenize assets, easing the sell and purchase of virtual assets and allowing transactions to happen without leaving the game. The goal is for the WAX token to become common currency so that even sellers and buyers with different cryptocurrencies can make a deal happen.
Thanks to WAX, fraud issues go to the wayside because it eliminates intermediaries. Smart contracts ensure a successful transaction and delivery of goods without third-party assistance. This also helps keep prices down since sales are player to player, instead of player to intermediary to player, and so on.
CasSelle has made a name for himself since earning degrees in computer science from MIT and Stanford University. He co-founded NetNoir in 1995 and served as the company’s chief technical officer (CTO). In the following decade he had roles as a senior vice president and advisor to the chief executive officer (CEO) at Pacific Century CyberWorks, director of Capital Union Investments, a top executive at Tencent and CEO of Xfire.
While serving as CEO of MediaPass in 2013, CasSelle co-founded Timeline Labs, a social social media tracking software company, which was acquired by SeaChange International. He served SeaChange as a senior vice president and general manager until 2016, when he was named president and CTO at tronc, formerly Tribune Publishing. He joined the OPSkins team in 2017.