Missed the last WAX Community Talk? Catch up here.
By: Wax Io
Tags: Bitcoin, Ethereum, Videogaming, Cryptocurrency, Blockchain

The WAX team occasionally hosts Community Talks in our Telegram channel. Missed the one on 3/1/18? Read through the Q&A below, and stay tuned to our social media channels for announcements about the next ones.

Q: Will WAX work with referrals? People who promote the skins and items on their websites? I read about creating a structure around it.

A: Absolutely! We’re setting up WAX in a way that anyone can create their own virtual store. So the “referrals” you mention may actually take place on your own site (or one you control) through WAX.

Q: Mass adoption requires that the token is easy to use and acquire. I think one of the main things to make the token interesting is easy tradability to fiat and back. If one has to first purchase ETH or BTC and then buy WAX and vice versa to fiat it will limit the use. How important do you see the availability of straight fiat/WAX trading pairs for the mass adoption of WAX?

A: We can’t really speculate on the secondary markets for trading tokens. That’s out of our control and, quite frankly, a bit of a distraction for those trying to build sustainable businesses and ecosystems. However, I do agree that convenience and ease of use are essential. Crypto is still way too geeky and not quite mass market accessible. Fortunately, gamers are already past the geekiness and, as the study shows and have embraced crypto beyond our expectations.

OPSkins has made it very easy for people to buy and sell using whatever currency is most desirable for buyer and seller. We extended that to crypto when we adopted BTC and ETH… and now WAX. Expect that philosophy to continue as we build the WAX Platform.

Q: What value do you see in the old token once the new tokens are distributed?

A: The old token will remain as a unit of stored value. Our intention is that it be accepted in many places that are of interest and utility to gamers.

Q: Is the timetable for your custom blockchain slipping into 4th from 3rd?

A: We’re still on track. Remember that we said that OPSkins would be the first customer for WAX? We are busily “WAXifying” the services that make up OPSkins into microservices. Some will be on the blockchain. Some may be elsewhere.

Q: What is an estimate for WAX market?

A: If you’re asking about the ETA for market launch the answer is still Q4 2018.

Q: How much money do you think is worth the market to which WAX is addressed?

A: We’ve seen estimates for the “virtual goods” economy in the $40 to $50 billion range.

Q: What is the percentage are you guys trying to control?

A: 100%? Seriously, we’re looking to GROW the overall market. Plenty of space for WAX, OPSkins, and anyone else.

Q: What is the volume of WAX used to buy and sell virtual goods so far this year?

A: We’ve had millions of WAX tokens deposited on OPSkins and used for buying and selling skins since we made this possible in December.

Q: Is there any restriction or lock up on management selling their tokens? I have been wondering if that’s what been keeping the price under pressure lately

A: Management is subject to vesting and lockup based on roles and responsibilities.

Q: Do you think the WAX token offers a unique scalability solution for ERC721 games that Ethereum does not currently offer since the WAX protocol is Delegated Proof of Stake and theoretically can confirm more transactions per second?

A: That’s our thinking. When we started planning for WAX, ERC721s weren’t a thing. But we see real value to ERC721-makers on OPSkins (now) and WAX (later). On OPSkins, they get far greater exposure and liquidity (more stuff!) than they would on their own. And OPSkins already allows people to buy/sell across a wide variety of currencies… not just ETH.

Q: Will WAX try to make partnership with big player in the game industry like ubisoft, ea, etc…?

A: Unlike some others in the video gaming space, WAX’s success is NOT dependent on adoption by any of the big game developer platforms. We have great relations with the developer platforms as well as with the publishers. The tools providers are eager to find marketplaces for their developers. We provide that marketplace.

Q: Do we know approximately dates for OPSkins to start accept WAX what will change so far in Q2? And another question about skins integration, are you planning to incentivize game developers use skins they make on WAX platform?

A: As to incentivizing game developers… the best incentive is to provide them with an easy way to make money off of their games. Having tradable items makes that possible. Having access to global marketplaces like OPSkins — and soon WAX — gives them the ability to reach gamers everywhere.

Q: Will you be able to deny access of virtual items of some games on the WAX blockchain? Or will WAX be completely neutral?

A: If it’s a decentralized platform, which is our plan, there would be no way to deny. We will rely on Guilds to decide what games and assets to support. WAX provides the rails (platform) for the Guilds to operate.

Q: Would there be any issue with OPSkins if WAX had to conquer the entire gaming leadership?

A: We see a future for both WAX and OPSkins. OPSkins is a trusted CENTRAL marketplace that removes third-party risk for buyers and sellers. OPSkins will also be using WAX as core tech. WAX itself is designed to support an unlimited number of marketplaces with the same tech in a DECENTRALIZED way. It’ll be up to the Guilds to set the rules for the assets they control

Q: Partner with abyss?

A: We are partnering with more and more companies every week!

Q: Do you have a date for the AirDrop of IRON?

A: No clue on IRON’s AirDrop. Up to them.

Q: I think we came up today with another important question about moonbeard integration on Opskins, there was a huge demand for that today :) Community will support me, at least you can put it on WAX apparel)

A: We are currently talking with a number of companies about creating WAX- and OPSkins-branded items for sale as virtual items. Stay tuned!!!

Q: How do you guys exactly want to adapt/transfer the customers from OPSkins to WAX.. I mean how do you convince them that they use the new WAX platform instead of the “good old OPSkins“?

A: No need to convince. OPSkins customers will be using WAX without even knowing it as we replace components.

A: WAX is designed to let a million marketplaces bloom. You want to set up a store? Easy peasy? WAX is there for you? Prefer to put your inventory into a consignment shop? OPSkins is there for you. We have you covered both ways.

Q: When i can create my own store

A: MVP Beta is Q3 2018. Launch is Q4 2018.

Q: How will you promote the blockchain to game developers? What will they gain using the platform?

A: Devs have to enable trading in their games in order for them to hit a marketplace. As long as devs are thinking about how to create their in-game economics they’ll find that WAX (and OPSkins) provide them a way to get in front of buyers and sellers since we’re already the largest marketplace for in-game items.

Q: Is it possible to deposit fiat on WAX and will you accept also other cryptos? Main benefit from you point of view of using WAX in comparison to for example bitcoin ?

A: We anticipate that WAX fees will be very low so that our users can conduct skin trading. WAX as a platform allows the whole transaction to run on a smart contract (technical consideration, not a consumer one).

Right now, OPSkins accepts fiat and other cryptocurrencies. We expect that WAX will do the same.

Q: More and more regulations are coming (I think it is good) but do you see possible challenges in this and do you have a team of people working to make sure that WAX is compatible with these..

A: Yes, we have a team tracking and complying. It’s a fluid environment but we’re very much on top of what’s happening and will adjust as needed to changes in the regulatory landscape.

Q: Hi, when will be WAX fully integrated with Fishbank?

A: Plan is for later this month.

Q: Same time as Etherbots?

A: I believe we’re awaiting a final launch date from their side.

Q: Where do you see WAX in 5 years if things goes as planned?

A: I think you’ll see WAX everywhere in 5 years. You may experience WAX as nothing more than a “logo” you see on a site/service which specifies that it’s powered by WAX. If you’re a game dev or publisher, it’s likely that you’ll have your in-game items slated for including on the WAX marketplace as part of your normal development and launch planning. We believe WAX will be everywhere!

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