WAX (short for Worldwide Asset eXchange) is a decentralized platform that facilitates the creation of functional virtual marketplaces by the general public. The WAX platform enables anybody to create virtual stores by eliminating the need for expensive investments in security and infrastructure. The platform also provides for instant payments, thus disposing of the need for third-party payment processors. The WAX virtual marketplaces operate on a peer-to-peer trading protocol designed specifically for the virtual assets market. WAX allows easy access to its platform through the WAX widget. The widget can be integrated into any website. This allows users to interact with WAX without having to navigate to a centralized marketplace. WAX was developed with an eye on the online gaming community as this community already collects and trades in-game items. Having said that, any virtual good can be tokenized through the platform. This can also extend beyond virtual goods, as it is possible for physical items to be tokenized as well. The platform removes the need for trust between buyers and seller through use of an escrow service. This keeps users of the platform safe despite its peer-to-peer environment.
WAX tokens provide a form of currency in the trading of virtual goods. WAX tokens are also used to pay sellers’ fees.