Worldwide Asset Exchange or WAX as it is most popularly known, is a decentralized exchange platform or marketplace that allows gamers to trade whenever they want to, and from wherever they are. The online marketplace is designed especially for video games and gamers.
The totally decentralized platform allows engagement in the virtual marketplace with zero investment in infrastructure or security.
The founders of WAX are also the great mind behind OPSkins which is the already a leading marketplace for online video game assets. The goal of WAX is to create a platform that is available to over 400 million online gamers who regularly buy and sell in-game items.
WAX currency is basically tokens that allow users to trade virtual items for Cryptocurrencies. With the WAX platform, users can create and manage their own virtual stores. This platform is expected to provide users with instant payment, increased security and also trustworthy services which in turn will make millions interested in the platform.
WAX has accrued a lot of interest over the years and questions have been raised on how to buy and sell this Cryptocurrency. Be rest assured, this article is here to help with providing the necessary information that is needed about the platform.
How Exactly Does WAX Work?
To understand how WAX works, then you need to first understand what “Skins” mean. Skins are those online or virtual goods that gamers use to customize the look of their games or the appearance of their character and sometimes to upgrade their weapons.
Trading Skins is actually a kind of big deal today because more and more people are trying to create the best versions of themselves in games and that is why the gaming industry is worth up to 50 billion dollars a year.
To trade Skins, users have to trade using centralized marketplaces, and the biggest of such places is OPSkins which was mentioned earlier in this article. OPSkins is so big that up to 200,000 new users join the platform per month.
On the platform there is no need for a broker, and there is assured security as buyers and sellers can trade seamlessly.
Users of the WAX platform that are interested in buying, selling or trading their digital assets need to have the WAX Token. This token allows for virtual assets to be exchanged for Cryptocurrency. All of these trades are executed with smart contracts that will enable optimum trust levels.
How To Buy WAX (WAX)
To buy token, then you need to follow these following steps:
You would need to create a Cryptocurrency exchange account that allows you to trade WAX.
To begin, you need an account to trade your token on. You can create an account with an exchange that allows just one currency pairing or with one that allows for more. Just as with most online registration and account creation, you would need to provide your name, email address and then your personalized password.
Other additional information about yourself and proof of ID might also be necessary so as to satisfy the Know Your Customer (KYC) laws. To ensure that you have extra security, it is advised that you set up two-factor authentication on your account. This would confirm that you are better protected from scammers and hackers.
Credit Your New Account With Money
Open the account you just created and click on the deposit link on the homepage of your account. Set the amount that you want to credit your account with and then generate a wallet address where the exchange will be carried out.
You would also need to buy one of the popular Cryptocurrencies like Bitcoin or Ethereum.
You Can Now Finally Buy WAX (WAX)
With the Bitcoin or Ethereum that you have, you can exchange it for WAX. Make sure to check that the exchange is right and that you buy exactly how much you need before you finalize the process.
Sell Your WAX
Times might come when you want to sell WAX that you have bought. To do this, simply reverse the process that was followed in step 3 of purchasing WAX.
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