What is WAX?
The vast majority of gamers who buy and sell virtual assets today are likely to have their items stolen or pay exorbitant fees through cross-border transactions, unless they go to a centralized trading platform. This market friction is the key factor limiting the growth of this $50+ billion market.
The ideal solution to this problem is a global virtual asset repository, accessible to anyone, which provides a complete catalog of all items available for sale in real time. Such a repository, when coupled with distributed trust mechanisms, and a reliable low-cost settlement network, will vastly improve price discovery and market liquidity, thereby increasing market size.
WAX will enable a new generation of virtual asset traders, in a similar way that modern marketplaces enabled entrepreneurs to become power sellers online, ride share drivers or hosts for travelers (Alibaba, Amazon, Uber, and Airbnb). These platforms enhanced commerce for millions of small business owners and created hundreds of billions of dollars of new value by making their platforms easy to use and widely available, while simultaneously solving expensive problems like fraud prevention, settlement execution, product and seller reviews, standardized catalogues of product information, supply and demand matching, etc.
— Malcolm CasSelle, President
WAX Tokens will be available for the main ICO sale starting on October 24, 2017 at 1 p.m. UTC. The ICO will run for two weeks and end on November 8, 2017 at 1 p.m. UTC or when the entire ICO sale allocation of WAX tokens have been sold. During the first week of the main sale, only confirmed gamers will have the opportunity to contribute. This is done to ensure maximum token utility as the WAX project develops.
13,750,000 WAX tokens will be released during the ICO sale. The price will start at 300 WAX tokens for 1 ETH and will increase 11 times (adjusting after each increment of 1.25 million WAX tokens sold) to end at 150 WAX tokens for 1 ETH.
If the minimum cap is not reached, funds will be returned to the original investor. Visit the WAX Token website for more information and the contribution address.