Unless you live under a rock, you know that video games are becoming more important than ever before. The nature of video games has dramatically changed since the average person was introduced to the concept in the day of Atari and early Nintendo. Today, video gamers come from all backgrounds and age groups. Video games are played on mobile devices, PCs, dedicated consoles, virtual reality headsets, Twitch streams, and E-sports competitions.
Anyone can see that the wide range of video game types is indicative of a movement that appeals to devoted and casual gamers. Almost everyone with a smartphone plays video games at one point or another, but when we get into the more obsessive community of video gamers, we start to see even more interesting cultures emerge. Video game economies, through the trading of digital goods, have become commonplace in this market, now worth billions.
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WAX coin is an attempt to bring the trade of digital goods for video games under a single roof. Launched by OPskins, WAX token and the “Worldwide Asset eXchange” for which it is currency give committed gamers a single token with which to buy a wide variety of digital assets. As the market continues to expand, and what becomes possible for “digital goods” expands, WAX token could be the primary currency by which these goods are bought and sold.
If it’s big, the WAX coin price will skyrocket. Here’s why we think it might do just that.
What is WAX (Worldwide Asset eXchange)?
To understand what WAX is, you’ve got to understand a thing or two about digital assets and the video game industry. First of all, what is a digital asset?
- Digital assets can be any sort of transferable digital content: videos, songs, movies, video game skins. They can also represent real world goods: digital mortgages and deeds, cryptographic tokens representing valuable items like cars or paintings. With blockchain, digital assets can be truly singular, meaning that they can’t simply be copied or pirated away. Take Cryptokitties, for example, where unique digital cartoon cats sell for thousands of dollars, simply because each one is unique, and completely copy/theft-proof using the power of the blockchain. Because scarcity and value go hand in hand, digital assets can be extremely valuable, just as rare physical goods can have great value.
Now let’s talk about the evolution of the video game industry, which has created many different market places for digital assets.
- Gamers buy digital content all the time. You may have done it to get a little farther in Farmville, but you might be surprised to realize that people spend hundreds of millions of dollars on “skins” (broad term for a variety digital assets in video games) each year. A video gamer might buy a unique digital costume that gives a special appearance to a character they play. A gamer might buy a made-from-scratch player that’s at a high level, so they don’t have to spend hundreds of hours developing a powerful character to be competitive. As games get more competitive (word is, E-sports will be in the 2020 Olympics), the market for unique digital assets to be used in games will increase. OPskins wants WAX to be both the marketplace and the currency where these assets are bought and sold.
Why Does WAX Need a Blockchain-Based Market?
There are many companies that create digital currencies, simply because they want to make a lot of money very quickly. There are others who will genuinely benefit through the incorporation of blockchain technology, and the security and application potential it brings. OPskins and the WAX coin and marketplace are in this latter camp.
Blockchain makes it possible for digital goods to be truly unique, not copyable. For video game enthusiasts and elite players, digital assets can make their player visually different or uniquely powerful. However, power is relative. If other people can just copy or buy what you have, you lose your edge. Blockchain, therefore, changes the whole nature of the system.
What Makes WAX Coin a Good Investment?
WAX (the exchange) already has hundreds of thousands of users, and WAX coin is a favorite of gamers and investors alike. This means that, unlike many cryptocurrencies, WAX coin already has an active use case, even if the WAX coin price has been dropping of late. While this might be a pain for current investors, like so many other coins following the January crypto-crash, WAX is a bargain and a half right now. Trading at just under 30 cents, after a 2017 high of nearly $3, this is a coin with tremendous growth potential.
It’s impossible to overemphasize that WAX coin’s usefulness is a major argument for its value as an investment. Today, hundreds of crypto coins serve as mere investment assets. You can’t do anything with them, other than hold or trade them. Much of the market seems not to have woken up to the fact that these currencies, as investments, are as speculative as it gets.
WAX coin, by contrast, has a very specific purpose already in action. Now that we understand that, the Wax coin market cap of just over $100,000,000 doesn’t sound like very much at all, especially with product-less blockchains like Cardano valued in the billions. What’s more, anyone who understands the gaming industry and its massive growth potential will know that a technology that corners the digital asset market will have a cryptocurrency worth owning.
Since last year’s remarkable Wax coin ICO, people have been buying, holding, and selling WAXCoin (WAX). The WAX coin price suffered post ICO, after a bull run and crash that followed the rest of the market. Post-crash, we think the smart money should be snapping up all of the WAX coin they can get their hands on.
How to Buy WAX Coin
If you’re still reading in this second half of the Wax coin review, you are likely interested in buying some WAX coin of your own. We will show you two different methods, one which requires a little technical savvy and one that does not. But first, you’ll have to make a digital wallet to store your WAX coins in. It’s always good to use a software wallet to store digital currencies. The only other option is to keep them on the exchange on which you purchased them. Exchanges often get attacked and sometimes funds are stolen, so your own device (or better yet, a Ledger hardware wallet) is the best bet.
Start by going to MyEtherWallet.com. This is a multi-currency wallet which holds Ethereum, and every cryptocurrency launched on Ethereum. WAX coin is one such coin, the WAX ICO having occurred on Ethereum last year, so WAX is storable on MyEtherWallet. Once you’re on the site, create a wallet of your own. Write down and safely store the private key they show you, because this is the only way to recover your coins if something happens to your wallet.
Once inside, take note of the Account Address in the upper right hand corner, as well as “WAX” listed on the “Show All Tokens” option, which you’ll see at the bottom right hand of the screen. (“Show All Tokens” will be a yellow button visible when you first open your wallet. It’s obscured in the image below.)
We’ll come back to this wallet once you have your coins. Now on to how to buy WAX coin, starting with the easy option.
Buy WAX Coin With CryptoGo.com – The Easiest Option
CryptoGo.com is a brokerage option where you can pay for coins, and the brokers will buy them for you and send them to your WAX Coin wallet (MyEtherWallet in this case, as described above). CryptoGo can buy any cryptocurrency there is. They also accept credit/debit cards and bank wire transfers as payment, so they really are the easiest and most convenient option for most crypto traders to deal with. Here’s how to buy WAX coin with CryptoGo:
On the homepage, click “Sign Up” at the upper right hand corner.
Fill in the simple information requested on the right side menu.
Now, tell CryptoGo what you want to buy. Paste the MyEtherWallet Account Address where requested, as this is the address to which CryptoGo will send your WAX coins once purchased.
On this last page, upload some personal identity documents as requested. Some first time users are leery of supplying this info. It’s necessary because CryptoGo is a regulated company, and they have to make sure that people don’t commit fraud and other financial crimes through the platform. Your information will not be stored or sold. Add your chosen payment option and “Complete Purchase”.
You’ll have an email with a verification link to click. Beyond that, all you have to do is wait. CryptoGo will make sure your ID documents line up with your identity. Then they’ll look for the best WAX coin price among the exchanges through which it’s sold. Then they’ll buy your chosen number of WAX coins. Then they’ll send them to you at the MyEtherWallet Account Address you gave them.
That’s it! You’re a WAX coin investor. But what if you want to buy your WAX coins all by yourself?
How to Buy WAX Coin Using Bittrex – Medium Skill Level Option
Using a big exchange like Bittrex is a pretty simple cryptocurrency task, but there are still plenty of users who don’t know how. The advantages of using Bittrex are 1) it costs a little less, 2) you get the experience and become more savvy, and 3) you can buy loads of other coins in a short period of time, not just the one you’ll get in your basic CryptoGo order. (CryptoGo takes special orders, but you have to contact them.) We’ll go through the buy WAX coin on Bittrex process, step by step. Start by going to Bittrex.com.
First you’ll have to send some Bitcoin over to Bittrex. Buy it at Coinbase, Coinmama, CEX.io, or Changelly, then send it to your Bittrex Bitcoin wallet, found under “Funds”. Click the “+” beside BTC, then use that address to move your Bitcoin from their current storage place to your Bittrex wallet. When they arrive, proceed to the WAX exchange page.
At the bottom left of the screen, you’ll see a little menu that’ll allow you to buy WAX coin. Copy the current “ASK” price (found on the right side of the page). Paste this into the “Bid” line of the buying menu. Then select how many coins you wish to buy at this price (remember, the “Bid” price is only what you want to pay for a single coin, not your full order).
When you’ve chosen the number of WAX coins to purchase, you’ll see the total on the last line. If you want to simply spend all of the Bitcoin you have, just hit the “Max” button. Once you complete your order, it should be filled in less than a minute, unless the price suddenly spikes in which case you’ll either have to wait or cancel this order and make a new one at a higher price.
How to Send Your WAX Coins to Your WAX Coin Wallet for Safekeeping
Now it’s time to send your WAX coins to your WAX coin wallet (MyEtherWallet from earlier in this WAX coin review). Find the “Account Address” on the MyEtherWallet homepage, as already discussed. Take this back to Bittrex “Wallets”.
Type “WAX” into the little search bar. This’ll make your WAX wallet appear. Click the “-” button. This will bring up the following screen.
Paste your MyEtherWallet address in the “Address” line as seen above. Hit the blue Up arrow and this will indicate you want to see “ALL” of your WAX coins. When you’ve double checked your address and made sure you’re ready, hit “Withdrawal” and your WAX coins should arrive in MyEtherWallet in just a few minutes. You’re done!
Final Thoughts on WAX Coin
The video game digital assets market might seem like a niche market to some. But these people don’t realize that this “niche” is a multi-billion dollar industry, with incredible international growth potential. Getting in on WAX coin now not only allows you to buy digital assets in the most convenient and secure way possible, it also puts you in line for some incredible profits, if and when the WAX coin price increases. We think 2018 will be a big year for WAX coin, so get in while the WAX coin price is low.