WAX, or the Worldwide Asset eXchange, is one of several digital marketplaces that are utilising Blockchain technology to power the sale and exchange of digital items. WAX have now announced a partnership with Terra Virtua, a decentralised platform for augmented reality (AR) and virtual reality (VR) entertainment content.
The purpose of the partnership is to combine the WAX marketplace with Terra Virtua’s immersive platform in order to create a secure and streamlines social environment where users can view, buy, sell and trade virtual items and collectables.
Any 2D or 3D digital item that can be transferred, stored or traded digitally can be exchanged on the WAX Blockchain and viewed using Terra Virtua’s platform.
WAX was built by the creators of OPSkins, another virtual item marketplace which has facilitated over 150 million purchases of digital items. Both companies are looking to opportunities in the expanding AR/VR market.
“We’re very excited to partner with a company like WAX that shares our goal of maximizing user interaction, flexibility and participation in the blockchain gaming ecosystem,” said Gary Bracey, CEO and Co-founder of Terra Virtua. “WAX’s in-platform marketplace and peer-to-peer trading features are key to our mission of creating a frictionless blockchain-based economy within Terra Virtua.”
“As a gaming and entertainment platform, and even as a social network, Terra Virtua has great potential to shape the future of the virtual reality landscape,” said William Quigley, CEO of WAX. “WAX’s experience lies in virtual item trading and marketplaces, and we’re proud to lend that expertise towards creating the blockchain economy Terra Virtua envisions.”
All items traded on the WAX platform are owned by the customer and can be changed for money or digital currencies such as Bitcoin.
The use of Blockchain and Cryptocurrency technologies in AR and VR is rising, with some companies using Cryptocurrency to raise funds for development.