It is a token that you can use to buy op-skins. The project seems legit and all that. But the team has been changing the terms of the ICO and the last thing has been issuing tokens to an exchange which sold them unlocked before giving them to their own contributors which will lose the first hours of tranding if not days.
Also, news of underselling and obscure deals are around.
Just for future reference if someone stumbles upon this:
What happened here was not WAX issuing tokens to an exchange early but the exchange listing a scam contract before WAX even started distributing their tokens.
Those scammers managed to deposit and sell quite a lot of tokens before Huobi realized their mistake.
Thus for days, there were more scam tokens traded on the exchange than real ones.