Ann: Collaboration with major e-commerce blockchain WAX, page-9

That's correct, the items are created on the blockchain and not integrated into any actual game at the moment as far as I know. 

Previously, OPSkins (founders of WAX) was a marketplace primarily for trading assets from the CS:GO game, however Valve had a big issue with this and ordered a cease and desist:

https://esportsinsider.com/2018/06/valve-opskins/

OPSkins offical statement: https://blog.opskins.com/official-statement-regarding-valve-opskins-steam-accounts/

This all stems from the gambling that people were doing with these skins online, although there's an argument to say that Valve just wanted to keep the proceeds from trading fees in house.

From there, VGO.gg was born - these are skins / items created on the blockchain. Again it's gambling but to be fair it's no different to opening a pack of Pokemon cards - you get mostly common stuff, but you could get lucky and hit the card everyone wants.

These VGO.gg items are what  you see being sold on WAX. As I mentioned though, I am not aware of any game that is currently using any of these in their games.

For now it's relatively inexpensive to open these packs, called "cases". I might do a few just to get a feel for the process and report back.