CRYPTO CORNER EPISODE 158
Market Analysis, Updates, News & Reviews
In today’s episode I present to you the latest offering from the gaming industry with unique AR & VR features and ownership of NFTs. I interview the co-founder of OVR to get a valuable insight into their product.
Let’s talk about NFTs again.
The birth of blockchain and decentralised networks introduced a ton of new opportunities and innovation in the tech world beyond cryptocurrencies and we are now experiencing so many new projects that come into this space. Last year’s growth of DeFi is still on everyone’s lips and another sector that is now thriving in the blockchain space is gaming, but more precisely, NFTs – non-fungible tokens. I already talked about NFTs a few times in previous episodes and I featured here projects that create innovation in this niche, so we’re continuing the topic with the featured project today: OVR.
Before we dive deeper, let me quickly explain what is a Non Fungible Token in case you missed my previous posts.
This is a digital token with unique qualities, unlike cryptocurrency tokens where each unit of that cryptocurrency is interchangeable with another unit of the same cryptocurrency or in the physical world this is best illustrated with regular currencies where a $10 note is interchangeable with another $10 note or ten $1 notes since they represent the same value and purchasing power. NFTs in contrast, are not equal to each other and therefore they are not mutually interchangeable. This makes them quite different from your typical cryptocurrencies, despite being digital assets existing on a blockchain – like cryptocurrencies.
Currently NFTs are mostly built on the Ethereum Network and these can be anything from Art creations, or gaming tokens, Popular Movies collectible cards (star wars or Dr Who for instance), collectible sports cards and even celebrity tweets. A popular Doge coin tweet by Elon Musk is apparently valued at more than $7000 for instance and more than $75,000 has been already made in offers to buy tweets, and over 400 “NFTweets” were actually sold last year.
If this sounds mind-blowing, there’s even more: The biggest sale of NFT to date is a set of plots of virtual land, which went for $1.5 million dollars on blockchain game Axie Infinity just days ago.
Gaming and Art are just two examples of the use cases for Non Fungible Tokens. The market for NFTs and digital collectibles has grown rapidly as cryptocurrency holders look to spend their newly found wealth on crypto art.
What is also very attractive to investors, is that these digital assets can be in fact, very lucrative investment tools as they are being traded for profit and in quite high volumes too.
A new report on the exploding market for non-fungible tokens (NFTs) reveals that transactions tripled in 2020, reaching more than $250 million in total.
Clearly, the market has grown exponentially since we first heard of NFTs back in 2017 when the record-breaking Crypto Kitties game almost crashed the Ethereum Network and with the whole crypto market hitting record figures last year, the NFT industry saw astonishing growth, with use cases expanding, buyers vastly exceeding the sellers, and plenty of traders making six-digit profits. This is according to a new report, released this week by the leading NFT analysis firm NonFungible.com.
In the report I saw some interesting statistics, for instance, market capitalization of NFTs shows that the Metaverses clearly have the biggest share among all NFTs, and they are also with the highest liquidity, followed by sports collectibles and gaming.
It is interesting to note that Art currently occupies only a relatively small portion of the total Market Capitalization.
According to the data in the report, the total value of all NFT transactions increased from around $62 million in 2019 to more than $250 million in 2020.
Today’s featured project also found its place in the NFTs Annual Report and quite rightly so.
As I mentioned, metaverse dApps are with the highest traction according to the latest statistics and this project is exactly in this niche.
It’s called OVR and is a decentralized platform of the Spatial Web, mixing the physical world with Augmented Reality and Vitrual Reality offering NFTs that users can buy, rent out to other users and of course, sell for profit. These NFTs are also pieces of virtual land as the App offers an alternate reality much like the ultra popular Second Life and Pokemon Go with the added benefit of using blockchain-based protocol and decentralized governance.
According to recent reports, the augmented reality market is expected to reach $137 billion by the end of 2024. My Research also highlights that investments by the most important tech giants like Apple, Facebook and Google reveal the huge potential of the Augmented Reality, not only as a technology, but as a new and powerful communication channel, able to convey any type of content and usable in any sector.
Today I am joined by the co-founder of OVR – Diego Di Tommaso, who will shed more light into the key aspects of their product but first, let me explain what are we talking about:
OVR is an open-source, Augmented Reality platform powered by the Ethereum Blockchain. It makes it possible for users to have interactive augmented reality experiences customized in the real world with the help of a mobile device or smart glasses. Users have the ability to trace their surrounding environment in such a way that Augmented Reality blends seamlessly with the real world.
In a way, we can draw a comparison with Pokemon Go and Second Life, because if you remember, Second Life is a virtual, online world where users create avatars which can travel to worlds and lands, participate in role-playing games, create and sell products, and socialize with other Second Life residents.
OVR offers full customization over the lands you own and the experiences you create for other users – the possibilities are numerous – whether you create live entertainment or games, treasure hunts, fights or sports, music performances, Virtual Shopping, Avatars, Tourism and much more… the sky is the limit.
You can also just rent out your land if you’re more of the investor type and collect passive income from it rather than being an active creator, or you could also simply buy the land early on and later sell it at a higher price as the game attracts bigger audiences.
OVR can be defined as a new standard in augmented reality experiences by placing itself as the first content browser where the user does not choose the contents but the world submits the possible experiences based on its geographical position.
Also, OVR is open source, meaning that the entire OVR community contributes to its growth, thus making the platform independent of its creators. This is one big difference between OVR and its competition.
They use the Ethereum blockchain to decentralize all the token exchange dynamics between the users and they have two tokens: one that is the NFT token – the Land parcels and one that is a utility token and also serves as a payment method.
OVR Lands are parcels stored inside a blockchain-based ledger and they represent virtual pieces of our planet.
These are non-fungible tokens (NFTs) based on the ERC-721 standard which is the most commonly used token standard for NFTs.
If we look back at the early days of NFT, speculation was the most common use case, after the first LAND auction by Decentraland held during the end of 2017. The potential future use value of LAND assets were considered primarily for their speculative value. Even today, plots across all the Metaverses are of significant speculative value but there’s an added value that ORV offers by allowing users to customize their experience and make profits from a few revenue streams associated with their ownership of these NFTs. Whether you create, rent or just trade these – because OVR Lands are freely tradable among users in a decentralized fashion through the use of their marketplace, This means that Land owners can decide what kind of experience the users will have once enter on their Land. Therefore the community has complete control over OVR Lands, OVR Experiences.
The second token of OVR is a fungible token
This is an ERC20 type of a token, which you can buy on their website and use it for your land purchases for instance or you can even trade it on exchanges like Uniswap, VirgoX and MXC.com where it’s being traded against USDT. Current price is almost 50 cents – quite a jump from the 2 cents it was just over a month ago – at the start of this year.
This OVR Token is used for governance acts as an exchange medium in the whole OVR ecosystem.
The token makes it possible to fully leverage the Ethereum Blockchain and easily integrate with the existing infrastructure (i.e. wallets & exchanges).
The token issuance is controlled by an IBCO – Initial Bonding Curve Offering, which is controlled by DAO under the Aragon framework.
Initial Bonding Curve Offering means that the token price will be determined by it’s demand following a Bonding Curve, if there is no demand the price will stay low, if there’s demand the tokens are minted and the price goes up. This way the price discovery is immediately entrusted to the market. But that’s not all, tokens will be distributed through the Bancor Protocol with the majority of the funds raised staying on the curve ensuring liquidity for sellers.
There’s also a Cashback Policy: During the first 9 months from the start date of the public sale, OVR Land tokens acquisition is incentivized by what is in effect a decreasing cash back policy.
For every OVR Land purchase, after a 30 days lockup period, OVR Tokens will be returned to the buying address with a decreasing ratio.
The price has jumped quite a bit since it hit the markets, hitting an ATH at 50 cents a few days ago and now it’s correcting slightly.
You can buy it directly from the ORV website via Metamask and you can also stake the token for passive rewards:
There are 3 different staking options you can select: no lockup with 5% APY, 3 months lockup with 10% APY and 6 months lockup with 15% APY.
For more details please refer to the video where I discuss everything you need to know with the co-founder of OVR Diego Di Tomasso.
All in all 2021 is poised to be an eventful year the NFT sector, the massive acceleration during the second half of 2020, driven by the Crypto Bull Run, is also accelerating the Bull Market in this industry.
OVR is an innovative project that adds an extra layer of interactivity via their Augmented Reality and Virtual Reality in conjunction with a customizable management of the NFTs that can bring additional revenue from advertising, as well as many other use cases and these are tradeable assets too, which is a win-win scenario.
From what we’ve heard so far, it is obvious that OVR is disruptive for different sectors in addition to augmented reality such as:
• Digital content monetization
• Digital advertising
• P2P jobs creation
• Digital experience monetization
It seems to me that 2021 is going to be a great year for this project as it grows its user base and the value of their token appreciates, so getting in early is of course an advantage for anyone and I am proud to have covered this project ahead of anyone else.
You can NOW buy OVR Tokens by participating in the public sale through this link: https://marketplace.ovr.ai/public-sale
☝Official Website: https://www.ovr.ai/
Telegram Channel: https://t.me/OVRtheReality
Token Metrics: https://www.coingecko.com/en/coins/ovr
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11 thoughts on “This is OVR – Gaming & NFTs with a unique AR and VR experience”
Please confirm if this overview of OVR is a paid promotion. Thank you.
yes, this is a paid review but I only accept to review projects that I have firm belief in and personally approve of.
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