Metaverse Environments Built to Reward Participants
Like its NFT and blockchain cohorts, the Metaverse industry moves at break-neck speed. The decentralized world of tomorrow — one which shifts network value to its users — is coming in hot.
Three months is like three years in the land of blockchain. And it’s been even longer since this article landed on Hacker Noon: Top 3 VR Tokens Powering the Metaverse
Today’s article aims to catch up with those three VR-powered projects’ forward progress while evaluating a couple of new contenders.
Since CoinGecko’s Virtual Reality filter rode off into the sunset, we’ll re-evaluate January’s top 3, then use CTRL+F to find “VR” within the Metaverse category. (Sorry, ‘Ovr,’ but AR isn’t a complete Metaverse experience.)
You can find deeper info on some top Metaverse frontrunners here, featuring The Sandbox, Decentraland, and RFOX VALT, each a blockchain game in its own right.
However, only Decentraland and the VALT use VR in their immersive playgrounds. Plus, it’s great to research potentially underrated (for now) Metaverse environments.
We’ll go through organizations ranked by reverse market capitalization as of late April 2022:
Now, it’s highly doubtful that any of these organizations will take Meta’s greedy approach of stinging creators with a 47.5% platform fee. GTFO of here, you crazy-ass mother Zuckers!
Ready to dive into organizations using experimental tech to create fairer, more balanced digital economies? The good news is that you don’t need VR goggles to gain new information about how to get in on the action …
Revomon ($REVO)
Resources: Revomon|Whitepaper
Maximum Token Supply: 100M
Blockchain Network: Ethereum
Revomon was on January’s list and combines “revolution” and “monsters” to create its Pokémon inspiration. “Gotta catch ’em all!”
The open-world RPG Metaverse environment contains islands where players battle, capture, and train NFT monsters bearing unique traits.
Revomon is a play-to-earn VR-powered Metaverse experience mimicking Pokémon’s monster-training activities.
New(ish) video content is out, and here’s where you can decide if this realm is worth exploring:
If earning tokens to play video games is your jam, and you’re a fan of Pokémon GO, visiting this Metaverse environment is your chance to earn $REVO.
The Revomon March 31 update shows heaps of momentum on the development front. Still waiting to see how this one plays out. It’s very niche, but that niche has proven to be humongous.
VFOX Token ($VFOX)
Maximum Token Supply: 21M
Blockchain Network: Binance Smart Chain
VFOX token ties into rewards within the expansive RFOX ecosystem. After months and months of construction, RFOX VALT, a retail and entertainment Metaverse platform, launched its MVP to a select group of initial visitors on April 27, 2022.
Inside that digital playground, visitors can enter large retail SHOPs represented by an NFT to purchase digital items. Whether it’s the primary or underlying payment method, all payments route through $RFOX token.
The RFOX multiverse’s cryptoassets currently operate on the Ethereum network, BNB Chain, and the WAX blockchain, with other networks to follow.
A small percentage goes into a pool each time there’s a purchase inside the VALT. And at periodic intervals — for roughly 90 days at a time — $VFOX holders can stake their tokens to earn $RFOX.
VFOX is a semi-passive reward token entitling holders to a percentage of every transaction occurring inside the RFOX VALT retail and entertainment Metaverse platform.
The unreal estate inside the RFOX VALT is exceptionally scarce compared to other Metaverse environments. Plots are known as SHOPs, and NFTs act as proof of ownership.
RFOX only sells 25 SHOPs per quarter — Art, Games, Music, and Science+Tech — to the public. When VALT construction is complete, only 100 virtual real estate parcels will be outside the RFOX organization’s control.
This virtual world also gives space to more prominent brands, including marquee clients CoinGecko and Reebok, which sold out an RFOX-assisted NFT drop in under five minutes.
The Paul Barron Network recently had a chat with RFOX’s CEO to talk all things Metaverse while revealing insight into what makes the VALT tick:
RFOX VALT is a serious endeavor. The RFOX organization began in 2018 as a small venture builder wielding blockchain tech. Only a handful of team members were on board.
Fast-forward to today, and over 100 full-time staff work alongside a horde of contractors. The team’s experienced tremendous growth, but the crypto space has yet to catch on.
Although it’s a game by nature, RFOX VALT has plans for concerts, a VR roller coaster, and an educational planetarium inside the upcoming Science & Tech quarter.
The MVP just launched. It's a bit rough around the edges but digital environments have to start somewhere. This has been brewing for years and it's fantastic to see it live.
Want a sneak peek? Here you go:
Not to mention how the VALT links together RFOX’s independent gaming, finance, and media ventures. Products and services include play-to-earn blockchain gaming, DeFi staking and yield farming (the RFOX-BNB farm currently pays over 33% APR), a white-label NFT platform, plus video livestreaming with NFT mint-on-demand capabilities.
Don’t sleep on the RFOX ecosystem because its economy is a sleeping giant.
Netvrk ($NETVRK)
Maximum Token Supply: 100M
Blockchain Network: Ethereum
The Netvrk platform has seen development for more than five years, beginning with a VR prototype created by the project’s founder.
Netvrk is a multichain Metaverse built on Unreal Engine, with powerful creation tools and infrastructure to create, share, experience, and monetize creations.
Netvrk focuses on gaming, education, and e-commerce, all built around NFTs representing ownership of virtual land and assets.
Netvrk’s inaugural metaverse is called Genesis Islands and consists of 15,000 NFT parcels located in one of five districts: Entertainment, Creative, Education, Business, and Adult. I wonder what goes on in that last one.
Users can generate NFTs and use the $NETVRK token to buy virtual land, advertising space, and digital assets. Staking was available for a while, but that ship seems to have sailed.
The project’s collab list is gigantic. Look at the partners/investors section on the Netvrk website to see logo after logo.
The collection of so much VC money does make me question the level of control the Netvrk founders still have. After all, giving equity to 3rd parties allows them a voice in directing business decisions.
Somnium Space ($CUBE)
Resources: Somnium Space|Economy Paper
Maximum Token Supply: 100M
Blockchain Network: Ethereum
Somnium Space is an open, social, persistent VR world featuring its own economy and digital currency, letting creators’ imaginations run wild on virtual plots of land.
The platform’s virtual real estate NFTs, called CUBEs, freely trade on secondary markets. Owners are free to create their own experiences that click into the overall platform.
Somnium Space rewards creative developers who enjoy building and monetizing their work.
Somnium Space is currently collaborating with Teslasuit to deliver full-body haptic suits for use in VR. That is next-level immersion, indeed.
Here’s a quick overview of what Somnium Space has to offer players and investors:
Individuals and organizations have been snatching up property as of late. Property owners used 134,163 $CUBE tokens to buy 208 $ETH in virtual land. The recent 10-day Cube Extravaganza auction on OpenSea was a resounding success.
With another $600K+ for development, Somnium Space should continue to blossom.
Victoria VR ($VR)
Resources: Victoria VR|Whitepaper
Maximum Token Supply: 16.8B
Blockchain Network: Ethereum
Victoria VR bills itself as the world’s first realistic Metaverse. The game is a VR-powered MMORPG built on Unreal Engine and blockchain.
An in-house NFT marketplace is where trading takes place, with players able to monetize their creations. In the project’s own words:
Our vision is for you to be able to materialize your craziest ideas or most secret wishes and enable you to experience your greatest life desires.
Here’s a recent trailer, and I’ll offer some thoughts on realism after you’ve seen it:
Sure, it’s a mostly realistic rendition of a quasi-realistic environment. But there’s no denying you’re playing a video game. The website’s avatars are realistic-looking as well.
That said, have you ever seen an animated character that didn’t give itself away as non-human by merely opening its mouth? Still waiting for avatar-speak to look natural. We have a long way to go on that front.
But anything good takes time to build. Victoria VR has been going since 2018. That’s a solid testament to persistence —you may have been around long enough to remember that year was mostly a brutal bear market.
Staking $VR tokens is available, with some nice perks attached. It’s not every project that awards airdrops for staking. Have a look at the team’s staking calculator, and you can see how the rewards increase if you’re willing to lock up your tokens for more extended periods.
Wrapping Up
There are plenty of opportunities for multiple Metaverse platforms to thrive. When interoperability becomes a reality, there’s no limit to where VR will take us. Hopping from one to another will become the norm.
Like music and video games, who wants to play the same game and listen to the same song on repeat for eternity. The Metaverse is all about variety, and with some experimentation, you’ll find environments that you genuinely enjoy spending time in.
Looking at supply vs. MarCap, $VFOX is the outlier here. The token’s one of the smallest in MarCap but coming in at about 1/5th of the average supply. Three of five on this list cap out at 100M tokens.
When the VALT goes full-steam ahead and transactions begin to flow through, $VFOX holders should have reason to smile.
Token speculation aside, which platforms are your favorite to use? Strap on your VR goggles if you want to discover the answer in our new digital frontier.
*Disclaimer: At the time of writing, the author held BNB, ETH, RFOX, VFOX, and other digital assets.