OVR is the Metaverse platform which combines blockchain technology and augmented reality. It allows to buy virtual lands and provides unusual experiences at the junction of two worlds.
About OVR
OVR is Metaverse platform for gaming, virtual retail, tourism, education and more. It is open-source, AR platform powered by Ethereum Blockchain. At the end of January OVR has informed about the beginning of migration on Polygon Blockchain.
OVR platform is based on two kinds of tokens. OVR tokens are utility tokens based on ERC-20 standard. Unique, non-fungible OVRLands tokens are based on ERC-721 standard.
OVRLands represent parcels stored inside a blockchain-based ledger. Every land has standard dimension of 300 square meters. They divide our planet into hexagons in virtual world. The total number of OVRLands is 1.660.954.464.112. Every land has precise geographical localization.
Users can participate in OVRLand auctions with OVR fungible tokens. Every auction closes 24 hours after the last bid. If you are the winner, an NFT representing the OVRLand will be minted and sent to your wallet.
Until now on the platform over 700 000 auctions have been closed and over 1800 are lasting.
These values are still changing. On the platform we can buy virtual lands located on all the world.
ŹródÅ‚o: OVR
The OVR platform has also many another features and is still developed. Users can create avatars, explore various spaces in augmented reality and play games in play-to-earn model.
Augmented Reality
Augmented Reality (AR) is technology, which can add any type of content to the surrounding environment, creating the illusion that the real and the virtual elements coexist in the same space. It’s dimension, where everything is possible.
Since 2018 there has been dynamic growth of Augmented Reality technologies. Technological giants such as Apple, Facebook and Google made major investments in this industry.
According to the forecast published by IDC, augmented reality will play an important role in consumer industry and retail in the near future. The growing popularity of augmented reality is connected with the development of smartphones which can support this technology and smart glasses technologies, which can add information to what the wearer sees.
According to data from IDC, the augmented reality market reached $11 billion in 2020 and can even reach $137 billion by the end of 2024.
The graph below shows past and estimated future revenues of this industry.
Source: IDC (https://www.idc.com/getdoc.jsp?containerId=prEUR146720420)
AR experiences can range from static 3D content to interactive highly complex
and hyper real scenes, which engage the user to an interaction with the surrounding world.
OVR Tokens
Users can buy OVR tokens from IBCO (Initial Bonding Curve Offering). Starting price is 0.07$ per one token. The more tokens are minted, the higher the price. The IBCO is both a primary and a secondary market, where you can buy and sell tokens. Buying is creating tokens, selling is burning tokens. The IBCO will never ends. It’s the warranty of liquidity for OVR token holders who can sell it in every moment. Users can also buy OVR tokens on Uniswap, MXC, Bitmart, Bilaxy or Loopring. It’s also possible by credit card, but this option is not available for China and US citizens.
OVRLands Tokens
If we have OVR tokens, we can participate in an OVRLand auction. The base price for an OVRLand auction is 10$ paid in OVR Tokens. OVR Tokens have a floor purchasing power of 0.10$, so regardless of the OVR Tokens price on the market, 100 OVR tokens will always have a minimum value of 10$ for buying OVRLand. Auctions last 24 hours, and the minimum price increase for consecutive bids on the same land is 2x.
What is IBCO and how does it differ from ICO?
Similarly as ICOs (Initial Coin Offerings), IBCOs also are used to finance crypto projects. IBCO is the solution to many problems of ICO, such as lack of transparency, liquidity and the prices of tokens established arbitrarily by the project promoters. Not always was also clear, if a promoter who has raised funds has actually spent them to finance the proposed project. This method of financing was high risk for investors.
IBCOs are created with the aim of solving these problems. Nowadays a project can issue its token directly on a decentralized crypto exchange (DEX), such as Uniswap. Token can be issued by creating an exchange pair on a DEX or basing on customer solutions. This method of financing is often used by projects based on DAOs (decentralized autonomous organizations) that are controlled by token holders.
In traditional ICO tokens are issued before being released on the market. In case of IBCO tokens will be minted if someone buys them or will be burned if someone sells them, so creating and burning of tokens depends on demand and supply. An example of such a project is OVR.
How to buy a virtual land?
Before users can participate in an OVRLand auction, they need to have a Metamask or Imtoken wallet with OVR tokens. If we don’t have it, we can buy OVR tokens through the OVR IBCO or swap it on Uniswap.
The next step is to visit the OVR marketplace and click “connect wallet” on top. If it is our first time participating in the land auction, we need to register with our email address and nationality information. Then we need to check our inbox to confirm the email address.
The next step – to increase the auction allowance - we only need to do once for the first time. It permits the smart contract to take the OVR tokens as payment from our wallet if we win the auction. After clicking on “Increase” a prompt from our wallet will ask for a confirmation. After a few minutes we should see the auction allowance number becoming 10000000. That means we can participate in auctions. The next step is to click Marketplace and select the land that we want on the map. We can also zoom in the map. Then we need to click on a point on the map or search the place by entering the name of the location). The next step is to open the bidding panel clicking on Init Auction or Place Bid. Then we insert the amount we want to bid for and confirm by clicking on Place Bid. Next we wait for 24 hours. If there is no other user with a better offer, we own our OVRLand NFT and will see the status of this auction as “closed”. If someone placed a higher bid, the auction would stay open for another 24 hours.
We can always check our assets, clicking “My Assets”, where we can see the status of our ongoing land auction and our own OVRLands.
Treasures in the virtual world
The OVR platform can attract enthusiasts of games. “Treasure Hunt” is play to earn game. If we find treasure chest, we will earn OVR tokens. To play the game, we need to download the smartphone app and give the permission to use the camera. The app must find some key points in the environment to anchor the scene, in which the action takes place.
OVRLive
OVRLive allows to combine the user’s face photo with the selected avatar body. In this case the app also must find some key points in the environment to anchor the 3D scene, in which user can move and create interactions with friends.
OVR Live Events
Thanks to Augmented Reality, fans will be able to attend a live events, especially concerts and see their favourite artists perform at their home. The artist will be visualized through his hyper-realistic 3D avatar. His movements will be recorded and reproduced in real-time to recreate a live performance. Augmented reality will enable also interactions between the artists and another users.
Polygon migration has started
At the end of January OVR has informed about the beginning of migration on Polygon Blockchain. Polygon network payments have been added to the Ethereum and BSC payments options in the primary market. It allows to decrease transaction costs. When the migration is completed the changes will also be introduced on the secondary market.
The changes include:
- batch minting of all the light minted OVRLands
- generation of a personal custoded wallet for users who registered without declaring one
- direct NFT minting of new primary market sales-
- NFT bridge from Ethereum to Polygon
- fully decentralized secondary market.
About company
OVRGLOBAL OÜ is a company based in Tallinn managing the issuing of OVR utility
token. The company is regulated by the Estonian Financial Intelligence Unit and has a valid virtual currency services license FVT000345.
OVR Team consists of Visionaries, Builders and Coders. The founder and CEO of the team is Davide Cuttini, who has wide experience in augmented reality, deep learning and blockchain technology. The team consists of over 20 people. Each of them makes a contribution to the development of the project.
For more details of the project you can contact Telegram group: https://t.me/OVRtheReality
