VRT World Brings Virtual Reality To The Blockchainbr>
Singapore’s VRT World is a blockchain platform that enables content creators, media buyers, developers, storage and service providers, and advertisers to use a comprehensive set of tools that allows them to generate, test and distribute virtual reality content and ideas, as well as engage in all forms of collaboration.
The company isn’t only digital. It also runs VR Park in Moscow, what it terms an “offline gateway” into the marketplace, which allow outside developers to sell their content without purchasing costly equipment. Another one is on track for Dubai, and the company claims it also sold a franchise for VR Parks to an undisclosed company in the European Union. Under that agreement, 30 parks are to be opened within the next 18 months.
The company is gearing up for a utility token sale starting March 14 that will allow users within the ecosystem to pay for all transactions, such as the purchase, sale and rental of VR content, as well as various services. Among VRT World’s partners are Bancor, Hubculture, Spacebit, Optitrack, GMT Legal and Singapore Bitcoin Club. The VRT World pre-sale raised $721,000 from 204 investors, with private investors kicking in additional funds that brought the total raise to $1 million.
The company has big plans for its ICO.
“We expect to raise up to $16 mln, which is the hard cap,” says Konstantin Negachev, CEO. “The figure is achievable as we already have a viable product. Over the next two weeks, we will deploy our project’s new website, roll out the operational version of VRT World Marketplace, and make a series of updates on our park.”
Approximately 30% of the proceeds are to be used for creation and promotion of the company’s virtual reality parks, 25% to be spent on creation of the platform, SDK and upgrading technology, 18% and 15% to be allocated for content creation and marketing activity, respectively.
Konstantin Negachev answered some Block Tribune questions.
BLOCK TRIBUNE: What are some of the applications that VRT World is exploring?
KONSTANTIN NEGACHEV: We’ve partnered with Spacebit already (for a space flight simulator) and before that we’ve been looking at other training applications of VR. We’re going to develop training programs for professionals, but it’s currently not high on our priority list.
BLOCK TRIBUNE: Tell me about the Soyuz simulation you recently presented.
KONSTANTIN NEGACHEV: We’ve presented this project as part of our demonstration for the Davos Economic Forum. It can be excercised for an indefinite period of time, but it wasn’t recommended to spend more than 30 minutes at a time due to vertigo, disequilibrium and other light headedness syndroms.
BLOCK TRIBUNE:Do you envision VRT World as a sandbox for developers?
KONSTANTIN NEGACHEV: VRT is a decentralized VR marketplace in which easy to use SDK and APIs facilitate VR content creation without restricting developers to a single company or type of device. The key advantage of the platform lies in our VR parks, which will become an “offline gateway” into this marketplace and allow outside developers to sell their content without purchasing costly equipment. In addition to these benefits, we will also create an emulator that allows developers to test their products before launching them on the platform.
BLOCK TRIBUNE: Is most of your software proprietary?
KONSTANTIN NEGACHEV: We’re trying to develop our software as agnostic as possible. Total inclusion is one of our main goals.
BLOCK TRIBUNE: Tell us about your ICO plans.
KONSTANTIN NEGACHEV: The token sale will go on from March 14th till April 30. The exact number of tokens generated depends on the amount of funds contributed. No token creation, minting or mining will be done after the end of the ICO period. The token distribution is proportional to the number of VRT tokens generated:
Community rewards – 2%
BLOCK TRIBUNE: Would this project work without a blockchain component?
KONSTANTIN NEGACHEV: Blockchain enables the use smart contracts and VRT Tokens, which act as a “fuel source” for the entire platform. VRT Tokens will primarily be used as a payment method for all platform transactions, including the purchase, sale, and rental of VR content, as well as for various services. A smart contract with all relevant details (subject of the deal, deal type, price, time limits, etc.) will be created at the time of transaction. After verifying contract details, the buyer will send VRT Tokens to the address specified in the contract and will then receive a download link or confirmation of services performed. The seller will then receive the specified sum minus a small commission to cover the platform’s fees. The size of this commission will vary based on several key factors, such as the base commission rate set by the platform for each type of transaction, the buyer’s and seller’s respective ratings, and total amount of the transaction, among others.
Tokens will also be used as rewards, given to platform participants for completing certain tasks such as content moderation, conflict resolution, and other functions. A VRT Token fund will be set up to provide platform participants with rewards for assisting with the platform’s development.
Tokens may also serve as payment for content storage. Since VR KIT’s platform will use a decentralized storage model, all of its content will be stored on servers and hard drives belonging to platform users. This storage will be based on the IPFS protocol.
Lastly, VRT Tokens will be used to access our VR parks (with a discount). Additionally, VRT Tokens will be the only way to provide a lump-sum payment when entering a franchise agreement for our parks. In both of these cases, tokens will be burned after the transaction takes place. As a result, the number of Tokens in circulation will decrease immediately after the Token Sale, driving their value up.”
By the way, come to Moscow and visit our VR park! z8park.com