The world of crypto is a hive of activity with many exciting projects underway and incredible new developments that will take the world by storm. One such project is OVR – an open-source, Augmented Reality platform that is built on the Ethereum blockchain. Read on as we discover what OVR is all about and why everybody is rushing in for their slice of the proverbial pie.
OVR explained
OVR is a digital layer that covers the entire globe – like a virtual world that sits on top of the real world, which users can explore digitally. The OVR platform allows users to engage in interactive augmented reality experiences that are customised in the real world by using smart glasses or a mobile device.
Users can trace their surrounding environment with such precision that Augmented Reality blends effortlessly with the real world. It can be likened to Pokemon Go except with much more interactive content – like 3D games, video, audio and images. The OVR metaverse – the virtual world – comprises 1.6 trillion hexagon plots, each 300 square meters, that overlay the entire planet.
These hexagons are referred to as OVRLands, and they each have their own specific geographic location to mirror those in the real world. The OVR platform allows users to fully customise the land that they own and the experiences they create for other users. The possibilities are truly endless, with games, live entertainment, sports, treasure hunts, music performances, virtual shopping, tourism and so much more available.
Dynamics of OVR
Users can create 3D content on OVR and own the space where it is hosted in the form of an NFT. They can then place this NFT in any corresponding location anywhere in the globe – unbelievable! In terms of virtual land ownership, the process of buying a plot of virtual land is similar to owning a web domain.
Integrating digital elements into the physical world can be quite beneficial for business owners. Imagine an avatar giving customers information about a product or service that your business offers – opening your doors to an entirely new audience. Virtual landowners can also rent out their land and generate passive income, as they would in the real world, or buy plots and sell them later at a higher price for a generous profit.
As of January 2022, OVR moved over to Polygon – thereby creating more decentralisation for OVRLand ownership and allowing for decentralised renting, exchange, and mapping of OVRLands. With this move, OVR now has the capacity to mint and transfer NFTs cost-effectively, and this will allow all objects that exist in OVR to be NFTs – making them a permanent fixture of this virtual world and live in a cross metaverse.
The OVR community will have full control of their OVRLands and OVR experiences, making it a truly immersive virtual world filled with wonder and imagination.
What is OVR Token?
OVR Token is OVR’s very own cryptocurrency that users need to have in order to buy, rent, or sell assets on OVRLands. In addition, those who own tokens are able to generate passive income by staking – a technique where users put their coins to work and earn rewards without having to sell their coins, akin to having a bond in the traditional world of finance.
OVR Token is based on ERC-20 of smart contracts on the Ethereum network. OVRLands are parcels that are stored in a blockchain-based ledger that allows for tokenising the subdivision layer of the planet into hexagons – that’s the technical bit out of the way.
Pros and Cons of OVR
Pros
OVR allows users to buy land, stack OVR tokens, or trade them on exchanges. They can also deploy creations and files directly in OVR and then view them through a mobile device or smart glasses in real life. OVR also has many virtual rooms where users can showcase their creations and art.
Cons
When users want to buy a property, they need to wait for 24 hours in a public auction where the highest bidder gets the land. The waiting game is not guaranteed to bring you the piece of land that you want. In addition, the gas fees for the tokens in your wallet can become quite high. The payment methods are also limited, and the OVR virtual community is small when compared to other virtual projects out there currently.
Final thoughts
OVR has paved the way for a future brimming with possibilities as technology moves towards greater adoption of the metaverse. Virtual worlds are becoming a bigger part of daily life as projects like OVR provide more flexibility for users to exercise their creativity.
Users have the freedom to create their own experiences in a virtual world that is free from the shackles of rules and regulations. It’s no surprise that NFTs have largely contributed to the ecosystem of the OVR platform, and with the current trajectory of this exciting project – the sky’s the limit.
Time will tell what impact OVR has on the metaverse and how its users transform this real world that exists into one filled with fantasy and vivid imagination!
