What Does the OVR Token Do?
The OVR Token is a world-scale, decentralized augmented reality (AR) and virtual reality (VR) metaverse project powered by the Ethereum Blockchain.
The purpose of the platform is to be able to access the metadata store through a mobile device or smart glasses where users can experience interactive augmented reality experiences.
OWR allows users to add different types of content to their surroundings with augmented reality (AR) and virtual reality (VR), including audio, video two-dimensional (2D) and three-dimensional (3D) animation. It can be defined as a digital world or a digital layer that encompasses the real world.
The OVR Token creates a unique unified experience between real and digital, opening up an entirely new media space and a rapidly growing market.
In its simplest form, its goal is to create an ecosystem where all players and designers can benefit from this new environment.
General Structure
According to reviews of the platform, OVR aims to be the decentralized platform for AR content.
The metadata store is built on the Ethereum network and is powered by the OVR Token, an
ERC-20-based
cryptocurrency.
The platform consists of a digital layer that covers the entire surface of the earth with a hexagon of 1.6 tons. Each of these hexagons is known as OVRLand and has specific points of geographic location on the earth’s surface and a standard size of 300 square meters.
OVRLands also have a standard 300 square meter size, as well as being split into seven more hexagons, allowing players to have more precise localization.
They act as immutable tokens (NFTs) and can be sold, auctioned off, and rented through the platform’s local marketplace.
Access to the platform begins when users purchase an OVRLand.
OVR owners can adjust and develop their land with a series of AR experiences known as OVRExperiences, which can also be purchased from the OVR marketplace. The experiences are related to specific geographical locations, and according to the developers of the game, everything is possible when creating them from static 3D content.
Users can also create personalized avatars and participate in a series of live events where they can meet other metaverse players and make friends or enter into relationships.
It acts as a medium of change within the entire OVR ecosystem.
OVR Tokens can be earned by selling or renting OVRLand, staking, creating and publishing AR experiences. In addition, the platform provided a decentralized advertising system based on the publisher/advertiser principle where users could earn money by adding sponsored content to land they owned.
Infrastructure of OVR Token
There was no public offering (ICO) of the token. Instead, it introduced an initial bonding curve offering (IBCO), which determines the coin’s price through demand following the bonding curve. If the coin was demanded, its price would increase and more coins would be minted.
All OVRLands are sold in auctions lasting 24 hours. The minimum value for a plot of land is $ 10. OVRLand sales will continue until all hexagons are printed.
First of all, IBCO creates Tokens when people buy them and destroys tokens when people sell them back. This creates a continuous combustion mechanism that does not allow token inflation if the price does not rise, and reduces supply if the price falls. At first glance, Token creation by IBCO may seem like an endless inflation machine that will hurt the price, but in fact the mechanism is quite different: the Bancor formula, which controls IBCO, ensures that the amount of Tokens minted decreases for each price increase.
Basically, IBCO Token emission reaches below $34 million in emissions at the $10 level, while the price is rising. Also, as the price rises, IBCO accumulates more collateral, which creates inertia in price movements. Finally, liquidity in IBCO is a guarantee for token holders.
OVR tokens are constantly being consumed in OVRLand sales, recently all payments in OVRLands are made with OVR tokens. These tokens do not enter circulation by constantly removing OVR Tokens from the market.
Basically, tokens from the OVRLand sale never go into circulation, and if there is a conversion made in IBCO, the price effect is minimal thanks to the amount of collateral.
The OVR Token, which we have examined in detail, helps us to build a bridge between the world of today and the future with a platform where we can quickly adapt to development.
