Victoria VR, a developer that brings together cryptography and virtual reality (VR), said it is working to release the first Metaverse app from a blockchain company on Apple's Vision Pro headset.
The company said in a statement Friday that the project's Metaverse consists of “hyper-realistic graphics and immersive gameplay” that can complement Vision Pro's technology.
The app is expected to launch in the second quarter of this year.
According to the release, “This forms an elaborate digital environment that showcases the many features of Apple Vision Pro while simultaneously showcasing the power of Web3 technology.”
Apple's much-hyped first futuristic headset will hit stores on February 2nd, marking the company's first foray into the virtual reality ecosystem. While interest in the Metaverse is waning, this isn't the first time a tech giant has ventured into the VR space. The Vision Pro will compete with tech giant Meta's (formerly Facebook) existing Meta Quest headset.
Victoria VR's Metaverse will be powered by VR tokens and reward active users and stakers, the company said. This token is based on Ethereum, which is based on the ERC-20 standard of blockchain.
Half of the revenue from the sale of in-game assets will be redistributed to stakers and active Metaverse users.
According to a press release, “Victoria VR's in-app economy is powered by VR tokens, which are used to incentivize activities that enhance the virtual environment for the benefit of all participants.”
The VR token has soared nearly 60% in the past 24 hours, giving it a market cap of $103 million, according to data from CoinMarketCap.
According to a white paper posted on the project's website, “We want to make Victoria VR available to everyone, so citizens can earn Victoria VR just by participating in the world. This is “pay to speed.” It's not “pay to win.”
“These ERC20 tokens will be the main source of revenue generation at the start of the project,” the white paper states.
