Moscow, November 21, 2017: VR Technologies (VRT) today announced the launch of its decentralized global platform for virtual reality, which will bring together developers, consumers, and investors in VR sector all across the globe. With VRT platform, content creators, media buyers, developers, storage and service providers, and advertisers are equipped with a comprehensive set of tools, enabling them to generate, test and distribute content and ideas, as well as engage in all forms of collaboration.
The project is set to capture a significant share of the VR technology market, which is estimated to increase tenfold in coming three years, totaling $150 bln by year 2020. More importantly, not only VR market will be growing rapidly, but its structure is expected to shift from today’s dominance of hardware to content and software solutions amassing. VRT sees opportunities to address those issues, currently withholding development of small and medium size players in the segment, which are high capital expenditures and lack of module solutions and standardized infrastructure.
In essence, VR Technologies aims to establish a global, unified and easy-to-access ecosystem that could serve as bedrock for VR adherents from all over the world. Key elements of the new VRT platform are:
VRT marketplace, where content and services can be bought, sold, or rented. Content creators will be able to use customized price models, including free distribution, freemium and one-off subscriptions, as well as donations, crowdfunding and auctions; blockchain and smart contracts, to be responsible for the paying mechanism and securing intellectual property rights; application programming interface and software development kit for content creators; IPFS-based decentralized storage for all of the platform’s content; emulator, where developers will be able to test their content for comparability with various VR devices and applications.
The platform will operate based on blockchain technology, and as a result it will enjoy all benefits or decentralization. VRT will have high level of transparency and openness to all marketplace participants, and the blockchain solution will facilitate a fair distribution of funds between content creators and content markets, thus making the end product more affordable for consumers. Avoiding third parties and commercial intermediaries will result in higher margins for all producers, stimulating further migration of the VR community into the VRT universe. VRT ecosystem employs Solidity and Ethereum blockchain, hence providing bullet proof reliability of all operations.
VRT team has already announced details of its public crowdsale. The sale is to begin on February 20 and to end on March 20, 2018. The company anticipates it will raise up to US$16 mln in the token offering (which is the hard cap), with 30% of the proceeds to be used for creation and promotion of the platform, 25% to be spent on creation of SDK and upgrading technology, 18% and 15% to be allocated for content creation and marketing activity, respectively.
A total of 100,000,000 project’s tokens will be generated ahead of the offering. The tokens will be sold at a price of 0.002 ETH per unit, or approximately $0.71 at the current ETH exchange rate, which translates into c. 24,000,000 tokens required for the fundraising. Amount sold to investors will represent 75% of the total amount in circulation. As such, it is expected that a total of c. 32,500,000 tokens will be put into circulation. The remaining tokens will be eliminated upon the conclusion of the crowdsale. The team will be granted with 15% of the total tokens in circulation, which will be subject to two year lock up period; 5% of the tokens will be used to set up VRT Fund vehicle; 3% will go to Bancor organization; and 2% will be distributed as a community reward.
Konstantin Negachev, CEO of VR Technologies, said: “We are pleased to announce commission of VRT project. Our team has been on the front line of VR sector development since early 2015, and has witnessed all stages of adoption of this technology, from early rise through unreasonable expectations to temporary disappointment. It is our strong believe that as of today, VR solutions have potential to become a part of every person’s day-to-day life, including communication, education, industrial applications, and, most obviously, games and entertainment. VRT has ambition to become one of the cornerstones of this newly born universe.”
As a part of the project, VR Technologies has developed its own concept of local VR parks with one outlet which will be opened in Moscow in December and four more openings coming on a franchise basis. Furthermore, the company has signed a partnership agreement to expand the network to Europe with 30 targeted locations to be constructed over the next 18 months. VR parks will represent an essential part of the project: (a) providing framework for developers’ dry runs, tests and simulations, (b) serving as nodes for the decentralized network and (c) supporting circulation of project’s internal token.
“Our token is designed as a multi-purpose utility token which provides its holder with a solid set of opportunities, franchise payment being the most important of them. Our network of franchisees is expected to expand globally, and demand from franchise users will drive the price for the token upwards,” VRT CIO Dmitry Livshin added.