This is OVR — Gaming & NFTs with a unique AR and VR experience
The birth of blockchain and decentralised networks introduced a ton of new opportunities and innovation in the tech world beyond cryptocurrencies and we are now experiencing so many new projects that come into this space. Last year’s growth of DeFi is still on everyone’s lips and another sector that is now thriving in the blockchain space is gaming, but more precisely, NFTs — non-fungible tokens. I already talked about NFTs a few times in previous episodes and I featured here projects that create innovation in this niche, so we’re continuing the topic with the featured project today: OVR.
Before we dive deeper, let me quickly explain what is a Non Fungible Token in case you missed my previous posts.
This is a digital token with unique qualities, unlike cryptocurrency tokens where each unit of that cryptocurrency is interchangeable with another unit of the same cryptocurrency or in the physical world this is best illustrated with regular currencies where a $10 note is interchangeable with another $10 note or ten $1 notes since they represent the same value and purchasing power. NFTs in contrast, are not equal to each other and therefore they are not mutually interchangeable. This makes them quite different from your typical cryptocurrencies, despite being digital assets existing on a blockchain — like cryptocurrencies.
Currently NFTs are mostly built on the Ethereum Network and these can be anything from Art creations, or gaming tokens, Popular Movies collectible cards (star wars or Dr Who for instance), collectible sports cards and even celebrity tweets. A popular Doge coin tweet by Elon Musk is apparently valued at more than $7000 for instance and more than $75,000 has been already made in offers to buy tweets, and over 400 “NFTweets” were actually sold last year.
If this sounds mind-blowing, there’s even more: The biggest sale of NFT to date is a set of plots of virtual land, which went for $1.5 million dollars on blockchain game Axie Infinity just days ago.
Gaming and Art are just two examples of the use cases for Non Fungible Tokens. The market for NFTs and digital collectibles has grown rapidly as cryptocurrency holders look to spend their newly found wealth on crypto art.
What is also very attractive to investors, is that these digital assets can be in fact, very lucrative investment tools as they are being traded for profit and in quite high volumes too.
A new report on the exploding market for non-fungible tokens (NFTs)…