This morning, 1 hour to speed through 1 billion, what is the VR Metaverse concept project Verse World?

Question

Original | Odaily Daily Report (@OdailyChina)

Author | CryptoLeo (@LeoAndCrypto)

Woke up in the early morning and saw group friends discussing a meme coin—VERSE, a token related to the VR metaverse concept. In less than an hour, its market value has already surged to 400 million dollars. I thought I was still dreaming. To see meme coins surge over a hundred million in this market, especially those related to the metaverse, is just too crazy.

My first instinct was: "This can't be true, right? Is it possible that the data platform made a mistake?" Half an hour later, the market cap of VERSE rose to 700 million dollars...

What does ### Verse World do?

Then I hurried to check what the project is actually about. Its official X account Verse World was launched in January 2022 and currently has nearly 100,000 followers.

Verse World officially announced the project on June 5: Verse is a VR metaverse project that has been under development for two years and is now officially open to the public.

Its introduction indicates that Verse World is a technology company located in Dubai, focusing on Web3, spatial computing, and immersive metaverse experiences. Its project highlights are "finding novel and creative ways for consumers, celebrities, athletes, influencers, businesses, and organizations to interact with audiences, VerseWorld is the first project to provide various real-world use cases combined with the metaverse concept," emphasizing its pioneering status in the metaverse field.

I roughly looked at the introduction video of Verse and I understand that it is a "non-violent and environmentally optimized version of GTA combined with Paru." Players can create their own avatars through 3D scanning and can use different virtual transportation methods (including skateboards, trains, boats, and airships) to instantly traverse different locations. By pressing specified keys on the computer in conjunction with the heads-up display (HUD), it enhances the VR experience, providing users with diverse ways to explore environmental interactions, and also offers XP rewards for players in specific locations, such as train stations, parks, and so on.

Users can also explore various relic treasure troves for treasure. Every 48 hours, a new relic will refresh, and each relic will have 6 "treasures" that can be obtained through 6 challenges, but only one player can collect all the treasures.

The virtual world also offers experiences that closely resemble reality, including various ways for players to interact, participate in live events, games, competitions, mini-games, purchase virtual goods, attend social gatherings, and explore user-generated content. Verse World launched two NFT series in early 2022, the New York Citizens series and the Los Angeles Citizens series, which grant holders a set of private luxury penthouses and a Bel-Air style mansion, allowing them to host private events and parties, as well as participate in various mini-games and sports competitions with friends and partners.

New York series NFT currently has a floor price of 9.3 SOL, with a 24 H trading volume of 319 SOL;
Los Angeles series NFT floor price is 0.67 SOL, with a 24 H trading volume of 3 SOL.

According to the introduction, its Beta test is now online, and NFT holders have been experiencing this version for the past few weeks. Now Verse is officially open to the public, and a limited number of Verse World invitation codes will be distributed to the public every week.

In addition, its introduction shows that Verse has a high-performance 3D scanning studio and state-of-the-art motion capture equipment, which enables Verse to efficiently create ultra-realistic virtual characters. The company has over two years of development experience and a team of more than 50 in-house developers. (According to its official X account, the timeline can be matched.)

The team was created by experienced professionals from the Web2 and Web3 fields and is supported by investors such as the Lydian Group, which holds a majority stake in various media, infrastructure, and technology companies in the Web3 space, including Cointelegraph. Their team also provides industrial-scale AR, VR, and MR services to many well-known brands, including BYD and Toyota.

Cointelegraph reported that earlier in 2024, the company announced a partnership with the digital entertainment and media platform Azerion, which will provide monetization services and gaming content in Verse World, bringing the valuation of Verse to 180 million dollars.

VERSE Token Economy

Around 3 AM, Verse officially released the VERSE token contract and introduction — VERSE supports the Verse World ecosystem, rewards players, promotes community development, and supports a broader ecosystem.

VERSE total supply is 1 billion tokens, and its token economic model shows:

45% for community rewards;
15% for team and advisors;
12% for ecological funds
4% for partners
10% for liquidity;
14% for treasury reserves.

It also provided the reason for the recent token issuance:

Built on Unreal Engine UE 5, available for download at the Epic Games Store;
Partner brands such as Toyota, BYD, Lexus, etc.;
Have years of proven performance in immersive technology and virtual experiences;
Experienced founding team covering Web3, gaming, and enterprise sectors;
Actual income is supported, not just based on speculation.

pump.fun forward, Moonshot listing, direct to 1 billion dollars

As for why Verse's market value can rise to over a hundred million in just one hour, there are currently two clear pieces of information: first, shortly after Verse released its token contract, pump.fun retweeted its token contract tweet;

Secondly, at around 4 AM, Moonshot announced the launch of the VERSE token.

The two tweets from pump.fun and Moonshot, one after the other, may have driven users' FOMO emotions, prompting VERSE to quickly reach 1 billion dollars.

Future trend: Can metaverse games really take off?

At this moment, without having experienced the game, I would like to share some personal opinions:

Verse World has the technology in the field of virtual experiences such as VR and AR to sufficiently support the future development of the game, which may bring some new stories to blockchain games.
The token model and the current token price and market cap are not problematic. As of the time of writing, the market cap of VERSE is reported to be 800 million dollars, and the price of VERSE is reported to be 0.8 dollars.
Verse combines RWA, which is a great approach, but currently, what we know is only about fan economy type RWA, which has wide applications under strong communities. The application methods for other RWA assets are still unknown.
From my perspective, purely from a gaming standpoint, the promotional animation did not impress me and failed to attract me to download the game for a trial (not as good as GTA).

If the game's earning mechanics are not difficult and the token trends are good, the game may attract a lot of users. However, the metaverse concept games have always been a "trap" for cryptocurrency players. It has only been a few hours since the token was released, so I will keep an eye on the token trends and its official announcements before deciding whether to participate.

VR-5.67%

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