Victoria VR's token surges as it becomes first to release metaverse app for Apple's 'Vision Pro' headset. (Apple)
The crypto-meets-virtual reality (VR) developer Victoria VR says it's working to release the first metaverse app from a blockchain-related company on the Apple headset "Vision Pro."
The project's metaverse consists of "ultra-realistic graphics and immersive gameplay," which will be able to supplement Vision Pro's technologies, the company said in a statement on Friday.
The app is expected to be available in the second quarter of this year.
"It forms an elaborate digital environment that shows off the many capabilities of the Apple Vision Pro while simultaneously showcasing the power of Web3 technology," according to the release.
Apple's much-hyped first futuristic headset hit the shelf on Feb. 2 and would be its first foray into the virtual reality ecosystem. Despite fizzling interest in the metaverse, this isn't the first time a tech giant has delved into the VR sector. Vision Pro would be a competitor to tech giant Meta's (formerly Facebook) existing "Meta Quest" headset.
Victoria VR's metaverse is driven by its VR token, which will reward its active users and stakers, the firm said. The token is based on Ethereum, under the blockchain's ERC-20 standard.
Half the revenue generated from in-game asset sales will be redistributed to stakers and active metaverse users.
"Victoria VR’s in-app economy is fueled by the VR token, used to incentivize activities that enhance the virtual environment for the benefit of all participants," according to the press release.
The VR token has surged nearly 60% in the last 24 hours and has $103 million in market cap, according to CoinMarketCap data.
According to a white paper posted on the project's website, "We want Victoria VR to be accessible to all, and so citizens will be able to earn Victoria VR by simply taking part in the world. It will be “pay-to-speed” not “pay-to- win."
"These ERC20 Tokens will be our primary source of generating revenue during the start of the project," the white paper reads.
Read more: Apple's New Headset Could Change the Way We Design the Metaverse
Edited by Bradley Keoun.
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