In 2016, Niantic Labs introduced Pokémon GO, a game that rapidly rose to become one of the most widely played mobile games in history. Beyond showcasing a beloved anime character, it sparked the widespread adoption of augmented reality (AR), a domain that has experienced remarkable expansion. Modern mobile devices are fully equipped for AR, with the industry projected to generate over $100 billion in revenue by 2024. The next evolutionary leap in this progression is the OVER Metaverse, a fusion of both virtual reality (VR) and AR.
The OVER Metaverse introduces augmented reality experiences through its decentralized platform structured around three interconnected layers.
OVR, an ERC-20 token, serves various purposes within the OVER ecosystem. It facilitates transactions involving OVRLand NFTs and OVRExperiences, functions as a reward token for staking OVER nodes, and plays a versatile role.
What Is OVER Metaverse?
Established by Davide Cuttini and Diego Di Tommaso in January 2019, the OVER Metaverse stands as a decentralized platform that delivers engaging augmented reality experiences to users within their real-world surroundings. Originally established on the Ethereum blockchain, it has since migrated to Polygon to enhance transaction speed and reduce costs. Furthermore, the incorporation of the InterPlanetary File System (IPFS) serves for digital asset storage.
A notable aspect of the OVER Metaverse is its convergence of diverse technologies to offer users interactive AR encounters. Through a combination of geopositioning using GPS and SLAM data, the system accurately identifies the user's precise location, facilitating experiences in various locations similar to the physical world.
At its core, the OVR SDK (software development kit) serves as the foundation of the platform, operating on the robust Unity 3D cross-platform game engine. This SDK empowers developers to create NFT avatars, enables user interaction with gateways, manages the AR network as a shared experience among users, and encompasses a range of additional functionalities discussed in detail below.
How Does OVER Metaverse Work?
The functionality of the OVER Metaverse is underpinned by three primary layers: The OVRLand Management Layer, the OVRLand Mapping Layer, and the OVR SDK. These layers are designed to complement one another, and the seamless operation of the system relies on their continuous synchronization.
The OVRLand Management Layer encompasses all 1.66 trillion OVRLands within the virtual realm. An OVRLand is a hexagonal area of 300 square meters that corresponds precisely to a real-world location. In essence, every square inch on Earth is mirrored within the digital layer of the OVER Metaverse. These OVRLands are open for purchase, sale, or rental by OVER Users to serve as their digital residences.
The OVRLand Mapping Layer plays a crucial role in the ecosystem, responsible for mapping real-world spaces for their integration into the virtual land. Users who engage in this mapping process receive corresponding NFTs as part of the community's Map2Earn program. These NFTs are tradable commodities in the OVR Marketplace. Notably, one of the highest-priced examples was an NFT of the Eiffel Tower, which garnered a substantial bid of 38.6 ETH (equivalent to around $69,000 as of March 31, 2023).
The third layer, the OVR SDK, empowers users to link virtual experiences, assets, avatars, and more to their OVRLand holdings. Accessible through two routes, users can opt for the web-based interface that doesn't necessitate coding expertise or engage with the more expressive Unity 3D plugin. The fusion of the OVR SDK and Unity 3D results in an augmented reality escapade known as OVRExperience. These OVRExperiences are also tradable assets within the OVR Marketplace.
Powered by the IPFS, the OVER Nodes serve as the backbone for decentralized storage of OVER digital assets. These nodes are operated by users who have staked a minimum of 500,000 OVR tokens. Users who are not operating nodes can partake by voting for their preferred OVER Node and staking OVR tokens, with no specified minimum requirement.
Over the initial three-year period of the OVER Metaverse, node operators are entitled to a 6% APR reward based on their stake, along with an additional bonus determined by their ranking in relation to this criterion. Non-operating stakers receive a 5.5% APR reward for their contribution. Beyond the initial three years, the OVER Nodes will be ranked according to performance and the number of votes garnered, leading to a portion of the hosting fees being distributed among them. Voters also receive a portion of the hosting fees as an incentive for their role in network security.
Possessing an OVRLand NFT signifies that you are the proprietor of a virtual parcel within the OVER Metaverse. These NFTs can be acquired through various avenues, including participation in the OVRLand Map2Earn initiative, or they can be purchased and traded within the OVR Marketplace.
Effortlessly managing your OVRLand NFT is achieved through interaction with the OVRAssistant, also referred to as the Over Assistant. The OVRAssistant serves as a humanoid AI avatar in the virtual realm, offering guidance to users by responding to inquiries and providing directions to points of interest or navigating within a store. This interaction is fully voice-operated and eliminates the need for user typing.
What Is the OVR Crypto Token?
The OVR token, an ERC-20 token, plays a central role as the primary network currency within the OVER Metaverse. Its utility spans across various functions within the OVER ecosystem.
OVR tokens can be employed for acquiring OVRLand NFTs or other digital assets available in the OVR Marketplace. Furthermore, they serve as the means to procure OVRExperiences from the Marketplace, or to compensate OVRCreators for crafting personalized OVRExperiences for your enjoyment.
Users have the opportunity to accumulate OVR tokens by selling NFTs or digital assets, leasing or selling OVRLands, receiving payments from advertisers, or as rewards within the system. Additionally, OVR tokens can be utilized for staking nodes, as previously mentioned.
Within the system, a total supply of 110 million OVR tokens exists, although there isn't a strict theoretical hard cap. These tokens were generated through two phases: the initial token distribution event and the Initial Bonding Curve Offering (IBCO), both of which contribute to the token ecosystem.
During the initial token distribution event, slightly over 75% of OVR tokens were pre-minted and allocated as follows:
- 3.86% to equity subscribers
- 2.88% to private sale subscribers
- 24.09% to the team fund
- 5.41% to advisors
- 1.36% to the bounty program
- 18.18% to community rewards
- 18.18% to the foundation
- 0.29% to contingency liquidity bootstrapping
Tokens distributed in this event are subject to smart contract-enforced vesting periods, which vary based on the stakeholders involved.
The remaining tokens were minted and distributed through the IBCO on November 30, 2020. The IBCO was accessible to users in crypto-friendly countries who had completed Know Your Customer (KYC) processes. Its bonding curve mirrors that of the Bancor continuous liquidity protocol. Through this curve, the price of the OVR token escalates exponentially as its supply linearly increases, and inversely.
OVR Ecosystem Details
The OVR ecosystem operates through three distinct streams of OVR tokens. These streams enable the OVER platform to achieve self-sufficiency, ensuring sustained user enjoyment for years to come, all without relying on external funding or complex token replacement systems.
Firstly, a 5% transaction fee is levied on all exchanges involving NFTs and OVER Assets. This fee is also applied to revenue earned by users who lease out their OVRLands to publishers or advertisers.
Secondly, users can engage in in-app purchases for event tickets, access to private rooms, virtual clothing for avatars, and credits for participating in VR and/or AR games.
Lastly, the VR and AR assets are stored on the IPFS system. To allocate private utility assets within an OVRLand, a modest monthly fee of $1 worth of OVR tokens is required for IPFS space. Half of the collected fees are directed towards compensating IPFS storage providers, while the other half is allocated to software development costs, rewarding network maintainers, and sustaining the expansion of the user base.
OVR Token Price Prediction
OVR token entered the market in late December, initially trading around $0.08. It reached its all-time high of $3.33 on December 2, 2021, and its lowest point of $0.02 on January 12, 2021. As of August 25, 2023, the OVR token is trading at approximately $0.23.
According to DigitalCoin Price experts, the OVR token is forecasted to reach $1.07 by the conclusion of 2025 and further increase to $3.10 by the end of 2030. Conversely, PricePrediction.net envisions a similar target of $1.07 by 2025, but their long-term outlook is more optimistic, anticipating a rise to $7.01 by 2030.
Is OVR a Promising Investment?
OVR is regarded as a strong investment, particularly if the aforementioned predictions materialize. Even adhering to the more conservative projection, the OVR token's value would experience a tenfold surge by the decade's conclusion.
In February 2023, OVER celebrated its one-millionth user milestone. The OVER Metaverse is poised to gain traction as augmented reality becomes progressively integrated into daily life. This is exemplified by OVER's hybrid fashion show during the OVER Metaverse Fashion Week in Milan on March 31, 2023, showcasing brands such as PINKO and Tencent.
Furthermore, upcoming feature releases in the forthcoming months are poised to augment its appeal for potential investors as user numbers grow. For instance, the OVR team is diligently working on an AI avatar creation system, enabling users to manage these avatars within their OVRLands. Additionally, the OVR token will acquire an enhanced role as a governance token upon the launch of the OVER decentralized autonomous organization (DAO). Furthermore, the Unity SDK upgrade promises more captivating AR experiences, fostering the development of location-based AR NFT games.
While these advancements signal the potential for OVER's long-term expansion, it's crucial to exercise caution and perform your own research before investing in any cryptocurrency, given the inherent volatility in crypto markets.
The OVER Metaverse holds promise by harnessing AR technology to seamlessly merge virtual experiences with the real world, blurring the boundaries between physical and digital realms. On the whole, the AR technology employed by the OVER Metaverse has the potential to transform the way humans engage with and encounter technology. As it evolves and matures, it could open doors for novel avenues of connection and collaboration among businesses, individuals, and communities that were previously unfathomable.