To ride not just one but two “media hypes” so to raise funds to develop their activity. This is the ambitious goal that seems to have VRT World (already know as VR Technologies), russian company headquartiered in Singapore specialised in virtual reality that from March 14 to April 30, 2018 will launch its own ICO (Initial coin offering, ndr) in order to issue “tokens” (i.e. cryptocurrencies) with an “hard cap” (the tokens’ maximum amout that will ever enter in circulation) of 16 million dollars.
A 16 million dollars ICO for VRT World
A target already announced last November, when Konstantin Negachev, co-founder (with Denis Mazur and Dmitriy Livshin) and Ceo of VRT World, pointed out that they were hoping to create 100 million tokens ERC20 compliant (i.e. compliant with the rules of the blockchain behind the Ethereum and therefore exchangeable with them), of which only 32.5 millions would been delivered for circulation (while the other would been cancelled following the ICO).
Tokens’ initial total value should be equal to 0.002 Ethereum l(around 1.75 dollars at the moment), that at current prices would allow to reach a total value of the issue of 56.5 million dollars. That value would imply a high potential capital gain for participants in the ICO, but you must note that this will depend on the trend in the prices of the Etherereum as well as on the fate of VRT World.
VR parks and technology development
Compared to too many other ICOs that ended up making the collected funds disappear, VRT World can offer a “vital” product, as Negachev say, announcing in the next two weeks the launch of a new company website, of a VRT Marketplace operative release and some “serious updates” of virtual parks that they are developing (one already operating in Moscow the other being set up in Dubai).
Btw VRT World has already managed to collect with a couple of tokens pre-sales to private investors over a million dollarsi between September 2017 and January 2018. These tokens will be transferred on the wallets of users already in the Ethereum blockchain.
Allocation of capital and tokens
As for the funds that will be collected, VRT World undertakes to use 25% of the proceeds to develop and promote 15 virtual reality parks, the same amount will be used for marketing activities, 12% will be used to create new VR contents for the parks, 15% to develop VR “blockchain based” platform trhough SDK (software developers kit) and API (application programming interface) so to make VR content creation possible without binding developers to a single company or device, 18% to develop site and VR content marketplace and the last 5% to support developers.
About tokens allocation, 75% will be placed via the ICO, 15% will remain in the hands of the VRT World founders and team, 5% will go to the fund that will support the project, 3% will be of Bancor (company that developed the homonymous protocol that allows the automatic creation of liquidity for any digital asset, transforming tokens in “smart tokens“) while the last 2% will be used as reward (“bounty“) to be distributed to participants of the community revolving around VRT World project.
Transactions to be paid with tokens
This is a project in which token that will be placed soon will act as a “fuel” for the entire platform, providing a single form of payment for all transactions (purchases, sales or rent of VR content and related services).
As mentioned, VRT World already manages a virtual reality park (which allows developers to create and sell their VR content without having to equip themselves with expensive equipment) in Moscow and is preparing to open a second in Dubai.
The business therefore seems very tangible, even if the intention to ride these two “mediatic hypes” is equally evident. If you wanna know how this will end, continue to follow Mondivirtuali.it, also through our account on Twitter and our fanpage on Facebook (but remember: Mondivirtuali is on Flickr, on Pinterest, on Scoop.it on Paper.li and also on Youtube too) and maybe subscribe our newsletter!