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There’s no denying that the Metaverse has piqued the interest of individuals all over the globe, so much so that its influence has seeped into a host of industries — including fashion, gaming, education, etc — over the last couple of years. To put things into perspective, recent studies estimate that the global metaverse industry will grow to a cumulative valuation of $996.42 billion by 2030, growing at a CAGR of 39.8% over the next eight-year stretch.
In a similar vein, the virtual reality (VR) market has garnered an immense amount of traction recently, especially as its use in relation to the gaming industry has grown thanks to the increased affordability of VR gear. Numerically speaking, this yet nascent sector is projected to grow from its 2022 valuation of approximately $16.7B to a sizable $227B by 2029.
To this point, Victoria VR is an upcoming revolutionary blockchain-based virtual reality Metaverse powered by the highly powerful Unreal Engine. As a result of its unique infrastructure, it can deliver realistic, highly-detailed graphics while utilizing a massive multiplayer-online role-playing game (MMORPG) environment. Not only that, it also comes replete with a social experience playground designed to provide a highly immersive experience.
What will Victoria VR bring to the table?
Straight off the bat, Victoria VR will provide players with a detailed virtual reality world where they can live a digitized existence. Once inside, they can choose to partake in a wide range of activities, such as playing video games, developing digital real estate, setting up/owning their very own business ventures, and participating in various entertainment-related activities, among other things.
Also, it is worth highlighting the fact that up until now, most first-generation blockchain games have yet to lay a great deal of emphasis on gameplay and graphics, instead focusing on various play-to-earn (P2E) opportunities. Victoria VR is unique in the sense that it pays great attention to realism and detail while offering gamers an ultra-lifelike, realistic environment. It will also employ a Play and Earn (PaE) incentive model, which provides players the entertainment they want while also delivering earnings and ownership. This is in stark contrast to the play-to-earn (P2E) model, which basically feels like a full-time job since users are required to complete various activities in order to get their desired rewards.
In essence, Victoria VR seeks to address the colossal lack of Metaverse and other key tech aspects within today’s VR ecosystem. To this point, it is worth mentioning that most similar projects on the market currently lack one or more of the following critical features, namely the absence of a well-developed blockchain infrastructure, poorly designed economics, incentives, shoddy gameplay mechanics, lack of active users, poor upgradability and scalability of its virtual world, terrible graphics, etc.
Victoria VR helps address all of these issues simultaneously by devising a holistic development environment where users can create absolutely anything. What’s more, is that the ecosystem is entirely decentralized and all of an individual’s creations are owned directly by them.
Here’s why everyone’s excited…
Recently, Victoria VR was hailed as one of the standout projects at EGX London, the largest gaming event in the United Kingdom. As part of the showcase, attendees were given a glimpse of its unique metaverse, which is designed to be much more than just a gaming ecosystem. As time progresses, the project will continue incorporating aspects related to various sectors, including digital entertainment, business communication, shopping, learning, and much more.
Similarly, Victoria VR’s previews were well received at Queretaverso, one of Latin America’s most prominent tech expos pertaining to future-ready technologies such as the Metaverse, AR, VR, crypto, blockchain, etc. The Victoria VR stand was full of individuals keen on experiencing its unique offering throughout the three-day event.
As mentioned previously, Victoria VR harnesses the power of high-quality, realistic graphics driven by the Unreal Engine, which is currently being used by many well-respected game developers worldwide. Since the Unreal Engine is fully upgradeable, the project can be modified and tailored as per the needs and desires of its backers.
Another crucial aspect of the project is that it rewards supporters who stake VR tokens, its native crypto asset. In this regard, VR Stakers are provided with benefits such as monthly rewards, dynamic APYs, VR Land whitelistings (VR Land Tickets), early access to mystery airdrops, and DAO participation.
Furthermore, the project’s core dev team has been continually participating in a number of high-profile events recently. For example, last month, they attended YordStudioXR’s gathering at the Czech Embassy in London, exploring the potential of the Metaverse, AR/VR, and how these technologies stand to transform & improve business processes.
Lastly, since its inception, the project has continued to attract the attention of prominent investors. For example, by the end of 2021 alone, it had been able to acquire strategic funding worth $13.5m from several industry leaders, including Dominance Ventures, Non-Fungible Fund, Wave Financial, Neon, DAOMaker, and Altered Ventures, among others.
Looking ahead
As more and more people continue to gravitate towards the use of decentralized technologies, it stands to reason that the use of Metaverse-centric platforms will only continue to rise in the near-to-mid term, especially since they provide users with a degree of functional and operational freedom that was never possible before. In that sense, projects like Victoria VR are leading the way, allowing users to access a digitized reality that is extremely diverse in its scope of utilization. Therefore, it will be interesting to see how this relatively nascent sector continues to evolve from here on out.
Image by Brian Penny from Pixabay
