What Is Ovr (OVR)?

OVR aims to be the metaverse's decentralized augmented reality platform for gaming, tourism, and virtual reality built on the Ethereum blockchain. Augmented reality (AR) is a digital version of the physical universe attained by digital visual elements, sound, or other sensory inputs delivered via technology. The Ovr platform is a virtual layer that seeks to span the entire globe. It is made up of 1.6 trillion unique hexagons known as OVRLands. A single NFT represents each OVRLand. The land can be traded or rented through decentralization using an auction. The owners of OVRLand can contextualize tailored experiences relevant to particular geographic locations, ranging from static 3D content to games, events, avatars, and any other experience they can envision.

According to its whitepaper, the platform's goal is to focus on creating an invincible open-source platform handled by the community, complete with its coin and ecosystem. The platform aims to ensure that 3D elements are precisely positioned in the real world for a quality consumer experience that is accurate with the surroundings. The Ovr network aims to enable actual interaction among various users in the exact location. Ethereum and IPFS are the two main protocols the platform is based on. Ethereum serves as the foundation, granting ownership of OVRLand and the circulation of the OVR token. IPFS enables decentralized storage of OVR experiences.

The OVR token is an ERC-20 utility token that is a medium of exchange in the platform's ecosystem. The token seeks to enable full utilization of the Ethereum blockchain and simple interoperability infrastructure (i.e., wallets & exchanges). The OVR Token is used to engage with the platform for governance, acquiring OVRLand, and trading products from the marketplace to create one's own OVR experience. The token is also used to rent digital space and all services available on the platform and marketplace. A 5% fee is applied whenever an OVRLand and NFT are exchanged. All profits made by renting OVRLand to publishers and advertisers are subject to a 5% transaction fee.

History of Ovr (OVR)

As per the whitepaper, the Ovr platform was launched in 2018 with Davide Cuttini as its chief operating officer. Cuttini is a software engineer who specializes in augmented reality, machine learning, and smart contracts on the blockchain. The Initial Bonding Curve Offering (IBCO) was used to obtain funding for the platform. The price of the OVR token is decided by its demand by a bonding curve; if there is no demand, the price remains low; if there is demand, the price rises.