Original | Odaily Planet Daily ( @OdailyChina )
Author: CryptoLeo ( @LeoAndCrypto )
I woke up in the early morning and saw that my friends in the group were discussing a meme coin - VERSE, a VR metaverse concept token. In less than an hour, its market value had quickly increased to $400 million. I thought I was still asleep, but the current market situation shows that a meme worth hundreds of millions of dollars (especially one related to the metaverse) is too crazy.
My first instinct was: This cant be true? Is it possible that the data platform is wrong? Half an hour later, VERSEs market value rose to $700 million...
What does Verse World do?
Then I quickly checked what the project was about. Its official X account, Verse World , was launched in January 2022 and currently has nearly 100,000 followers.
Verse World released content on June 5 to officially announce the project: Verse is a project dedicated to the VR metaverse. Officials said that after two years of development, it is officially open to the public.
According to its introduction, Verse World is a technology company based in Dubai, focusing on Web3, spatial computing and immersive metaverse experience. The highlight of its project is finding new and creative ways for consumers, celebrities, athletes, influencers, businesses and organizations to interact with their audiences. VerseWorld is the first project to provide multiple real-world use cases and combine it with the concept of the metaverse , emphasizing that it is the first in the field of the metaverse.
After a quick look at the introduction video of Verse, I roughly understand that this is a non-violent and environmentally optimized version of GTA meets Palu . Players build their own images through 3D scanning, and can use different virtual transportation methods (including skateboards, trains, boats and airships) to instantly travel through different locations . VR enhancement is performed by pressing designated keys on the computer combined with the heads-up display (HUD), providing users with a variety of environmental interaction methods to explore, and also providing players with XP rewards in specific locations, such as stations, parks and other places.
Users can also explore various ruins and treasure hunts. Every 48 hours, a new relic will be refreshed. Each relic will have 6 treasures. Treasures can be obtained by passing 6 levels, but only one player can collect all the treasures.
The closest experience to reality in its virtual world also includes many ways for players to interact, including participating in live events, games and various competitions, Mini games, purchasing virtual goods, participating in social gatherings and exploring user-generated content. Verse World launched two NFT series in early 2022 , the New York Citizen Series and the Los Angeles Citizen Series, which respectively give holders a private luxury penthouse and a Bel-Air-style mansion. These properties allow holders to host private events and parties and participate in various mini games and sports competitions with friends and partners.
The current floor price of New York series NFT is 9.3 SOL, and the 24-hour trading volume is 319 SOL;
The current floor price of Los Angeles series NFT is 0.67 SOL, and the 24-hour trading volume is 3 SOL.
According to reports, its Beta test is now online, and NFT holders have been experiencing this version over the past few weeks. Now Verse is officially open to the public, and a limited number of Verse World invitation codes will be issued to the public every week.
In addition, its introduction shows that Verse has a high-performance 3D scanning studio and the most advanced motion capture equipment, which enables Verse to efficiently create ultra-realistic virtual characters. The company has more than two years of development experience and a team of more than 50 internal developers. (According to its official X account, the timeline is consistent.)
Its team was founded by veterans with experience in Web2 and Web3, and is supported by investors such as Lydian Group, which owns majority stakes in various media, infrastructure and technology companies in the Web3 space, including Cointelegraph. Its team also provides industrial-scale AR, VR and MR services to many well-known brands, including BYD, Toyota and other car companies.
Cointelegraph reported that earlier in 2024, the company announced a partnership with digital entertainment and media platform Azerion, which will provide monetization services and game content in Verse World. The partnership has valued Verse at US$180 million.
VERSE Token Economy
At around 3 a.m., Verse officially released the VERSE token contract and introduction - VERSE supports the Verse World ecosystem, which can reward players, promote community development, and support the broader ecosystem.
The total amount of VERSE is 1 billion, and its token economic model shows:
45% for community rewards;
15% for the team and advisors;
12% for ecological funds
4% for partners
10% for liquidity;
14% is used for treasury reserves.
And it also gave the reasons for the recent issuance of coins:
Built on Unreal Engine UE 5, available for download on the Epic Games Store;
Cooperating brands such as Toyota, BYD, Lexus, etc.
With a multi-year track record in immersive technology and virtual experiences;
Experienced founding team covering Web3, gaming and enterprise fields;
It is supported by actual income, not just speculation.
pump.fun forwarded, Moonshot listed, direct access to $1 billion
As for why Verse’s market value rose to over 100 million US dollars in just one hour, two pieces of information are clear: first , pump.fun retweeted its token contract shortly after Verse released the token contract;
Second, at around 4 a.m., Moonshot announced the launch of the VERSE token.
The two tweets from pump.fun and Moonshot, one after the other, may have triggered users FOMO emotions, prompting VERSE to quickly pass $1 billion.
Subsequent trends: Can metaverse games really take off?
Before I even play the game, Id like to share my humble opinions:
1. Verse World’s technology in virtual experience fields such as VR and AR is sufficient to support the future development of the game, and may bring some new stories to blockchain games;
2. There is no problem with the token model and the current token price and market value. As of the time of writing, VERSEs market value is temporarily reported at US$800 million, and VERSE is temporarily reported at US$0.8;
3. Verse combined with RWA is a good way, but currently we only know about RWA in the fan economy category, which is widely used in strong communities. Other RWA asset application methods are not yet known;
4. For me, purely from a gaming perspective, the trailer animation did not strike me as very impressive and failed to entice me to download the game for a trial (not as good as GTA).
If it is not difficult to make money from the game and the token performs well, the game may attract many users, but the metaverse concept game has always been a pitfall for cryptocurrency players. Now, only a few hours have passed since the token was released. I will pay attention to the token trend and its official release content, and then decide whether to participate.
