An AR party is coming to a shared metaverse, with one million token set to burn

OVRLand is having a virtual party on May 30 to celebrate the sixth-month anniversary of the earth-size augmented reality metaverse’s launch, and they’ll be lighting a million-dollar bonfire to celebrate.

A 1.6-trillion hexagon digital overlay of the earth’s surface, OVRLand is a shared augmented reality where anyone can buy a plot of “land” to host any kind of digital content they want, from 3D art and games to buildings and pretty much anything they can dream up.

The highlight of the OVRLand project will be a live “burn” of one million OVR Tokens worth about $1,000,000 at this writing. The tokens come from sales of six-sided OVRLand plots, more than 275,000 of which have been sold so far. That includes the Eiffel Tower, which was just sold for a record breaking $106,000.

OVRLand is also celebrating financial security along with its other achievements on May 30.

Even with the token burn, OVR has “accumulated enough liquidity to finance our current level of development and marketing expenses for the next four years,” the company said. “That makes our project bear market proof setting us in the position of keeping developing and delivering on our roadmap.”

Another current marketing event OVR is currently holding Treasure Hunt 2.0, a Pokemon Go-style game with AR overlays on the real environment. Users are looking for treasure chests that give away the OVRTokens that are the metaverse’s currency

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The anniversary party itself will use OVRLand’s OVRLive Event platform, with a DJ wearing a motion suit to record and reproduce movement, dancing and even interacting with the crowd as a hyper-realistic 3D avatar to create the experience of being at a concert — complete with lighting and other special effects ranging from animals and waterfalls, to faithfully reproduced real venues (although the website’s suggestion of holding a party in the Sistine Chapel might cause a bit of an uproar). 

Other attendees will have normal, less lifelike avatars that can nonetheless interact and converse with the artist. Like any concert, party or rave, tickets will be required to get on the list.

OVRLand users access the metaverse using AR devices ranging from standard mobile phones (with a headset), smart glasses like Hololens and Magic Leap, and even low-cost headsets from the holokit project.

Other reveals include the launch of a secondary market for trading land hexs, which are represented by ERC 721 non-fungible tokens, or NFTs. OVR also took the OVR Art Gallery live, and released the beta of its OVR Builder, which creators can use to create and upload 3D assets, and eventually the tools and content need to build experiences.

The token ecosystem

The project uses two tokens: the OVRLand NFTs that represent land hexes, and the ERC-20 fungible OVRTokens, the only currency with which value can be exchanged inside the metaverse. The latter has as many uses as any real-world currency or cryptocurrency, such as paying for in-platform property or experience development, renting virtual space, paying for virtual goods and experiences, and collecting revenue from advertisers. 

While OVRLand hexes can be purchased with credit card soon, OVRTokens will have double the purchasing power.

They are also governance tokens and can be used for staking and liquidity mining.

OVR uses two main protocols. It is built on the Ethereum blockchain, but all OVR Experiences will be stored on the decentralized IPFS that power the distributed web, also known as Web 3.0.