This category is for all the new cryptocurrency- and blockchain-based social VR spaces and virtual worlds (Decentraland, The Deep, Ethernia, Mark Space, Somnium Space, Staramba Spaces, Terra Virtua, VIBEHub, Virtual Universe, etc.)
Now, some of these do not appear to be social VR apps, so I won’t bother covering them on this blog. But there are a few interesting ones that merit further investigation!
…I refuse to put one cent of my own money into any cryptocurrency at this point, and I advise anybody who wishes to do so, to do every single scrap of their homework before investing in any product or service. It’s simply too risky.
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The actions of a few bad apples (both individuals and companies) are threatening to spoil the entire barrel. Also, greed is driving investors into ill-informed and risky speculation, and currently, there is a crypto feeding frenzy that is starting to remind me of Shark Week. I fear that this is a financial bubble that will hurt many investors when it implodes. Caveat emptor!
One of the newer blockchain-based social VR spaces that is currently under development is Terra Virtua, which I had previously blogged about here. Terra Virtua bills itself as a “Netflix for VR”, a delivery platform for VR games and entertainment from other companies. It will be built on the Unreal game engine, and the company is also collaborating with Epic Games to develop a suite of tools which will allow users to create their own content.
The following is a nine-minute interview with the CEO of Terra Virtua, Gary Bracey:
He said that the Terra Virtua platform is expected to have its beta launch in the first quarter of 2019.
The video is 23 minutes long, and once again gives a pretty good overview of what you can do within Virtual Universe. Check it out!
When I asked on the VU Discord server about a projected beta launch date, Jeroen told me:
Heya Ryan, putting final touches on the Game portal , launching very soon, including more info about the beta!
Joeroen also mentioned that Virtual Universe will be compatible with the Oculus Rift and HTC Vive VR headsets, as well as all the Windows Mixed Reality headsets.
This is good news! I’m very much looking forward to setting foot in-world again!
Image by TheDigitalArtist on PixabayEver since I encountered my first blockchain-based virtual world, Decentraland, back in February, I have been watching the marketplace closely. Many companies have announced social VR platforms based on the blockchain; either they are selling a cryptocurrency for use in their virtual worlds, or are using blockchain technology in some another way, such as registering ownership of virtual land. I have joined the Discord and Telegram channels for the various metaverse-building companies and avidly followed the discussions and arguments taking place. I have scanned their websites. I have read through all their white papers.
The hype surrounding blockchain technology has now reached unprecedented levels. Some of the claims made by companies (or their cheerleaders) for blockchain-based virtual worlds have been misguided at best and deluded at worst (here’s just one example). Bold promises are being made for virtual places which you cannot even visit yet, or which only exist in skeleton form.
In some cases, the use of blockchain is a solution where there wasn’t a problem in the first place, as someone else recently pointed out when commenting on one product. In other cases, companies may be feeding the impression that their blockchain-based coin/token/land will only gain in value, without making the risk clear. Investors who have not done their proper due diligence have jumped on board many recent ICOs and ITOs, hoping to score huge profits similar to those who were early investors in Bitcoin and Ethereum.
Frankly, one of the few companies I have encountered in this area that actually has some substance behind all the hype is Virtual Universe, and I have given video proof as to why I am looking forward to their product launch. But the often-misleading and sometimes-shady statements of some blockchain-based virtual world companies are tainting the entire marketplace, including VU. If I were an investor, I wouldn’t touch any of them with a ten-foot pole.
As I have stated before, I am part of the Virtual Universe (VU) Initial Coin Offering Partner Program (I’m currently number two on their VU Token Leaderboard). The main reason I am participating in that program is that it’s the only legal way I can earn VU tokens before the social VR space launches later this summer (as a Canadian I cannot buy tokens). But I refuse to put one cent of my own money into any cryptocurrency at this point, and I advise anybody who wishes to do so, to do every single scrap of their homework before investing in any product or service. It’s simply too risky.
For example, I am currently a member of the Staramba Spaces Telegram community, and I has been watching with increasing dismay over the past week as numerous people report that scammers are trying to steal their money by impersonating Staramba staff and direct-messaging potential customers, posing as agents for the Staramba initial token offering. The entire Staramba ITO has been a shambles, with the company having to hurriedly suspend the buying of tokens by credit card until a later date. (And why would you choose to go deeper into debt to buy a blockchain token in the first place? It’s insanity.)
The actions of a few bad apples (both individuals and companies) are threatening to spoil the entire barrel. Also, greed is driving investors into ill-informed and risky speculation, and currently, there is a crypto feeding frenzy that is starting to remind me of Shark Week. I fear that this is a financial bubble that will hurt many investors when it implodes. Caveat emptor!
There’s a new website called VRCryptocurrencies.com, which has published a list of VR cryptocurrencies. If you’ve been following my blog, you’ll see a lot of familiar names on that list: