The indispensability of Non-Fungible Tokens
Non-fungible tokens (NFTs) are widely gaining more popularity in the blockchain space. Big companies like Formula 1, Ubisoft, Samsung, Nike, among others, are now adopting NFTs as an indispensable token for storing crypto collectibles, digital art works, virtual lands, and virtual games.
This move has seen an increase in the demand for NFTs which is supported by the research from Nonfungible.com, stating that sales of NFTs currently sits close to $100 million.
“Nonfungible.com stats show that as of July 5, 2020, the total sales of NFTs is around $96.1 million so far. And with an average price of $20.90 per NFT”
The above only means that in a short while, the market for NFTs is going to hit the billion dollar, or perhaps trillion dollar price mark, thus making NFTs the next “big thing” in the blockchain space.
What Makes Non-Fungible Tokens Special?
Non-fungible tokens possess indivisible and interchangeable features that makes them the best medium for storing crypto-collectibles, digital art works, virtual lands, and other real world assets.
They are effective for protecting intellectual property, helping to enshrine rights of ownership and eliminate fraud. (You can’t duplicate them).
NFTs are ERC-720 compliant, driven by smart contracts that record unique details that makes them rare or desirable.
Lastly and most important, NFTs have been instrumental in the growth and development of virtual lands, and as a result enabled ownership of lands in the virtual space. This is where OVR comes in.
OVR is an augmented reality platform that leverages both a fungible and Non-fungible token — known as OVR token and OVRLand respectively. OVRLand, which is a non-fungible token, gives the owner the right to own the virtual lands and gain the exclusive right to decide the AR content and experience that is allowed to be implanted to this piece of land.
OVRLand is a non-fungible token (ERC-721) that represents the ownership of virtual lands. Thus, owners of OVRLand are equally owners of virtual lands.
OVRLand auction provides users the ability to bid for lands using both crypto assets and fiat currencies. This event will happen very soon. Right now, OVR is carefully building the land auction marketplace.
The assignment of OVRLand will be based on a bidding war where every bid extends the period of closing of 24hrs.
After the closing phase of the ICO using the OVR token, the OVRLand can be purchased on the OVR marketplace through an ascending price auction with a starting price of 10 OVR. The starting price which is the minimum value is fixed at $1 (10 OVRTokens) with a 100% increment on the last bid value for every following bid.
To minimize friction, users will be able to buy OVRLand with a wide means of exchange including Fiat (USD, EUR, RMB with an in app purchase), ETH, DAI, USDC, and OVRTokens.
Buyers purchasing OVRLands with OVRTokens will be incentivized by these two policies:
Double purchasing power over Fiat, ETH, DAI, USDC; the smart contract minting the NFT representing OVRLands will always assign double purchasing power OVRTokens over all the other means of payment, so for example in order to equal a 10 OVR bid the ETH payer will need to use 2$ worth of ETH. Since at the beginning there will be no reliable price feed for the price of OVRToken, for the first 9 months, the smart contract minting OVRLand NFTs will consider the value of the OVRToken as 0.1$ despite the price in the markets. This will also protect the value of the token in his infancy since in case the OVR Token get devaluated on the market, — assuming demand for OVRLands — the fixed and double purchasing power of the token over the other means of payment will create an arbitrage pressure that will drive the value of the token up again.
Cashback Policy: During the first 9 months from the start date of the public sale,
OVRLand acquisition will be incentivized by a decreasing cash back policy. For
every OVRLand purchase, after a 30 days lockup period, OVRTokens will be
returned to the buying address with a decreasing ratio starting from 95%, then 85%, 75%….. and so on.
The bottom line is; NFTs will probably be the next big hype after DeFi. The momentum is already building up. Take advantage of this time and be the early players. You can start with OVR.