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All you need to know about OVRLand auction

November 18, 2020

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In just two weeks, OVR will be launching the public sale for OVR tokens, which is the main currency needed to use and operate features in our augmented reality app. As well, it is going to be the currency you will need to participate in our much-anticipated land auction for OVRLand, so you can get your piece of virtual real estate.

If you want to learn more about virtual real estate or what you can do with it inside the OVR universe, we have already prepared plenty of details in our previous blog post. From simply owning unique land that corresponds directly to our actual world (yes, you can buy your own land in OVR), to hosting experiences within that space, or renting it out to others for passive income, the possibilities truly are endless with OVR!

But to give you even more details about the OVR land auction, we decided to write this article to talk about certain types of technical concepts to give you a better idea about how OVR land auction is going to be a very valuable type of virtual real estate when compared to existing alternatives.

Virtual Land as Non-Fungible Tokens (NFTs)

Inside OVR, users will be able to access multiple experiences in the virtual OVR world, which is an augmented reality layer built atop the real world. Each plot of land is represented by a hexagonal area with very specific geographic locations tied to an actual map area in the real world — some 300 square meters in area.

Users can own these pieces of OVRLand by buying them up, with an auction-style set up where you place bids, with the highest bidder winning and owning them! It’s very similar to many other types of virtual real estate auctions, of course, but with OVR, we’ve used blockchain technology to make it even more unique and valuable.

First of all, we’ve made OVRLands as a Non-Fungible Token or NFT, which means that each piece of land is provably unique on the blockchain. These are built with the ERC-721 standard, a mature and recognized standard on the Ethereum blockchain. Each NFT specifies the unique characteristics of the OVRLand, including the information of the ownership and rights associated with it, all verifiable on the blockchain.

What this means is that you, and only you, as the owner have access and rights to the land, and it cannot be faked, forged or taken away from you. If you sell it to someone else, then this NFT changes hands, and in this way, every transaction related to the NFT is recorded on blockchain. 

This is a very different concept from regular collectibles, where rarity can be in doubt (you have to trust that the manufacturer only produced a certain number of collectibles). On blockchain, it’s easy to see exactly how many NFTs are produced. 

With regular assets as well, ownership is very difficult to determine, but with NFTs, they are cryptographically tied to the owner, with only the owner able to manipulate these assets.

The second difference with OVR and other types of virtual land, is that you know that OVRLands are truly limited in supply. Other virtual worlds typically just expand and create more new lands, but OVRLands are limited to the quantity of the world map, so you know your piece of virtual property is truly rare and can increase in value as fewer and fewer pieces remain to be bought!

Why participate in the OVR token sale

Besides the new IBCO model explained in this blog post, which provides a safer and price-protected way for token sales, the OVR token sale is your chance to buy fungible OVR tokens, which is a currency you can use to bid for OVRLands or to purchase or rent them for cheaper.

With the OVR token, you can:

  • Enjoy 200% purchasing power for OVRLand
  • Enjoy cashback up to 95% of your purchase price (after a month period of lockup)
  • Trade or rent OVRLand in the marketplace
  • Pay 3D content creators for new augmented reality content to be used on your OVRLand
  • Pay for in-app purchases like skins for your avatars, tickets for unique experiences, bidding on virtual casinos, and many other activities.
  • Partecipate to OVR  gevernance powered by Aragon DAO framework 

So if you haven’t registered yet for the most-anticipated token sale event with spatial web NFTs, then sign up for the OVR IBCO model token sale right now! Questions? Look for us on Telegram and join the growing community (over 29,000 members currently) of OVR users now!