Dear Over users, on April 8th 2022, OVR will launch a new official logo and a new domain name. The logo will change from "OVR" to "OVER", and the new website URL will be overthereality.ai.Read more

The indispensability of Non-Fungible Tokens

September 17, 2020

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?

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.