What is OVR？

Introduction

Augmented Reality (AR) is a technology that superimposes virtual information into the real world. It fully integrates core technologies such as sensing, 3D modeling, and multimedia to simulate and fuse virtual information such as text, images, music, videos, and 3D models generated by computers with the real world, thereby achieving “enhancement” of the objective world and meeting user needs. In recent years, AR has gradually become a hot topic with the rise of the metaverse.

With the development of artificial intelligence, big data, and cloud computing, a new round of technological revolution has begun. Blockchain technology has many applications in finance and significantly impacts humanity’s economic and social development. The cross-integration of blockchain with other information technologies will be a key focus for future growth. Many people in the AR and VR fields are researching using blockchain technology to give unique attributes and values to virtual items and assets. Some companies, such as Verse, SuperWorld, and Arcona, are attempting to merge AR and blockchain technology to sell virtual real estate. Other companies, like Lampix, are committed to using computer vision, AR technology, and blockchain technology to track data of virtual representations between users and businesses (such as coffee shops, bars, and restaurants). Ovr has combined AR and blockchain technology, and the team has been working hard since 2018. This article will delve into the business logic and core of Ovr’s product, and analyze its economic model and current development.

What is Ovr?

Ovr is an Augmented Reality (AR) platform based on Ethereum, merging the physical world and the virtual world. It utilizes community-driven 3D mapping technology, providing users and builders with the opportunity to own AR metaverse real estate and explore new areas of Web3. In 2021, the team launched the OVR Land Map product. As the AI sector heated up, the project attracted a segment of users and funds.

The Ovr team is a spin-off of a company that has been developing AR/VR applications for seven years. The founder, Diego, has served many years in traditional finance at PwC and began researching blockchain technology in 2014. Co-founder Davide Cuttini is also the founder of an AR/VR technology application center. Both of them founded Ovr in 2018. The protocol has not yet received public funding, but when the project was launched, OVR tokens were issued through the IBCO method. The funds obtained are used for project development and operation.

Business Mechanism

As an AR platform, users can interact with the real world via the app, with each user able to create a virtual avatar to socialize, attend exhibitions, and participate in treasure hunts in the AR space.

The core product is digitizing the Earth’s surface into 1.6 trillion plots of OVR land. These OVR lands are essentially digital assets that use VR and AR technology, possessing Ethereum ERC-721 traits. On top of this, Ovr provides an Ethereum auction and trading platform where users can buy land through bidding, and can also earn from auctioning or renting out the land. Users join the Discord community to get an invitation code to participate in the game, using OVR, ETH, and other tokens to purchase OVR land, with early users also benefiting from discount and cashback policies.

Source：Whitepaper

In addition, the protocol also cooperates with various industries, such as advertising, tourism, and education. Through AR technology, it develops OVR advertisements to broaden the demand for OVR land. The main demand for OVR land can be from end users, investors, advertisers, digital media agencies, developers, and offline stores. End users can meet their needs by trading land and spending OVR tokens; Investors can gain profits through activities such as leasing and selling; Digital media agencies can use Ovr as a new media intermediary; Developers widen their platform experience to earn income; Offline stores can innovate sales channels through the platform.

Ovr also provides nodes and a staking mechanism, where node users can store OVR experiences dispersedly through the IPFS protocol to ensure the availability and security of AR assets. Node users gain the qualification to operate nodes by staking OVR tokens, obtaining certain returns. The top-ranking nodes in operation can also get extra rewards, and users who do not directly perform node operations can also stake OVR for nodes.

Product Core

Within the Ovr ecosystem, the value of OVR land is affected by two factors: the location of the land itself and the AR products built on it. Externally, the commercial value of OVR land is tested, which depends explicitly on the number of users and cooperation with digital media agencies, advertisers, and offline stores. Since OVR land is scarce, early users have a certain first-mover advantage.

OVR land is based on GPS real geographic positioning, so it has a certain regional nature. This makes the geographical distribution of users obvious. Regions with many users will develop more rapidly, attracting more users. However, relatively less economically developed areas with fewer people will gradually lose interest in use. Currently, land sales in Europe and the United States are significantly higher than in other places.

Tokenomic Model

The OVR token, an ERC-20 token, supports the OVR ecosystem’s value. Its main functions are to purchase OVR land and OVR experiences, pay transaction fees, participate in staking, and manage the community. The total amount is 110 million, but after the IBCO, it is 96,014,096.

The team utilized the IBCO method for fundraising, in which the issuance price isn’t predetermined but fluctuates based on market supply and demand. This issuance method can offer some price reference for the secondary market. Using the IBCO method, the protocol issued 14,325,940.97 OVR tokens at a price of 0.8636.

Source: Whitepaper

The funds raised through IBCO are used for the project’s startup and operation, mainly for marketing and technology development. There will also be some legal expenses; the specific budget is as follows.

Source: Whitepaper

In addition to the IBCO method, OVR also announced the initial token distribution, allocating 8,168,000 tokens. Of these, 4,250,000 are for early equity investor subscriptions, released linearly over six years; 3,168,000 are allocated to private investors, with several release periods, to be fully released within a year; 2,650,000 are allocated to the core team, to be released linearly over four years; 5,950,000 are assigned to advisors, released linearly over two years; 1,500,000 are for bounty activities, to be released linearly over three months; a total of 20,000,000 are for community rewards, to be released linearly over six months; the remaining 320,000 are for emergency liquidity.

Initially distributed tokens are mainly directed towards the core team, community, and project fund, accounting for about 85% of the current supply. The current total supply is made up of the IBCO and initial distribution.

Source: Whitepaper

Current Development

With the rise of the AI market, the Ovr protocol has accumulated funds and users. Currently, there are over 30,000 OVR landowners, with 874,852 plots of land being auctioned.

Source: Marketplace

With the release of Apple’s Vision Pro and advancements in AI, big data, and 5G, Ovr’s platform has seen a steady increase in users. New users join daily, and user data remains relatively stable. The value of OVR tokens has also surged in response to market sentiment.

Conclusion

The OVR land game provided by OVR is a relatively new game that allows users to experience AR Meraverse real estate. Since land is scarce, early adopters of the platform will have an advantage. In the long run, the protocol’s success will depend on its ability to attract users, increase user stickiness, and foster interaction with third-party merchants.