Terra Virtua is a very ambitious project, which aims to create a shared VR ecosystem across the world. The new product is branded ‘Netflix of VR’ because it collects a monthly subscription fee for its services. In return, the customers get the access to growing catalog of internal and third party produced VR content. The library of the new VR platform will feature different spaces and events, such as virtual music concerts.
One of the main developer’s idea is to make the VR content creation as easy as possible. The platform offers a ready-made toolkit for such purposes, inviting anybody to participate and share their virtual destinations, with the option of leasing them in the future, thus creating a self-supporting and expanding community. The technology behind the Terra Virtua 3D is Games’ Unreal Engine.
The white paper lists proposals for potential uses for the currency such as reward incentives for consumers, developers and token-holders TVT, the platform’s utility token, will be used for everything: from paying subscription fees for content access to the purchase of in-world ‘special items’ from other users or players.
Of course, there are competitors. There is already at least one other platform which works to connect VR & AR (augmented reality) with decentralized blockchain ecosystems. But ‘CEEK’, in contrast, only specializes in virtual reality music concert experiences.
It’s possible to verify whether an unknown ICO can be trusted by looking at their leadership team and key partners. These two factors are among Terra Virtua’s strongest assets – with graphics card giants Nvidia, and video-game production house Epic Games already on board and more likely to follow…
However, there are some risks to consider, too. Despite being around for 6 years, the VR failed to achieve substantial mainstream adoption.