ICO Review: ImmVRse
ImmVRse (IMV) is an ETH-based decentralized and distributed digital video platform for VR. Their goal is to enable content creators, brands, and advertisers around the world to collaborate and produce VR, as well as AR and 360 content.
What makes ImmVRse’s approach so interesting is that they’re looking to jumpstart a relatively slow-growing industry. While almost all of us see the entertainment or educational value in VR or AR content, there hasn’t been a mass adoption yet. However, ImmVRse is hoping that the blockchain can change all of that.
With an upcoming ICO on June 19th, we glanced through ImmVRse’s press and whitepaper to learn a little bit more. Here’s what we think:
What ImmVRse Looks To Solve
ImmVRse lists four pain points they view in the VR industry, including:
Complexities with Content Distribution
As platforms like Facebook and YouTube have tried their hand at the VR market, ImmVRse believes there aren’t enough content creators on one central platform. Also, equipment to produce VR content is expensive, and with little copyright law to protect VR work, there’s little incentive to create it.
ImmVRse states that there are a lot of countries in the world where users are bound by legislative restrictions, which they believe their platform could enable content creators around the world to get paid for their work
As there’s a tremendous amount of video producers on YouTube and Vimeo, it takes either going viral off a great idea or a sizeable budget to make any money off of production, which ImmVRse looks to change for the VR/AR world.
Finally, VR and AR have been slow to develop, which they believe with equipment becoming more accessible, then demand will increase exponentially.
Early innovation in VR for training, therapy, and educational resources as well.
One of the first use cases, particularly for job and skills training activities.
Great for hospitality industry (I.E.: Hotel) tours.
VR advertisements for immersive brand experiences.
Finally, one of the most straightforward uses of traditional storytelling and documentation.
Structure of ImmVRse
ImmVRse is an ERC-20 token that uses the IPFS (interPlanetary file system). Furthermore, their platform has taken all the proper steps to be completely decentralized, including that it’s open-source as well as uses smart contracts to settle payments.
Centralised currency to be used within the ImmVRse Network. Available to sell on exchanges. ERC-20
Ledger to monitor the health of the network and any token-based transactions.
Decentralized VR application where brands can directly hire content creators. This also caters to advertise and users to watch as a way of receiving rewards.
ImmVRse Decentralized Engine:
Solidity based algorithm that powers the system.
ImmVRse User Retention Engine:
Algorithm for blockchain designed to retain users in the ecosystem by implementing a reward system for both users and producers.
User Retention Engine
Perhaps the catalyst to how ImmVRse could see early success, the User Retention Engine is a pretty strong incentives program. Designed to balance the circulation supply of ImmVRse tokens to stabilize any unpredicted volatility, this could be the driver that gets users and creators engaging with one another more often on the platform. Here are the main components:
Viewers Award System:
System for viewers to earn a small share of ImmVRse tokens for the recurring use of the platform, including achieving certain accolades or tasks.
Monthly Creator Awards:
A smart contract award for most voted content.
Enables companies and brands to recognize creators for completion of a project.
A way of measuring experience and quality for creators.
The reason why this could be such a great program is that it gives incentives for watching as much as it does to producing too. Which, if creators are getting paid more than they are on YouTube or Facebook, then that could provide an early jump.
ImmVRse is taking upon an exciting position in trying to establish a market for VR with the blockchain. They have a solid approach to how they’re thinking about the industry, however,
seeing more of what more could be done on a b2b level and how effective those customers would be will be interesting as well. Furthermore, VR is still an industry that’s growing, and almost everyone in it is hoping for mass adoption soon, which also means we’re going to need to see some use cases on what exactly a hit VR show or movie looks like. Despite the slowish growth of VR so far, that’s not to discredit what ImmVRse has going on.
Overall, if you’re bullish on both crypto and VR, then ImmVRse is the perfect blockchain project to check out. The landscape they’re looking to make an early mark on is a fascinating one, and if they’re successful, could be the front-runner in the industry. Who knows? Their marketplace could very well be the spark the VR industry needed.
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