Whilst the banking crisis continues to create chaos in the traditional market, the crypto market is only getting stronger.
Moreover, NFTs, DAOs, social tokens, DeFi, and Web 3.0 are among several emerging business models and concepts that have been popularized in recent years.
Now we will be talking about Metaverse, and specifically, AR.
AR means augmented reality, which refers to a technology that overlays digital content (such as images, videos, or 3D models) onto the real world using a device. This technology is known for enhancing users’ perception of reality by adding computer-generated elements to their view of the physical world.
CEO of Rocketmakers – Richard Godfrey has shared in an interview:
“In terms of potential, augmented reality is the next version of the internet.”
Indeed, AR and blockchain are two different technologies, but they can combine and create new possibilities.
Decentralized AR platforms that reward users for contributing AR content are getting a lot of attention. Over is among them.
Over is an AR platform on Ethereum that has been announced to be at Metaverse Fashion Week at the end of March.
https://twitter.com/OVRtheReality/status/1631708379839369217
What is Over?
Over is a blockchain-based platform that uses AR technology to create a virtual world layered over the real world, allowing users to buy and sell virtual assets (real estate) on a global scale.
Related: A Quick Look Into Evmos
During the last couple of years, Over platform has addressed the following main difficulties that the market is facing:
- Mobile app ecosystem fragmentation
- Attention drop in digital ADV
- Difficulties in monetizing digital assets
- AR as both single experiences and simple marker augmentation
| Project Name | Over |
| Blockchain | Ethereum |
| Native Token | $OVR |
| Official Website | https://www.overthereality.ai/ |
| Whitepaper | https://docs.overthereality.ai/ |
Over Key Features
One of the key features is its use of geolocation technology to link users’ virtual content to specific real-world locations.
AR adds different types of content (video, audio, 2D, and 3D) to create a more immersive and realistic experience.
Basically, Over acts as the world’s first-ever content browser on Web3. Users do not choose the content, but the world submits users’ experience based on its geographical location.
The growth of the platform is decided by the contribution of the entire community instead of its creators. Thus, Over is designed to be an open-source and accessible platform.
Related: Everything You Need To Know About Hifi Finance
Over Platform
The platform itself is based on 3 main layers:
- OVRLand Ownership Layer
- OVRLand Mapping Layer
- Over SDK
The general idea of Over Platform is to be explained as follows:
| OVRLand Ownership |
|
| OVRLand Mapping | Map2Earn concept, where OVRLand owners generate NFTs representing OVRMaps or OVRLands.
Those digital assets can be freely exchangeable on marketplaces. |
| SDK | Builders will be able to connect 3D artists, experiences, and Play2Earn games. |
Over Ecosystem
The ecosystem is comprised of:
- Over Community
- OVRLands
In the Over ecosystem, the world has been divided into 1.6 trillion hexagons. Each hexagon represents an OVRLand – a unique geographical location and the owner of that OVRLand can decide what kinds of AR experience will be visualized in that location.
https://twitter.com/OVRtheReality/status/1592229092434538499
- Marketplace
The marketplace is handled by a smart contract, which will accordingly ensure the exchange of decentralized assets.
- OVRExperience
AR experience of users can be developed through Over’s SDK or Unity3D and can be sold on the marketplace.
*SDK stands for the software development kit.
- OVRAdv
OVRAdv is an exclusive function that allows OVRLand owners to buy and sell promotional items such as 3D banners, promotion plans, etc.
About Cryptocurrency
$OVR
This is the governance ERC-20 token that will be distributed during IBCO.
It is used as a means of exchange of any values within the ecosystem.
Key metric
Contract address 0x21bfbda47a0b4b5b1248c767ee49f7caa9b23697
As this article is written, the key metrics by Coinmarketcap are specified in the table below:
| Price | $0.3054 |
| 24h Volume | $1,434,129 |
| Market Cap | $33,593,792 |
| Total Supply | 95,013,434 OVR |
| Circulating Supply | 20,439,769 OVR |
Token Use Case
Other than governance, token use cases also include:
- Users can buy, sell, and rent OVRLand by $OVR
- Over Nodes can stake and mine liquidity
- OVRLand owners can get incentivized
- Users can purchase on the marketplace, OVRExperience, and play to earn $OVR on the platform
- Users who want to interact with the AR experience can get paid (pay-per-view)
How to buy OVR Token
Currently, there are top cryptocurrency exchanges like Pancake Swap, Uniswap, Gate.io, BitMart, etc. where users can buy and trade $OVR tokens.
OVRLand
It is represented as a non-fungible token (NFT) with ERC-721 standard.
OVRLand NFTs are scarce and unique with a limited amount. Only Ethereum addresses that own the NFT have control over OVRLand. If the private key is lost, the OVRLand will be lost forever.
Therefore, one way to solve this problem is to rent out OVRLand, at a default rate.
In this case, the OVRLand owner doesn’t have to participate in the activities of their OVRLand but still makes 100% use of it.
OVRLand represents the ownership of the virtual lands on the platform, recorded on the Polygon L2 blockchain.
Why Polygon?
This is why the L2 scalability issue has always dominated blockchain conversations.
We all know Ethereum is mainstream for tokens, of the top 100 tokens by market cap, 96% are built off Ethereum.
However, Ethereum is limited in terms of scalability and gas costs.
Over platform has decided to be ahead of the curve, integrating into the project a sidechain – which is Polygon – bridged to the Ethereum mainnet.
It means all OVRLand NFTs will be minted directly and securely exchanged on the Polygon.
Related: What is Filecoin? An Ultimate Guide To Explore This Project
Other Notable Features
Over Nodes & Staking
The nodes are designed with an incentive system, with staking that will grant a vested interest of the nodes and a part of income for stakers.
The minimum direct staking amount is required 500,000 OVR.
For the first 3 years, rewards for Nodes will be 6% APR of their staking, plus a bonus depending on their ranking position while rewards for voters/stakers will be 5% APR.
AI Avatars
With the key goal to create unique and personalized avatars, Over metaverse encourages users to express themselves via digital identity.
The project was announced through an article https://www.overthereality.ai/blog/over-unleashes-ai-avatars/
The project has many Art galleries where famous 3D artists from all over the world gather and display their artworks. Exclusive entertainment and LIVE events will be hosted within the Over Metaverse so that users individually get recognized by the community.
Summary
Over has a high probability of becoming the biggest company in the Metaverse space. The concept of owning virtual land that actually connects with the existing physical land is nothing short of a genius.
If you’re interested in the platform, please read this article.
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