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OVR launched its new Token Burning Program on 1 November to make its personal tokens extra uncommon and precious. The outcomes of this primary month of November noticed a complete of 246 thousand OVR burned.
OVR and the Numbers From the Token Burning Program’s First Month
OVR’s updated token economics began on November 1, 2021, after the OVR workforce burned almost 1 million of its tokens final Could.
By the tip of final month, the platform had collected a complete of 615,365 OVR from its gross sales of OVRLand NFTs, excluding GAS prices.
As anticipated, the Token Burning Program foresees that 40% of the collected OVR are burned, whereas 10% is used to incentivize OVRLand gross sales with month-to-month attracts amongst new OVRLand consumers utilizing Chainlink VRF.
And certainly, for this month of November 2021, the whole tokens burned quantity to 246,146 OVR, whereas precisely 61,536 OVR have been devoted to the OVRLand draw on Chainlink.
Generally, the extra OVRLands bought on Chainlink, the upper the chance of successful the jackpot.
OVR and Its Up to date Token Economics
As a way to replace its token economics, OVR has resorted to smart contract burning to make its personal OVR token scarcer and extra precious.
To raised perceive the idea, it could be helpful to decrease the estimates for a second, by deciding that out of the 1.6 trillion OVRLands out there, solely the 100 million OVRLands that correspond to the factors of curiosity recorded on the Open Avenue Map are taken under consideration, every of which is assumed to be no bigger than 1 OVRLand.
That being the case, if the price of 1 OVRLand had been $10 and the value of OVR had been $1, the whole gross sales of the 100 million OVRLands would generate 1 billion OVR. Of this:
- 400 million OVR can be burned;
- 100 million OVR as a lottery prize for individuals who purchase OVRLand on Chainlink.
The Subsequent-Degree AR Metaverse and the Map2Earn
Lately, OVR additionally announced the event of OVR Land Mapping. In essence, because of AI functionality, OVR is producing an in depth 3D map of the bodily world in a metaverse on one other stage, primarily based on easy photographs taken from the smartphones of its customers who’ve determined to take part within the Map-to-Earn.
In actual fact, OVR customers who be part of the initiative develop into actual OVRLand Scanners and might earn OVR tokens just by scanning bodily places with the smartphone of their pocket.
That is a brand new approach of monetizing, just like the play-to-earn that Decentralized Finance or DeFi video games are providing their customers.
OVR Map2Earn is a revolutionary mapping system expertise that overcomes the accuracy limits of GPS, leading to newly scanned OVRLands having a location accuracy of as much as 10cm.
To be taught extra in regards to the mission go to the website, and observe the workforce on social media.
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