Understanding the metaverse concept is complex, especially since it doesn't necessarily exist yet, although many industry pioneers are coming close. As the world becomes increasingly interconnected with services, products and capabilities melding together into a single experience, the metaverse, in turn, becomes a clear successor to the internet and a concept that is close in reach. However, defining the concept remains blurry, with many people's first instincts being shaped by fictional movies. Although some aspects of this concept may be similar, the projects pioneering this space in the real world are the ones that hold the power to determine what this "metaverse" concept really looks like and make it a reality for the everyday user.
With the metaverse, many believe a future is in store where people are increasingly interconnected with others, regardless of location and experiences they choose to participate in, like working or traveling. For example, a digital twin of an employee may exist that can explore a digital office without ever needing to be in a given location, opening companies to a worldwide talent pool and employees to a new work experience. With this just being one example, the possibilities are still not set in stone and may be altered as pioneers see fit.
Among these pioneers is RFOX, a team founded in 2018 with the aim to become the world's first metaverse company. Their mission has been to connect several service offerings in one central hub. The project has specifically considered ways to lower the barriers to entry, making it quick for anyone to join and be rewarded for their participation in the digital ecosystem.
Ben Fairbank, CEO of RFOX shares,
"Although the metaverse concept is new to many, it is a concept that we have been focused on for years and seeing this industry sector gain widespread attention is validation that we were on the right path and that what we are building will have us continue down that path and lead innovation over the course of the next decade."
Perhaps the most defining value the project brings is that in addition to checking all the boxes, it combines VR and multi-chain components to achieve true interoperability, an aspect necessary to an all-encompassing experience.
The metaverse brought to life
RFOX has brought the metaverse concept to life in an interactive shopping and entertainment experience that blends gaming elements, including virtual reality, artificial intelligence, digital items and otherwise through the blockchain and associated technologies like smart contracts. The virtual space, which the project refers to as the RFOX VALT, is an interconnected hub; where a large emphasis is placed on e-commerce and entertainment, with live performances, e-sports tournaments, rides, and other similar experiences.
In practice, each user will navigate through the RFOX VALT with a virtual avatar. This avatar can enter several storefronts, called SHOPs, where they can interact with the store owner, who would effectively be another user. Each SHOP owner will have their own SHOP dashboard that will allow them to configure their storefront to their liking. These store owners may also exist as businesses. An example of this can be seen in brands like CoinGecko. The CoinGecko team has taken this opportunity to participate as a marquee client, allowing them to provide their products and services through RFOX VALT in new mediums like VR. Other examples include strategic partners like Icon, who will exist in a designated gallery and office space in RFOX VALT, where they can create new social connections in a VR environment.
On the gaming side, users will be introduced to Arkamoto, the name itself stemming from the combination of "arcade" and "Nakamoto." In Arkamoto, players can interact in several gaming-specific areas to take part in live e-sports tournaments. The team has recently announced the sale of Arkamoto on Dec. 9, 2021. All gaming aspects focus on the play-to-earn model, which rewards users for their success in online gaming. Among them are the KOGs: SLAM! game, which is now live and provides players new opportunities to create value and take advantage of digital finance's opportunities, especially in emerging markets.
All transactions will be carried out through the RFOX token, the primary payment method in the ecosystem and a key store of value as users purchase in-game land and other virtual assets. Again, the key benefit across these experiences comes from their ability to showcase all offerings in one centralized platform and interact accordingly.
Joining the “VALT”
To date, RFOX has achieved significant growth through acquisitions and venture development. Their success has become evident in the price growth of as much as 1000% for their RFOX token over the last year. Despite this growth, RFOX is still suggested to be undervalued compared to the team's peers in the metaverse, hinting its full potential has yet to be recognized.
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