Bitcoin News and Finance
OVR and the Results of the Token Burning Program’s First Month Skip to main content

OVR and the Results of the Token Burning Program’s First Month

OVR launched its new Token Burning Program on 1 November to make its own tokens more rare and valuable. The results of this first month of November saw a total of 246 thousand OVR burned.

OVR and the Numbers From the Token Burning Program’s First Month

OVR’s updated token economics started on November 1, 2021, after the OVR team burned nearly 1 million of its tokens last May.

By the end of last month, the platform had collected a total of 615,365 OVR from its sales of OVRLand NFTs, excluding GAS costs.

As anticipated, the Token Burning Program foresees that 40% of the collected OVR are burned, while 10% is used to incentivize OVRLand sales with monthly draws among new OVRLand buyers using Chainlink VRF.

And indeed, for this month of November 2021, the total tokens burned amount to 246,146 OVR, while exactly 61,536 OVR have been dedicated to the OVRLand draw on Chainlink.

In general, the more OVRLands purchased on Chainlink, the higher the probability of winning the jackpot.

OVR and Its Updated Token Economics

In order to update its token economics, OVR has resorted to smart contract burning to make its own OVR token scarcer and more valuable.

To better understand the concept, it would be useful to lower the estimates for a moment, by deciding that out of the 1.6 trillion OVRLands available, only the 100 million OVRLands that correspond to the points of interest recorded on the Open Street Map are taken into account, each of which is assumed to be no larger than 1 OVRLand.

That being the case, if the cost of 1 OVRLand were $10 and the price of OVR were $1, the total sales of the 100 million OVRLands would generate 1 billion OVR. Of this:

  • 400 million OVR would be burned;
  • 100 million OVR as a lottery prize for those who buy OVRLand on Chainlink.

The Next-Level AR Metaverse and the Map2Earn

Recently, OVR also announced the development of OVR Land Mapping. In essence, thanks to AI capability, OVR is generating a detailed 3D map of the physical world in a metaverse on another level, based on simple images taken from the smartphones of its users who have decided to participate in the Map-to-Earn.

In fact, OVR users who join the initiative become real OVRLand Scanners and can earn OVR tokens simply by scanning physical locations with the smartphone in their pocket.

This is a new way of monetizing, similar to the play-to-earn that Decentralized Finance or DeFi games are offering their users.

OVR Map2Earn is a revolutionary mapping system technology that overcomes the accuracy limits of GPS, resulting in newly scanned OVRLands having a location accuracy of up to 10cm.

To learn more about the project visit the website, and follow the team on social media.

This is a sponsored post. Learn how to reach our audience here. Read disclaimer below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory