NEVERDIE, the most established name in real currency MMORPG’s and Virtual Worlds that has dominated media coverage over the past decade relating to "Virtual Items" with real cash value, has announced details of the launch of its Teleport Token, a universal cryptocurrency designed to be used across virtual reality (VR) worlds.
The move from the entrepreneur behind this latest endeavor, who once bought a so-called virtual asteroid for $100,000 in the online game Entropia Universe, is touted as allowing gamers to purchase Teleport Tokens from an agent or other players and to use the coins to pay for goods throughout multiple worlds.
There are also claims that the emerging virtual reality market can create “millions” of gamified VR jobs through the initiative and “increase the minimum wage” level in the sector going forward, according to John Jacobs, an English-born actor, musician, and filmmaker, who is CEO of NEVERDIE and the "President of Virtual Reality."
The latter is a position he won in an election hosted by MindArk, the Entropia Universe developer, and which he holds until 2020.
The Teleport Token is boldly claimed to be poised to “revolutionize the gaming world” as the only interoperable coin that is manufactured within games and able to be used and transported across worlds, seamlessly from one game to another.
Effectively it is a crypto token that allows gamers to move balances from one ‘in game’ currency to another. This function is said to be “pivotal” for the VR world, which has struggled to find viable monetization solutions.
Ultimately the Teleport Token will be used to create a monetized infrastructure that it is hoped will drive the growth of the virtual goods economy, and in so doing supporting gamified jobs as a way to offset traditional jobs lost to AI and VR advancements.
That said, the VR industry has been struggling to monetize. The recent announcement of AltspaceVR that it was shuttering on August 3, illustrates the point and could be the tip of the Iceberg according to some pundits. This is a company that ran into what was described as “unforeseen financial difficulty.” The upshot was that it could not afford to keep the virtual reality lights on anymore.
Virtual Reality apps have also experienced difficulties in introducing peer-to-peer (P2P) economic components, which are critical to their survival.
So why launch the Teleport Token now given the industry’s recent issues. Here Jacobs noted: “All previous attempts have been doomed to failure because there was no decentralized platform and efficient peer to peer technology. This approach is only [now] possible because of the blockchain and in particular what Ethereum has introduced.”
The entrepreneur has been trumpeting the teleportation system as a means to “unite virtual” worlds for around the past eighteen months. However, he revealed that he was unable to make a move that had a chance of success until he had “identified that Ethereum Blockchain and Smart Contracts addressed all the stumbling blocks.”
The new technology is fundamental to making this latest initiative possible for the first time. In particular Ethereum’s introduction of ERC20 tokens and the ethos of transparent Smart Contracts have enabled matters.
“With Teleport Token, we’ve created a way for players to earn dividends for discovering, building and contributing to virtual worlds,” said Richard Garriott, known as ‘Lord British’ and an advisor to NEVERDIE.
Garriott, who has been publishing games since 1980 (Akalabeth), and created both the Ultima Series and Ultima Online, the first large scale MMO, added: “NEVERDIE pays a minimum wage of $0.25 an hour, which is higher than minimum wage in many countries around the world.”
According to Jacobs the partnership with Garriott “simply would not have occurred” prior to Ethereum introducing ERC20 tokens and transparent Smart Contracts.
NEVERDIE wages amount to $15 a month and the team has introduced a creative and an incentive for gamers by offering $10 million (m) collectively in gamified wages to players who help build the VR equivalent of ‘Egyptian Pyramids’ - boldly held up as the VR world’s “first world wonder.”
The token is currently being introduced into popular games such as Shroud of the Avatar and it is understood that there are plans to integrate into many of VR’s most popular games going forward.
Tokens will be consumed each time they are used within a game, and divided through smart contract design and API into fragments to be re-looted, mined, or collected and re-crafted with player skill - so that they can be traded between players and used again.
Players can trade ‘in-game’ currency for Teleport Tokens through an agent and receive the tokens in their wallet or transfer them between games with no added fee.
Since each token is consumed through utility, a fragment of the token will also be assigned to the game developer as operating income. A percentage of each token consumed will also be burned, which is designed to incrementally increase the intrinsic value of the tokens as the number in circulation decreases.
Jacobs asserted that: “The Teleport Token is trailblazing a new path for VR monetization - one that will nurture a virtual goods economy by using interoperable tokens that can be traded peer-to-peer on the blockchain and used as a payment system for building and discovery in VR.”
The Englishman, who founded avatar NEVERDIE back in 2002 in Entropia Universe and became the first gamer to earn a million dollars within a virtual world, added: “As the President of VR, it is only fitting that I take an active role in spearheading the development of an infrastructure that can be applied to any next generation or existing gaming system as a tool for monetization.”
His mission as President of Virtual Reality is bold in seeking to create “one billion” gamified jobs. NEVERDIE is an Alumni of Singularity University where graduates tackle global Grand Challenges to positively impact 1 billion people.
Currently there are 1.9bn gamers worldwide and around 400m MMORPG gamers. And, MMORPG and Virtual World economies rival the GNP of real world countries (i.e. the value of all finished goods and services produced in a country in one year by its nationals).
Connect all MMORPG’s and Virtual Worlds via the Blockchain with gamified infrastructure to support a robust Virtual Goods economy with a population of 400 million or so players, then a “trillion dollar Virtual Goods economy will develop” according to Jacobs.
This will engage all players in the economy effectively producing jobs (because all MMORPGS are "Fantasy Job" games).
With a trillion dollar economy and declining jobs in the real world, the line posited by the Englishman, who this year launched the NEVERDIE Coin and the Teleport token on the Ethereum Blockchain to facilitate virtual democracy and finance the development of a multi-platform virtual goods economy with DApps, including AmeVRica, AsgardVR, Payatar and ROCKtropia, is that “more of the 1.9bn gamers worldwide will turn to games to earn money.” Added to that the number of gamers is only set to grow.
As to the addressable market for the Teleport tokens, it begins with all existing Bitcoin and Ethereum holders who are looking to support the most Viable infrastructure Initial Coin Offerings (ICO’s), which according to Jacobs “will strengthen the foundation of the crypto ecosystem.” That currently equates to close $100bn in all currencies.
These are the people who are currently backing ICO’s. Beyond that, major tech, gaming entities or Social Networks that want participate at a ground floor level in shaping digital culture. Teleport’s target goal is understood to be 250,000 Ether, which is around $50m at a recent market price of $200 per ether.
Teleport Token coins will be available through NEVERDIE’s crowdsale, which runs until August 31. At the time of writing the double ICOs of NEVERDIE and Teleport had so far raised 15,472 of ether, which at the current exchange rate amounted to $3.5 million. While Neverdie's ICO is over Teleport’s continues.
More detailed information on NEVERDIE and Teleport Token can be found within the company’s 24-page whitepaper.