Victoria VR's Metaverse app will redefine Apple's Vision Pro experience
February 4, 2024
February 4, 2024
In a groundbreaking development, crypto-infused virtual reality (VR) development company Victoria VR is set to launch a Metaverse app designed exclusively for Apple's long-awaited Vision Pro headset. Scheduled for release in the second quarter of this year, the app aims to provide users with an immersive Metaverse experience featuring hyper-realistic graphics that work seamlessly with the advanced technology built into Apple headsets. That's what I mean.
Victoria VR’s vision for the Metaverse:
According to a statement from the company, the Victoria VR Metaverse app is ready to showcase the capabilities of Apple Vision Pro while highlighting the best of Web3 technology. This strategic move marks Apple's foray into the virtual reality ecosystem, positioning the Vision Pro headset as a strong competitor to Meta's (formerly Facebook) Meta Quest headset.
Blockchain-powered metaverse using VR tokens:
The Victoria VR Metaverse runs on VR tokens, which are Ethereum-based cryptocurrencies that comply with the ERC-20 standard. Users who actively engage with the Metaverse and stake VR tokens will be rewarded. A notable feature is that half of the revenue from the sale of in-game assets will be distributed to these participants.
According to the latest data from CoinMarketCap, the VR token has a market capitalization of $103 million and has experienced a staggering jump of nearly 60% in the past 24 hours.
Inclusive environment and rewarding participation:
Victoria VR's mission is to create an inclusive metaverse that is accessible to all participants. By focusing on a “Pay-to-Speed” model rather than a “Pay-to-Win” approach, users can earn VR tokens simply by participating in the Metaverse, ensuring a fair and rewarding experience.
Metaverse trends and Apple's strategic entry:
This development coincides with growing interest in the metaverse, attracting technology companies seeking new opportunities in this dynamic space. Victoria VR's unique blend of blockchain and virtual reality aims to redefine the Metaverse experience on Apple Vision Pro headsets.
Reality Labs operating loss due to Metaverse efforts:
On another front, Reality Labs, a subsidiary of Meta that focuses on Metaverse development, reported a significant operating loss of over $4.6 billion in the fourth quarter of 2023. Although Reality Labs generated nearly $1.1 billion in revenue in its financial report released on February 1, Meta included financial information in its report for the first time in the fourth quarter of 2020. The company faced its biggest quarterly loss since its inception.
Reality Labs reported total revenue for all of 2023 of just under $1.9 billion. More than half of the annual revenue was generated in the fourth quarter, primarily due to the release of Meta Quest 3. Total operating loss for 2023 was $16.1 billion, reflecting a 17.5% year-over-year increase from 2022.
The complex landscape of the metaverse:
The metaverse has been the focus of debate within the technology industry, with many different perspectives on its potential. Among industry leaders, Bill Gates has expressed a cautious outlook. Notably, major proponents of the Metaverse concept, such as Disney, have scaled back their ambitions, as exemplified by the discontinuation of Disney's Metaverse division and significant layoffs in 2023.
As the Metaverse story unfolds, the release of Victoria VR's Metaverse app on Apple Vision Pro is a significant development that has the potential to reshape the intersection of blockchain and VR in this evolving digital environment.