Metaverse environments like what’s being built inside the RFOX VALT are digital spaces where people can gather, representing themselves as an onscreen avatar.
I was guilty of this myself, so there are no hard feelings if you fall into this camp, OK? The realm of technology is a complicated labyrinth, and we are all trying to get through it together.
But you may have an entirely skewed viewpoint of the term ‘metaverse,’ which includes what it is and what it allows. I want to put you on the same page so we can progress side-by-side in our Metaverse journey.
There is only 1 Metaverse
We don’t go hopping from one Metaverse to another. As in a “gaming” Metaverse before going into a “musical” Metaverse. Instead, we visit different environments within one master Metaverse.
Think about it like you would the Internet itself. We don’t go around saying that you need to switch providers because you have spotty service for all of your Internets.
No, no, no, we both know that’s not how it goes! The Metaverse is a singularity, and the RFOX VALT is but one of many wondrous worlds being constructed within.
Virtual landownership
On a global level, real estate is the largest asset class of them all. Apart from size and curb appeal, there are three primary drivers of any property’s value: Location, location, location.
The same idea applies to the Metaverse as well. And wisely, RFOX has divided its Metaverse environment into quadrants.
The VALT’s art quarter sold in September and brought 1.7M USD into the RFOX coffers, a good portion of which went towards token burns plus staking and farming on the RFOX Finance DeFi portal.
Last week, the VALT sold another 25 properties inside Arkamoto, the quarter inspired by video games. So far, 50% of the locations inside the RFOX VALT have been sold off. We still can bid on the yet-to-be-named Music quarter as well as the all-purpose quarter.
It’s important to note that before the first auctions began in September, the RFOX CEO stated that they did not need to raise funds to complete the VALT’s construction. They could have sold them all for $1 and be fine with the financial aspect.
But to make it fair to everyone, plots go up for auction. Combining the 50 plots already sold, RFOX brought in nearly $3M. Given market fluctuations and the team’s buyback, burn, and $VFOX rewards program, let’s speculate that there’s $1M left over.
Where would you allocate those funds? Marketing? Development? A massive celebration where everyone’s invited? Undoubtedly, those extra funds will boost the speed at which the VALT comes to life.
After all, Meta is in a big rush to build out its Metaverse environments. In the end, there will be many winners. The RFOX VALT is one of them, and that makes us all winners, too.