Victoria VR Token Surges 65% in 24 Hours
Victoria VR's token soared 65% in 24 hours to join the top 500 cryptocurrencies with a $62 million market cap. The little-known project recently announced updates for its upcoming game.
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Blockchain MMORPG project Victoria VR saw its token soar 65% in the last 24 hours to become the performing cryptocurrency today. Its price increase also sent the low-cap token into the list of top 500 cryptocurrencies by market cap with $62 million. VR's performance today saw its price go from $0.01568 to $0.0291. It has since retraced and dropped to $0.02283.
Anything could have caused the rise in VR value today. But the most likely reason could be the recent updates on its roadmap. The project announced that its flagship game, Asugea, will only be accessed via PC connection. However, it postponed early access for the game, stating that it wanted to add a PvP arena. The delay also means its Lands reveal has now been moved to a later date in 2024.
What is Victoria VR?
Victoria VR is an MMORPG (massive multiplayer online role-playing game) in virtual reality. The platform leverages blockchain technology and Unreal Engine to create a self-sustainable metaverse. According to the whitepaper, the project is meant to be a decentralized autonomous organization (DAO) fully owned by its community. This means it is decentralized, and the users determine the project's direction.
However, the project is still in its early stages, even though it has been in development since 2018 and had its ICO in 2021. Its slow growth might result from its numerous use cases and features, including metaverse, gaming, play-to-earn, and virtual reality.
The project even allows for the creation of non-fungible tokens (NFTs). With in-game assets and wearables coming as NFTs, tons of digital assets are available within its ecosystem. This is why it has Big Market VR, a decentralized marketplace for trading NFTs.
VR Token
The most notable feature of Victoria VR so far is its token. The VR token is based on the Ethereum blockchain and has a total supply of 16.8 billion tokens. Presently, the circulating supply is 2.6 billion VR.
According to its tokenomics, 50% of the VR token supply goes to the VR Reward pool, 25.39% to VR Golden Tickets, and the rest to teams, advisors, marketing, and strategic reserve. The VR token already serves several purposes, including governance, staking, buying VR Lands and other assets within the ecosystem, advertisements, leasing, and other use cases.
Is VR A Buy?
Victoria VR might have some long-term potential despite looking like another hype project. Unlike other blockchain-based metaverse projects, it boasts impressive and realistic graphics. This is because it relies on Unreal Engine and is powered by Nvidia, Oculus, Intel, and Blender technologies.
However, this does not necessarily make the VR token a buy. VR's recent surge means it is up 350% year to date. But CoinMarketCap data shows that its ROI is a 97% loss. The token is significantly down from its peak of $0.7118.
