Original | Odaily Planet Daily (@OdailyChina)

Author | CryptoLeo (@LeoAndCrypto)

Waking up in the early morning, I saw friends in the group discussing a meme coin—VR metaverse concept token VERSE, which reached a market cap of 400 million dollars in less than an hour. I thought to myself, "Am I still dreaming? Is it possible that the data platform made a mistake?" Half an hour later, the market cap of VERSE rose to 700 million dollars…

What does Verse World do?

I quickly checked what the project was about. Its official X account Verse World was opened in January 2022 and currently has nearly 100,000 followers.

On June 5, Verse World released content announcing the project: Verse is a VR metaverse project that the official claims has been developed over two years and is now officially open to the public.

The introduction indicates that Verse World is a tech company based in Dubai, focusing on Web3, spatial computing, and immersive metaverse experiences. Its project highlights include “finding novel and creative ways for consumers, celebrities, athletes, influencers, businesses, and organizations to interact with audiences; VerseWorld is the first project to provide various real-world use cases combined with the metaverse concept,” emphasizing its pioneering status in the metaverse field.

After briefly watching Verse's introduction video, I understood that this is a “non-violent and environmentally optimized version of GTA combined with Palu.” Players can create their avatars through 3D scanning and use different virtual transportation methods (including skateboards, trains, boats, and airships) to instantly traverse different locations. By pressing designated keys on the computer combined with a heads-up display (HUD), they can enhance their VR experience, providing users with diverse environmental interaction methods. Players can also earn XP rewards at specific locations, such as train stations and parks.

Users can explore various relics and treasure troves, with a new relic refreshing every 48 hours. Each relic contains six “treasures,” which can be obtained through six challenges, but only one player can collect all the treasures.

The virtual world also offers many player interaction experiences, including participating in live events, games, various competitions, mini-games, purchasing virtual goods, attending social gatherings, and exploring user-generated content. Verse World launched two NFT series in early 2022, the New York Citizen series and the Los Angeles Citizen series, granting holders a private luxury penthouse and a Bel Air-style mansion, respectively. These properties allow holders to host private events and parties and participate in various mini-games and sports competitions with friends and partners.

• The New York series NFT currently has a floor price of 9.3 SOL, with a 24H trading volume of 319 SOL;

• The Los Angeles series NFT currently has a floor price of 0.67 SOL, with a 24H trading volume of 3 SOL.

According to the introduction, its beta test is now live, and NFT holders have been experiencing this version for the past few weeks. Now Verse is officially open to the public, and a limited number of Verse World invitation codes will be distributed to the public each week.

Additionally, the introduction shows that Verse has a high-performance 3D scanning studio and state-of-the-art motion capture equipment, enabling Verse to efficiently create ultra-realistic virtual characters. The company has over two years of development experience and a team of more than 50 in-house developers. (According to its official X account, the timeline can be matched.)

The team was created by seasoned professionals with experience in both Web2 and Web3, supported by investors like Lydian Group, which holds majority stakes in various media, infrastructure, and technology companies in the Web3 space, including Cointelegraph. Their team also provides industrial-scale AR, VR, and MR services to many well-known brands, including BYD and Toyota.

Cointelegraph reported that earlier in 2024, the company announced a partnership with digital entertainment and media platform Azerion, which will provide monetization services and game content within Verse World, raising Verse's valuation to 180 million dollars.

VERSE Token Economics

Around 3 AM, Verse officially released the VERSE token contract and introduction—VERSE supports the Verse World ecosystem, rewards players, promotes community development, and supports a broader ecosystem.

The total supply of VERSE is 1 billion tokens, and its token economic model shows:

• 45% for community rewards;

• 15% for the team and advisors;

• 12% for ecosystem funds;

• 4% for partners;

• 10% for liquidity;

• 14% for treasury reserves.

It also provided reasons for the recent token issuance:

• Built on Unreal Engine UE5, available for download on the Epic Games Store;

• Partner brands include Toyota, BYD, Lexus, etc.;

• Years of performance in immersive technology and virtual experiences;

• An experienced founding team covering Web3, gaming, and enterprise sectors;

• Actual revenue as support, not just speculation.

pump.fun retweeted, Moonshot listed, reaching 1 billion directly

As for why Verse could reach a market cap of over 100 million dollars in just one hour, two pieces of information are clear: first, shortly after Verse released the token contract, pump.fun retweeted its token contract tweet;

Second, around 4 AM, Moonshot announced the listing of the VERSE token.

The two tweets from pump.fun and Moonshot, one after the other, may have triggered user FOMO, prompting VERSE to reach 1 billion dollars quickly.

Future Trends: Can Metaverse Games Really Take Off?

At this moment, without having experienced the game, I would like to share some personal opinions:

1. Verse World has sufficient technology in the fields of VR, AR, and other virtual experiences to support the future development of the game, which may bring new stories to blockchain games;

2. The current token price is reported at 0.56 dollars, but the actual circulation is only about 3% of the total supply. With a large amount of unlocked tokens, the market cap seems high, as the platform displays its FDV data;

3. Verse's combination with RWA is a good approach, but currently, the only known RWA is the fan economy type, which has wide applications under a strong community. Other RWA asset applications are still unknown;

4. From a purely gaming perspective, its promotional animation did not impress me, failing to attract me to download the game for a trial (not as good as GTA).

If the game is not difficult to play and the token trend is favorable, it may attract many users. However, metaverse concept games have always been a "trap" for crypto players. Since only a few hours have passed since the token release, I will keep an eye on the token trend and its official announcements before deciding whether to participate.

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