Digital content consumption and digital connectivity became even more important after the global shutdown due to the COVID-19 outbreak. Following the shutdown, many businesses went out of business and some were spared. For human connections and exchanges, templates were affected.

For the first time, we saw an increase in the relevance of Zoom, as it indicated an increase in profitability for telcos. Then more people are spending more time watching video content online and looking for ways to connect with others rather than being in the same space as them.

Why? Increased adoption of VR and AR. In addition, good news from Facebook Oculus suggests that there is a gap to be filled. This gap is partly responsible for the emergence of Netvrk.

What is Netvrk?

Netvrk is a metaverse project built on Unreal Engine with blockchain technology integration. It brings the virtual reality experience closer to the experience users want to experience without the need to have a full-fledged Metaverse platform. Sandbox and Decentraland are the most similar to it.

Netvrk's goal was to address three issues: the lack of accessible and quality content for users to engage with, the high barrier to entry into the virtual world that discouraged users from joining, and the lack of a proper content monetization structure.

The team behind Netvrk

Michael Katseli is the founder and CTO of the project. After five years at Human G&A as a co-founder, he has a good insight into game development. Linus Chee is one of the co-founders of Netvrk. He was a student at Gnomon Visual Effects School and Brainstorming School, where he studied game and entertainment design. Linus also serves as the Chief Operating Officer of the project.

Netvrk's CEO is Dan Kennedy, who is also the founder of blockchain sPR. He is a USC alumnus with extensive knowledge and experience in project management, partner development, marketing strategy, cryptocurrency and metaverse. Ian Friend, co-founder and COO of Ferrum Network, is also on the team. His skills center on corporate legal matters.

Other team members include Jonathan Wernick (Strategic Advisor), Alon Saranga (Technical Art Director), Sam Wey (Chief Technology Officer), Jay Shindell (Chief Creative Officer), Andy Chen (Director of Talent Acquisition), Michael Low (Project Director), Jason Jerald (Lead VR Advisor) and Howard Neely (IP and Patent Advisor).

Features of Netvrk

Netvrk is proving that it is possible to have a blockchain-powered metaverse that is user-friendly and has low requirements to participate in its activities. Some of the features that make it great are as follows.

  • Intelligent Ownership

In Netvrk, assets created and uploaded by anyone can be owned by any of the following systems: license type, full ownership or partial ownership. These assets are NFTs with the NFT ERC721 token standard, which allows the owner's information to be embedded in each NFT, given an intelligent ownership structure.

  • Multifunctional sandbox

This is a sandbox that contains all the necessary tools that new users need to have a unique experience in the platform, without prior knowledge of how to use VR tools. These tools will help users with the creation process and interaction with the content.

  • Decentralized Marketplace

Netvrk has a decentralized marketplace where users can sell, buy and lease virtual property. This can be achieved by integrating a smart contract structure into the system.

  • Reward System

Various activities help users to earn money in this ecosystem. Rewards can be used in the Netvrk ecosystem.

  • VWGen System

Netvrk uses the VWGen system to create its intuitive user-friendly interface. It allows creators to create content easily and with great flexibility, without the need for prior VR-related skills. Minecraft and SimCity use the same technology.

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Netvrk's Token Economics

NTVRK is a native token of the ecosystem built on the Ether blockchain. It currently trades at $1.72 with a market cap, NTVRK, and ATL of $70,751,635.17, $7.43, and $0.0636, respectively. Users using the platform can receive payments just like any other cryptocurrency other than NTVRK. However, this will have an impact on higher transaction fees.

Native tokens can be used to purchase assets such as buildings, houses, and vehicles in the NetVRk marketplace, purchase land in the NetVRk VR world, purchase advertising space, earn rewards, and generate NFTs.

Netvrk tokens are allocated as follows: Staking/Early Incentive Rewards 20%, Community Enrichment Wallet 20%, Team 12.5%, Seed Sales and Private Placement 7% each ……6.5% will go into the first round of private placement and Pre-Seed Sales and Marketing will each receive 6%. Operations, Advisors, Public Offering and Exchange Liquidity will receive 5%, 4%, 3% and 3% respectively.

To buy tokens, launch Swapzone on your device. Click on the "Select pair" option and select BTC as the exchange option for NTVRK. Enter NTVRK in the "Get up" tab. After completing the correct amount of your choice, NTVRK's local exchange will provide you with a list of exchanges for trading. Select your preferred option. Send your wallet address and redeem.

Challenges faced by Netvrk

The biggest challenge for a project like this is competition. Since it is still new in the market, the development phase is still in its early stages and the industry has many big players at this stage. For example, Illivium, MetaStrike, Decentraland, etc.

In this challenge, Netvrk has a great team that can deliver based on their previous experience. The partnerships behind projects like Bondly, Lepricon, Babylons, etc. were also enough to drive adoption in the market.

The roadmap looks interesting, and there's a lot of progress in it. "NetVRk allows users to create, share and monetize their creations using an intuitive in-game editor that requires no coding skills or special knowledge," said Daniel Kennedy. "The ability to create in-game assets (which can then be cast as NFTs) becomes as easy as using a drag-and-drop interface."

In summary, the Netvrk metaverse is being developed to address these three issues: the high barrier to entry into the metaverse, the lack of monetization opportunities in the metaverse, and the lack of quality content. One of the main avenues being applied is the use of both personal computers and mobile devices. This is likely to accelerate the adoption of the platform.

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