RedFox Labs has announced their own virtual metaverse for discovery shopping, retail and gaming experiences, and they called it Virtual Space. This virtual location is completely standalone, will later include virtual and augmented reality features, while offering digital items through smart contracts on the blockchain.
Virtual Space will be globally accessible, and retail can sell both digital and physical items in individual stores. In addition certain NFTs can give users access to certain area. As an example, CEO and co-founder Ben Fairbank mentioned in the video below that KOGs can be used in the virtual world to play, but also to gain access to certain buildings or rooms.
The Virtual Space, which is not the final name, will have a central hub for showcase events, concerts and social gathering. From that point there are four quarters: one for music, one for art, one for gaming and one that’s flexible for different types of businesses. In total the world will offer 120 shops and there will be smaller sixteen smaller kiosks. Each shop is an NFT, and can be transferred as an empty shall or a complete business.
VFOX token and Binance Smart Chain
While the KOGs project from RedFox Labs is running on Wax, their Virtual Space project will run on the Binance Smart Chain. The team write this in their litepaper. There will be a special VFOX token, which serves as a governance token. It will also give token holders a percentage of all the transactions through the Virtual Space project.
Those willing to dive into virtual shopping, will need to use the VFOX token to purchase a shop. This token exists on the Binance Smart Chain. Reserve price for one shop is approximately $5.000. When you have a shop, there will be a quartermaster who needs to maintain the quality of all shops in the district. Somebody will be watching you!
The road ahead
The release of their plans is just the first step. Somewhere in the second or third week of April, RedFox Labs will reveal their world to the public. VFOX farming on the Binance Smart Chain will follow shortly after, and by the end of May they will organize a land sale.
By the end of the summer the full world will be revealed, and late September VFOX farming will end. From October 1st VFOX holders will start earning a share of the transactions and revenues happening in Virtual Space.
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