Attend online auctions, customize limited-edition rides, and test your skills in this blockchain-enabled VR racing experience.
As blockchain-based technology continues to dominate the tech industry, it’s the Ethereum platform that’s managed to garner the most attention among developers due in large part to its decentralized, open-source, blockchain-based distributed computing system featuring smart-contract functionality. This means a more stable, more secure method of digital asset ownership.
In an effort to better demonstrate the value behind their growing technology, Ethereum has partnered with Blockchain Studio to develop CryptoCarz, the first supposed blockchain-powered VR racing experience to deliver what the company promises is the most advanced, Ethereum-secured digital asset collection system to-date. Represented as ERC721 non-fungible tokens on the Ethereum blockchain network, players can select from over twenty different car models, each represented by a different form of cryptocurrency, such as Bitcoin and Dogecoin.
Each model will receive a limited production run of just 650 vehicles however, meaning players will need to be quick about their rental or purchase if they want to score that particularly sweet ride and store it in their personal, digital wallet.
For now, these limited edition vehicles will be available exclusively through online auctions held by the CryptoCarz website, each identified by a unique digital product number. Players will eventually have the opportunity to sell or trade their virtual whips via a secure marketplace, which will also run on the well-protected Ethereum network. Each model will feature a distinct physical appearance as well as unique on-track performance, although players will be able to customize their own vehicles to their own personal specifications using an assortment of mods and additions.
It appears as though the end goal for the exciting project is the eventual development of a dedicated esports community built around the revolutionary blockchain network. This secured system of digital ownership within a market consisting of a finite number of products could result in an active economic ecosystem composed of virtual assets sold with real money.
“Tens of millions of virtual goods are created, shared and sold in virtual reality and people invest in thousands of hours to create spaceships in space that will battle against each other,” spoke Jen-Hsun Huang, American entrepreneur & businessman, co-founder and ceo of graphics processor company NVIDIA. “So, the concept of virtual goods, virtual worlds and virtual currency all ties together.”
“The holy grails of digital collectables is a combination of three categories: competitive gameplay, IP from premium content providers (Think sports leagues, entertainers etc.), and unique digital art,” adds Nick Tomaino, former Coinbase product manager, Runa Capital Principal and founder of 1 Confirmation.
Image Credit: CryptoCars / TheCryptoCurrencyMagazine / StockMasters