There is growing interest in issuing assets on the blockchain. Projects such as CryptoKitties have shown the world how powerful this business model can be. It now seems CryptoCarz is trying to achieve the same goal, as they want to offer the world’s first blockchain-enabled VR racing experience. Combining distributed ledgers with virtual reality will undoubtedly have some interesting consequences.
Can CryptoCarz Succeed in the Long Run?
While one can only marvel at the power of blockchain-based assets, there is a question as to how viable this business model really is. Although anyone and everyone can issue new blockchain assets as they see fit, not every project will succeed. CryptoKitties is a great example of a project with a lot of initial hype which was rekindled a few times, but still isn’t on that many people’s radar.
Whether or not CryptoCarz will meet a similar fate remains to be determined. The team wants to take blockchain assets one step further by linking them to virtual reality racing. More specifically, CryptoCarz is a multiplayer game, with a fully immersive VR-enabled racing experience. As one would expect, there is a slight twist, as players will need to own or rent a virtual car.
Each of those cars is issued on the Ethereum blockchain in the form of an ERC721 token. This attributes a collectible status to the various cars which make up the CryptoCarz universe and can be raced in virtual reality. Interestingly, the CryptoCarz vehicles will be associated with the top cryptocurrencies. More specifically, twenty car models will be created, representing the top cryptocurrencies on the market today. As for the cars themselves, they are not entirely unique, as every model will have up to 650 units. However, only one type of each car will be allowed in a given race, which makes a lot of sense.
It is evident this initiative may prove somewhat successful. There is a lot of excitement regarding blockchain assets, but virtual reality still remains a rather niche market, for obvious reasons. Such blockchain assets usually cater only to existing cryptocurrency enthusiasts, which won’t necessarily improve its chances of success in the long run. Even so, CryptoCarz may attract some mainstream attention, at least when the technology is in place.
For those interested in this project, it can be worth checking out the project’s whitepaper. Although there is no shortage of ambition where this project is concerned, it is evident things may not necessarily turn out all rosy. A lot of projects want to ride the coattails of CryptoKitties, but it remains to be seen whether any venture can even hold a candle to that project’s success in the coming months and years.