Weave is a dedicated cryptocurrency incentivising AR and VR app purchases.
I’ve seen many blockchain companies undergo ICO in recent times, some of which have not managed to reach their hard cap target and some of which will eventually fail, mainly because they don’t have a solid real-world use case. Having recently come across WEARVR however, I like their story, and I’ll tell you why.
These guys seem to be an established business, which has a centralised and independent app store that’s specifically targeted at the AR and VR markets. The 3 primary groups within the AR and VR markets are –
- Users: people who want AR or VR content for their devices
- Developers: agencies and individuals who create AR or VR apps, and
- Headset manufacturers
WEARVR’s objective, as stated in their whitepaper is quite simple: to promote the latest and greatest VR content to as many people as possible. The fact that they’re not over complicating things is a positive. A clear vision goes a long way.
What they are going to be doing is introducing a utility token called WEAVE, which will power the buying and selling activities within their ecosystem. WEAVE will also be a reward and incentive-based token, across consumer gamification activities such as referrals, social media likes and shares, etc.
Interestingly, once launched, the company plans to have their centralised and decentralised store sit side by side. Their reasoning is that they will be able to integrate WEAVE as a payment method on the centralised store and if users pay with it (after purchasing it), they’ll receive discounts. This provides choice, meaning they won’t be forcing everyone into the decentralised store.
So as a user, I might be able to use and earn WEAVE in the following ways:
- When purchasing apps from the decentralised app store, users are rewarded with the token.
- If a user purchases the token and then uses it to purchase apps on the centralised store, they will receive discounts.
- Rating apps, leaving comments and recommending friends will earn users the token. This is quite cool because it encourages more two-way communication between users and app developers.
WEARVR are aiming for a hard cap of US$30m, with 50% of their total 960,000,000 tokens going to be made available for sale.
Their target market are the same 3 groups as outlined above. With the users, some of the applicable verticals include gaming, video and entertainment, which are massive industries and are only going to get bigger, alongside both AR and VR.
I like the fact that they know their target audience; their whitepaper clearly outlines the key characteristics of a typical AR or VR user, vs those of a cryptocurrency user. As expected, there is a lot of alignment there.
What’s also interesting is that this company was founded in 2014 and have spent the last 4 years building out their product, the app store and cementing their relationships. I think that was a smart move.
WEARVR could have easily jumped on the bandwagon of the hundreds of companies that decided to ICO prior to the current protracted bear market (which has been going on for the past 10 months), yet here they are, doing an ICO at a time when the market is probably at its lowest point. However, they didn’t and I think it’s a testament to their ability to wait until the right time.
The whitepaper feels solid and their strategy seems coherent. In this instance, I believe that there is a strong business case here and with the plus of having an established ecosystem, I’m really interested to see whether they can make this a success.
Max Savransky is Loyalty Director of Loyalty & Reward Co, a leading loyalty consulting firm based in Sydney. He has 10 years’ experience within the loyalty industry including roles at Mastercard Loyalty (Pinpoint), Silverneedle (Next & Sage Hotels) and Pureprofile. As Loyalty & CRM Manager at HOYTS, he launched the highly successful partnership with Qantas Frequent Flyer, including a world-first Qantas Points in-store redemption proposition. He is an active cryptocurrency trader.
Max regularly contributes to www.blockchainloyalty.io, a global resource centre for everything blockchain loyalty.