Augmented and virtual reality metaverse platform OVR started December 2021 with a blast.
However, amid broad negative market sentiment due to an escalation of geopolitical tensions between Russia and Ukraine, its native token, OVR, saw a 50.52% decline since its all time high of $3.3213 on 2 December to $1.6431 at the time of writing (25 February 2022).
Following recent news that the platform decided to move to the Polygon network from Ethereum in an attempt to tackle scalability, what is the outlook for the OVR coin price prediction for 2022, 2025 and 2030?
What is OVR coin?
AR allows users to add different types of content to their surroundings, including audio, video two-dimensional (2D) and three-dimensional (3D) animation.
The metaverse can be accessed via a mobile device or smart glasses, through which users will be able to experience interactive augmented reality experiences.
According to the platform’s whitepaper, OVR aims to become the reference decentralised platform for AR content.
The metaverse is built on the Ethereum network and is powered by the OVR token, an ERC-20-based cryptocurrency.
The platform is made up of the OVR ecosystem, a digital layer that covers the entirety of the Earth’s surface with 1.6t hexagons. Each of these hexagons is known as an OVRLand and have specific geographical position points on the Earth’s surface and a standard 300 square metre dimension.
OVRLands can be further divided into seven hexagons, allowing players to have more precise localisation.
They act as non-fungible tokens (NFTs) and can be sold, auctioned and rented via the platform’s native marketplace.
The game starts when users purchase an OVRLand and become an OVROwner.
OVROwners can adjust and enhance their lands with a number of AR experiences known as OVRExperiences which can also be purchased through the OVR marketplace. The experiences are related to specific geographic locations and, according to the game’s developers, everything is possible when creating them from static 3D content.
Users can also create personalised avatars and join a number of live events, where they can meet fellow metaverse players and make friends or enter relationships.
The OVR token acts as an exchange medium within the entirety of the OVR ecosystem and can be used in the following ways:
- Purchase OVRLand and other products on the OVR marketplace
- Create OVRExperiences
- Pay OVRCreators to build OVRExperience for users
- Pay for the rent of virtual space
- Grant users governance that can exercise voting rights on key features within the project’s roadmap
OVR tokens can be earned by selling or renting OVRLand, staking, building and publishing AR experiences. In addition, the platform implemented a decentralised advertising system based on a publisher/advertiser principle where users can earn coins by adding sponsored content on the owned lands.
The token did not have an initial coin offering (ICO). Instead, it introduced an initial bonding curve offering (IBCO), which determined the coin’s price via demand following its bonding curve. If the coin was in demand, its price would grow and more tokens would be minted.
The total supply of OVR tokens stands at 110m, with 27.9m in circulation. The coin’s market capitalization surpassed $46m. OVR was ranked 2973 by CoinMarketCap as of the time of writing (25 February 2022).
As of 25 February 2022, the platform had sold 90,766 OVRLands. All OVRLands are sold via auctions, which extend for 24 hours. The minimum value for a land is $10. OVRLand sales will run until all hexagons are minted.
OVR coin news and analysis: Key drivers
The OVR token had quite the journey before it managed to hit its all-time high of $3.3213 on 2 December 2021 – a 4,555.59% surge since its launch on 31 December 2020 at $0.07134.
The coin’s price started to grow in February 2021, when the metaverse published its development milestones for the month on 1 February. Ten days later it released an updated version of its minting function, known as Light Minting 2.0, which used the Merkle tree storage on the Ethereum blockchain and brought minting fees to 0.
The token surpassed the $1 value for the first time on 8 March 2021, the day the platform released its OVR SDK Alpha version, a function that started to allow users to build experiences on their OVRLand.
The token surged by 169.45% to $2.8562 on 24 March from $1.06 on 8 March.
The OVR token fell to $2.1801 four days later. It regained momentum, surging by 29.77% to $2.8292 two days later as the platform announced the launch of Rollups, a key scalability solution for Ethereum.
The coin’s success was not long-lived. The price started to dramatically drop between March and June, OVR tokens losing 73.47% of their value to $0.7504 on 21 June, despite the platform launching the second version of its Treasure Hunt, a function that allowed users to search for treasures in a manner similar to the Pokémon Go game.
The token’s price continued to move sideways for the next few months. It began to rise once again at the end of October.
At the start of November, the platform introduced OVRLand Mapping, which led to a 70.46% surge from $1.4694 on 31 October to $2.5048 on 7 November.
The introduction of payments via the Binance Smart Chain (BSC) on 18 November saw the token rise by 45.81% to $2.6215 on 25 November after dropping to $1.7978 one day earlier.
The token reached its all time high of $3.3213 on 2 December as the metaverse announced further updates, including the introduction of BSC Swapper and the launch of their updated website.
Despite that, the OVR token started to rapidly decline falling to $2.417 by the end of December and failing to gain momentum since.
What’s next for the OVR token?
Amid wider negative market sentiment, the OVR token price declined by 50.52% to $1.6431, as of the time of writing (25 February 2022) since its all time high in December.
Major OVR coin news followed on 28 January, when the platform announced that it would be moving to the Polygon network from Ethereum in an attempt to tackle scalability.
OVR announced that it was the biggest gas burner on the Polygon network, having minted over 776,500 OVRLand NFTs between 17th and 23rd February to over 26,800 owners.
Moreover, the metaverse announced on 23 February that ownership of OVR platform assets becoming fully decentralised and independent from the OVR company, however, all the positive news failed to hike the coin’s price.
The platform is planning many more upgrades in the first and second quarters of 2022, including the decentralisation of its OVRLand secondary market, avatar AI integration and the launch of a new marketplace.
The OVR token could be affected by a recent rise in investor uncertainty amid geopolitical tensions and the Russian invasion of Ukraine.
OVR price prediction 2022-2030:
Algorithm-based forecasting service Wallet Investor gave a bullish OVR crypto price prediction at the time of writing (25 February), calling it an “awesome long-term investment”.
Based on its analysis of the cryptocurrency’s past performance, the forecasting service predicted that OVR could trade at $3.228 in 2023 and reach $9.242 by 2027.
DigitalCoinPrice supported the bullish OVR token forecast, seeing the coin reach $2.34 by the end of 2022 and $3.07 by December 2025.
The site predicted that the OVR token could reach $6.15 by the end of 2028 and rise to $7.51 by the end of 2030.
BigOne Exchange Chair Anndy Lian supported a bullish OVR price prediction.
“OVR is surely growing. Their ability to map the metaverses with precision is important,” he told Capital.com.
“And now that they have migrated from Ethereum to Polygon network, it will greatly decrease transactional and mining costs, while increasing its scalability for metaverses. I believe the roadmap we see now for OVR is just a small portion of it. I hope to see new developments from them soon.”
Please note that price and analyst predictions can be wrong. Forecasts shouldn’t be used as a substitute for your own research. Always conduct your own due diligence before investing. And never invest or trade money you cannot afford to lose.
Original Source: https://capital.com/ovr-coin-price-prediction
Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.
Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.
An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.