In June, Apple held its developers’ conference WWDC 2023. The main event was the unveiling of the augmented‑reality headset Vision Pro.
According to KuCoin, the new product reflects Apple’s ambition to rethink interactions with digital content, and its release should drive a wave of users into crypto projects at the intersection of blockchain and AR/VR technologies.
Together with analysts from the trading platform, we discuss the history of virtual and augmented reality, the technology’s prospects, and AR/VR tokens worth investing in 2023.
History and prospects of mixed reality
Augmented reality (AR) overlays digital graphics on the real world, while virtual reality (VR) creates a separate environment for interaction with users.
The first VR devices were released by Magic Leap and Oculus VR (now owned by Meta) in the early 2010s. They were designed for visualising 3D projects and the gaming industry.
It seemed that in the coming years the VR headset would become as commonplace a gadget as the smartphone. However, a decade on, we have not witnessed a VR revolution.
Around five years ago, tech companies began to take an interest in the market. Devices such as Meta Quest 2, Microsoft HoloLens and Valve Index entered the market.
According to Statista’s estimates, the current number of VR and AR users stands at 98 million and 23 million respectively. The service forecasts that by 2027 the number of participants will exceed 200 million.
Mixed reality technologies are already applied in several sectors:
- Gaming — provides a uniquely immersive experience in the game world;
- Education — increases student engagement, allowing visualization of complex concepts and historical events, conducting scientific experiments, and participating in interactive simulations;
- Healthcare — accelerates the training of medical professionals and patient rehabilitation;
- Crypto payments — make transactions in metaverses more secure through biometric authentication via facial recognition or iris scanning.
As AR/VR devices become more accessible, more people will be able to travel across metaverses and attend events, regardless of physical location.
Seven promising projects at the intersection of blockchain and AR/VR
The KuCoin team has selected several crypto projects in the mixed-reality space that may interest investors.
1. Decentraland — a decentralised VR platform on the Ethereum blockchain with a marketplace for virtual NFT land parcels (LAND).
MANA — a token for purchasing portions of the virtual world and voting on the project’s development.
2. CEEK VR — a metaverse for hosting virtual concerts, collaborating with Bon Jovi and Lady Gaga. The company is also developing the CEEK VR headset.
CEEK — a token for rewarding content creators, granting access to exclusive materials, and trading on an NFT marketplace built on BNB Chain.
3. Highstreet (formerly LumiereVR) — the developer of the Highstreet World metaverse. Users can travel between virtual islands and earn tokens by completing quests.
HIGH — a token for governance and trading in-game items on an NFT marketplace built on Ethereum and BNB Chain.
4. Victoria VR — a platform for creating realistic metaverses on the Unreal Engine.
VR — a token for peer-to-peer transactions, staking, voting on changes to the project, and trading in-game items on the NFT marketplace The Big Market on the Ethereum blockchain.
5. NetVRk — a multi‑chain metaverse comprising several virtual islands (Genesis Islands). Users can design virtual buildings, as well as create cars and other in-game items.
NetVRk — a token for trading on the NFT marketplace and staking.
6. Render Network — a decentralised GPU rendering network.
RNDR — a token for purchasing GPU compute power by digital content creators, including AR/VR projects.
7. Verasity — an ecosystem that includes the VeraEsports platform for esports tournaments, an NFT marketplace and in-game items, and the VeraWallet wallet with staking support.
VRA — a token for transactions on VeraEsports and staking.
Conclusion
Major players such as Apple, Meta and Microsoft invest substantial sums in mixed-reality technologies and experiment with metaverses.
Cryptocurrency projects are also taking note of the new market. They are increasingly building virtual worlds and improving the user experience with AR/VR technologies.
According to KuCoin, the value of such projects should rise as VR devices become more accessible.