New places in the VRJAM multiverse (or ‘game world’) are defined as ‘Venues’. Venues are the spaces within which performances, social events and live experiences happen.
From October this year, anyone will be able to apply to build a new Venue inside the VRJAM virtual world by applying to the VRJAM DAO.
Venues will be finely crafted and designed by VRJAM’s team of world class game designers and 3D modelers and will be available in fully immersive VR to host remarkable, life-like virtual events and experiences.
Venue Staking Pools
Venue Staking Pools
Following the approval of the application a Venue Staking Pool is launched to support the build and design of the Venue.
The terms of each Venue Staking Pool are clearly set out on the VRJAM website and can change depending on the nature of each venue. Community members can then stake VRJAM Coin based on either a 3 or 6 month lock up period.
Following the close of the pool, user’s VRJAM Coins are returned, plus a 5% (pro rata) annualized reward. Then when the venue is launched a limited series ‘Location’ NFT’s’ is minted that represent ownership of the Venue and give holders exclusive access to events and experiences inside the Venue, just like a VIP ticket or backstage pass.
Location NFTs empower users to receive a monthly reward in VRJAM Coin, subject to the amount of activity or ‘traffic’ each venue attracts.
The top 20 most visited venues in the VRJAM game-world will generate a reward in VRJAM Coin each month for the holders of the Location NFT’s associated with these top ranked venues.
Location NFTs grant users increased access privileges inside the Venue whenever it hosts an event. Location NFT holders gain access to parts of the Venue that are not accessible by regular users, similar to the way in which a backstage pass grants the holders access to off limits areas inside a real life venue.
As long as the Location NFT is held in the users wallet connected to our platform, the user will receive the monthly revenue share (above) automatically at the end of each month, payment of these revenue shares should be controlled by a smart contract
Users who contribute to the staking pool gain the first right of refusal to purchase these NFTs at the listed price when the Venue goes live.