Places in VRJAM’s virtual world are defined as ‘Venues’. Venues are the spaces within which live events, performances, game-play happen.
5th Dimension is VRJAM’s virtual world and its built and defined by the VRJAM Community.
Community members can now apply to build a new Venue inside the world of 5th Dimension by applying to become a Creator on the VRJAM Platform.
Venues will be finely crafted and designed by VRJAM’s team of world class game designers and 3D artists. They will be available in fully immersive VR or via Windows desktop and browser to host remarkable virtual events and live experiences.
Venue Staking Pools
Venue Staking Pools
Following the approval of a Venue development proposal, 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, users automatically receive a ‘Location NFT’ that represents their stake in the pool and their share of ownership in the Venue they’ve invested in. These can then be traded on the VRJAM Marketplace.
Location NFT’s represent users’ ownership of the Venues they invest in and give holders exclusive access to content and experiences inside each Venue, just like a VIP ticket or backstage pass.
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 is managed by VRJAM’s native smart contract technology.
First To The Flag
Users who contribute to a Venue staking pool automatically receive a Location NFT equal in value to the amount they staked when the lock-up period ends. When the Venue goes live on the VRJAM Platform, the holders of the Location NFTs receive perks, access to off-limits areas in the game-world and other exclusive benefits inside the Venue that they’ve invested in.
Location NFTs empower users to access VRJAM’s community rewards pool. When VRJAM’s play-to-earn rewards program goes live later this year, the top 50 most visited venues in the 5th Dimension 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.