The need to overtake the competition and become the leading crypto collectable game led to the birth of CryptoCarz. It is the world’s first blockchain enabled virtual reality racing experience leveraging on the combination of distributed ledgers with virtual reality applications. The virtual reality racing experience powered by blockchain technology was developed by Blockchain Studios; a HongKong based studio comprising crypto enthusiasts, developers and a team of many more, in partnership with AmaZix which is a community management and engagement firm.
Virtual reality has without a doubt become the new age enterprise-level revision of digital gaming. With virtual reality continuing to become a work of art, more and more companies are on a quest to digitize works and digital collections shall soon become a new kind of property with racing games about to go fully blockchain enabled over the next years. With the gaming sector experiencing rapid growth, virtual reality integration is likely to increase.
CryptoCarz gives gaming a new opportunity and dimension through the fusion of the power of blockchain technology where now gamers can visualize and race their own cars. This opens a wide berth to a new era of e-sports seeing that digital game assets will be based on the blockchain technology giving the platform an absolutely new format.
How does CryptoCarz Function?
CryptoCarz is based on decentralized technology which combines virtual reality with blockchain to provide an unrivalled gaming experience. The decentralized application has decentralized gaming platforms based on the Ethereum blockchain using smart contracts additionally leveraging on a high-quality UX.
Consumers of CryptoCarz access their games as digital assets. It utilizes the Ethereum blockchain which then allows players to buy, build and trade their racing cars that are stored on a private Ethereum wallet which serves as a virtual garage. The cars are offered as virtual replicas of real-life models that are run on virtual tracks designed by the CryptoCarz team. Each vehicle model is a limited edition version and is enforced by a smart contract code effectively guaranteeing their scarcity. Participants on the platform can access an inbuilt garage to install the latest mods, kits and upgrades to their cars and so produce unique builds
This technology makes use of assets known as non-fungible tokens that are easily traded as commodities and use this as the most preferred protocol. The most suitable non-fungible token for the gaming platform is the ERC 721 protocol that is specially crafted for blockchain based games such as CryptoCarz. A non-fungible token simply means that simply means that if one party has 1 ETH, and another has 1 ETH, they can swap their ETHs and there is no effect or impact since one ETH is identical in its characteristics to another ETH.
Since CryptoCarz is based on merging virtual reality and programming, players are able to load cars and related components into the virtual reality game from their Ethereum wallets and consequently retaining full ownership of what they have acquired, built and also won.
To race, a user has to show ownership of a race car via the NFTs.
Crypto Economics of CryptoCarz
For starters the virtual reality game will have 20 cars on offer for players and the 20 models will all be limited editions hardcoded into smart contracts. Consequently, no more of these will be produced. E-sports and virtual reality are definitely reining in on current gaming trends. The fusion of digital gaming and blockchain applications will form a gold mine for revenues in the coming years.
Seeing as buying the ERC 721 enabled, NFT is the only way to show your car on the platform, in addition to the fact that the models are limited edition; then the value of these will increase as time passes and as players keep upgrading their cars making them more sought after by other gaming enthusiasts. Thus, this effectively makes holding on to a car an investment opportunity, speculatively speaking.
Does CryptoCarz hold Water?
Its timing is poised as largely calculated with a view to being able to reap from the recent exponential, the expansive and insatiable growth of appetite in blockchain technologies and digital gaming, more specifically, the adoption of virtual reality experiences.
Operating in a virtual space makes the competition more alive as racers are able to have a “closer” experience with competitors. The brains behind CryptoCarz make for very exceptional ones. Impeccable skills make for a solid and realistic roadmap and more so the members of Blockchain Studios have string passions for cars, the blockchain applications themselves and games in whole.
Undoubtedly, the combination of distributed ledgers with virtual reality applications to come up with a virtual reality blockchain based game may prove successful to some extent. Moreover, the virtual reality remains a niche market increasing the chances of attracting mainstream attention when the technology is in place and functional for its users to experience in its totality.