Fabriik’s Tokenization Technology Helps Bring The Metaverse To Life
A brave new world
NFTs and tokenization are hot topics in the digital currency and blockchain world. As one of the leading tokenization providers, Fabriik is constantly seeking ways to develop the technology and bring it to a wider audience.
And what better way to achieve this than through a partnership with Transmira – a highly innovative technology enterprise leading the way in the use of blockchain – and specifically, its Omniscape platform. Created by Transmira founder Robert Rice, Omniscape™ is a new ‘XR’ metaverse platform, combining augmented and virtual reality.
Robert unveiled his vision, at CoinGeek London 2020, for bringing real and virtual worlds together through AR and VR, with an emphasis on location and monetization. Blending augmented reality and virtual reality together allows users to immerse themselves in a virtual world and blend in real-world experiences through commerce, education, and entertainment. He also revealed his ambition of tokenizing 3D objects, with the ability for these tokens to be redeemed for physical assets, products, and special offers in the physical world, opening up endless possibilities for brands to interact with its consumers.
Everything is connected
The term “XR” is a blend of Augmented Reality (AR), Virtual Reality (VR), Internet of Things (IoT), 5G, and blockchain to make an “Experiential Reality”. Robert talks about how he came up with the name: “A few years ago I got tired of telling people I do AR, VR, and so on, and wanted to find a way to explain it that was short and simple – and made sense. I played around with a few thoughts and came up with XR. X as in ‘x marks the spot’ which links it to location and the idea of finding treasure and exploration. And then R for ”reality” because it blends different realities. And metaverse is when everything, everywhere is connected; everything from 3D spaces to AR, digital twins, and smart cities, but all with a connection back to the real world as opposed to existing only in a game world.”
An introduction to Fabriik by Managing Director of Ayre Ventures, Paul Rajchgod, led to a meeting of minds and the start of a collaboration that developed over a year and took its first steps into the public domain in summer 2021.
Tokenization of real assets in the virtual world
The collaboration between Fabriik and Transmira’s Omniscape is resulting in the tokenization of real estate in the virtual world, as well as virtual goods and a 3D NFT marketplace. Together, this creates a unique experience where items collected in the digital world can be redeemed in the physical world and ultimately other 3D virtual worlds.
For Fabriik, the collaboration is providing an ecosystem to test out Fabriik’s token technology as well as creating the opportunity to leverage our wallet and integrate our exchange to trade tokens. Our Token API and Fabriik Token Protocol are being tested and leveraged through this.
Within the digital XR world, players can purchase location credits Omni tokens, which can then be spent within Omniscape to acquire virtual real estate locations. Each location is tokenized and unique and is represented on the platform by a hexagon that is linked to a set of GPS coordinates. Omniscape will maintain a public registry or ledger, built on Blockchain, of all purchased locations, so anyone can look up a location and see who owns it.
Talking about why he chose to work with BSV blockchain, Rice said: “It’s all about what it can do for our goals. Blockchain for us has been an enabling technology. It allows us to do things that are normally otherwise really difficult to do or figure out how to handle,” he said.
After looking at the many options out there, Rice concluded that the BSV blockchain is the only one that can scale, has the speed, transaction volume capabilities, and negligible transactions fees.
The future looks bright
Both companies have an eye on future development, a desire to be flexible and agile, building the capability as a tool for the whole industry. The future looks bright, with the tokenization of objects and data around us, experienced with interactive and immersive data, as the XR Metaverse with Omniscape™ is fully realized.