Victoria VR ($VR)

Victoria VR is quite an ambitious project aiming to be a VR based MMORPG built on Unreal Engine. It promises a virtual world with stunning visuals, user-generated content (UGC) through their VR Builder, and P2E mechanisms powered by crypto.

• Immersive VR Experience: Built on Unreal Engine, Victoria VR aims to deliver realistic graphics with great gaming mechanics and immersive gameplay that transports players into a vibrant virtual world. The goal is to allow players to truly feel present in the virtual world whether they are exploring fantasy landscapes or battling monsters

• The only currency for the Victoria VR world (to purchase lands, assets and transportation for example)
• Staking program (354m VR staked so far for an average period of 3195 days)
• Governance mechanism

Comps
• Victoria VR is currently valued at around $396m which can be compared to the following projects in the similar sector
• Decentraland: $941m FDV (2.5x)
• Sandbox: $1.3b FDV (3.5x)
• Axie Infinity: $1.8b FDV (4.9x)

Personal thoughts:
• The project seems extremely ambitious in its vision and faces a seemingly insurmountable technical + capital challenges to realise the vision
• Projects have not solved the sustainability of P2E games yet (in terms of in-game economy and player retention) as we have seen with many projects that have faltered
• However, I think the world already experiences a “lonliness epidemic” due to us being glued to our screens 24/7, games/metaverses that mimic the real world could drive more people to escape their reality
• $VR has a memeable ticker similar to $AI + it is timely with Apple's Vision Pro launch
• CQB launches on 9th Feb and early Access to the Victoria VR Metaverse launches in April