CoinMarketCap Academy takes a deep dive into Realy — a "live-to-earn" metaverse built on the Solana blockchain and powered by Unreal Engine.
What Is Realy?
Realy (REAL) is a "Live-to-Earn" metaverse on Solana. It is being built with Unreal Engine, a powerful real-time 3-D creation tool that guarantees photorealistic graphics. The Realy Metaverse will be a virtual city in the sky focusing on street culture, where real-world actors like fashion brands, graffiti artists, rappers, skateboard brands and anyone else involved in street culture can display their work.
The Realy Metaverse city will be akin to a virtual city from a game like The Sims, with buildings, streets, stadiums and other infrastructure. Users can immerse themselves in the culture and achieve their virtual dreams. The REAL token will serve as currency in the metaverse that will be used for all types of value exchanges.
In its roadmap, the Realy Metaverse lays out its plan to deliver on all of its lofty goals. It published its avatars and virtual clothing, advance notice of virtual concerts in its virtual city KOOLA and launched on several exchanges in Q4 2021. For the first half of 2022, Realy promises to bring its KOOLA city online, launch the first conversation beta, upgrade the virtual pets and avatars, and begin with the operation of lands and virtual shops.
How Does Realy Work?
According to Realy, "virtual is the future, and the future has come." It vows to integrate social aspects with e-commerce, gaming and trading in its virtual world. The Realy Metaverse is made up of several components.
The first is the player's avatar available for purchase as an NFT. Each avatar wears 3D virtual clothing from real-world brands, which can range from luxury brands to streetwear brands and anything in between. Designers can use clothing design tools to sell their unique clothing as NFTs on the market. Avatars can also have virtual pets and travel around the KOOLA metaverse city using different means of transportation.
Similar to old-school games like The Sims, each avatar comes with unique talent attributes like intelligence, physical strength, social traits and so on. Since these are distributed randomly, each avatar's path in the metaverse is unique, leading to unique career options. You can be a singer, an artist, a designer, an athlete, or whatever else fits your avatar. Users can thus live a second life through their avatar.
The second part of Realy is its KOOLA virtual city, a futuristic, "technologically-conscious" city bringing players the "excellent and immersive" experience the game promises. Like in other metaverses, land in KOOLA is scarce, with the city being composed of many blocks that have their own buildings, shops, galleries, apartments and so on. All of these are purchasable as NFTs and can be decorated according to the players' wishes or leased to others.
Furthermore, KOOLA is home to virtual events — where brands, artists and KOLs can hold virtual concerts or events, and real-world brands can advertise their goods to users. For example, real-world artists may choose to create a digital version of themselves and host a virtual concert to attract new fans.
The metaverse is governed by a so-called City DAO that players can join for free. It manages aspects like collecting taxes from the shops in the city, determines the allocation ratio of City DAO to REAL holders that own land or that stake, and decides on special events in the city and the budget they require.
What Makes Realy Unique?
Although several other virtual metaverses have launched similar projects, Realy stands out in many ways.
First, it promises to integrate the virtual and real world seamlessly. In KOOLA, players can buy virtual garments from their favorite brand and send a real-world version to their real-world home. The NFT chip in the garment can be scanned to verify the authenticity of the ordered goods. The opposite is also possible, with players claiming virtual clothing NFTs in the real world.
Moreover, artists can hold concerts in KOOLA and grow their virtual and real audience through a new channel. KOOLA predicts that the virtual concert and event scene will only grow with maturing VR and AR technology, leading to a boom in such events.
Second, the metaverse is based on Unreal Engine 4, used to develop hyper-realistic virtual worlds. Unreal Engines have been used for high-value traditional media like in the filming of "The Mandalorian." Furthermore, Unreal Engine provides support for major sports leagues like NASCAR. Utilizing this technology as a base layer ensures that the Realy Metaverse will deliver the immersive and realistic experience it promises.
Realy also announced that it will cooperate with industry-leading technology companies to use technologies like 3D projections, augmented and virtual reality, and holographic projections. Realy is built on Solana, a high-speed blockchain capable of providing the sophisticated base-layer infrastructure for such an ambitious project. However, it also announced plans to go multi-chain and deliver its experience to the entire Web3 community.
Realy (REAL) Tokenomics
Realy plans to gradually release its REAL token, which will be used as a utility token. Its functions include:
- Being the metaverse currency used for NFT sales and secondary-market trading. Part of the proceeds goes to the Realy treasury and part to the City DAO.
- Land owning and renting, with players holding NFTs being able to lease their virtual real estate thanks to REAL.
- Staking to get voting rights and receive rewards.
- Rewards through participation in city events.
- Store operation, with operators and land owners receiving rewards based on the transaction volume.
REAL has a total supply of 100 million with the following distribution:
- 20% Team, advisors and partners
- 20% Investors
- 45% Community and ecosystem for "Live to Earn" mechanism
- 15% Foundation Reserve
Source: Realy whitepaper
The token unlock schedule is as follows:
- Seed and strategic round investors: fully locked for six months, 10% at TGE, 7.5% monthly for one year thereafter.
- Private round: fully locked for three months, 10% at TGE, 7.5% monthly for one year thereafter.
- Team, advisors, and partners: fully locked for six months, 10% at TGE, 2.085% monthly for four years thereafter.
- Fully locked for the 6 months after the first Liquidity Event, thereafter vesting 2.085% monthly for 4 years.
- Community and ecosystem: released over five years.
- Foundation Reserve: fully locked for six months, 10% at TGE, 3.75% monthly for two years thereafter.
Source: Realy whitepaper
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