Decentralized finance (DeFi), non-fungible tokens (NFTs), and the metaverse are three of the biggest drivers of crypto and blockchain adoption to date. This comes as celebrities and brands are promoting the adoption of NFTs and metaverse gaming applications to non-crypto natives, making the metaverse among the most highly-anticipated trends in technology. Furthermore, DeFi is more user-friendly than ever before. Ceek VR combines these technologies into an immersive platform that enables artists, musicians, athletes, and content creators to connect with audiences inside virtual worlds. The native CEEK token provides a decentralized payment mechanism that facilitates real-time royalty payments. Plus, it allows holders to have a say in how the platform develops. So, if you’re one of the many investors wondering, “What is CEEK VR?” and “How does the CEEK VR token economy work?”, read on!
In this article, we’re going to dive deep into the world of Ceek VR. We’ll explore how the platform connects artists and creators with their audiences in the metaverse using NFTs and DeFi. Also, we’ll discuss the CEEK VR token economy and the various use cases for the native utility token. Plus, we’ll address common questions like “What is CEEK VR?”.
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What is Virtual Reality (VR)?
Before we consider the question of “What is CEEK VR?”, let’s first take a look at VR itself. Virtual reality (VR) is a term that refers to the use of computers and technology to simulate environments using computer-generated scenes and objects. One of the most essential components of VR is the use of VR headsets. These wearable devices enable users to actively participate in immersive experiences by becoming the lead character of a story, scene, or game.
When we think of VR, we often think about forms of entertainment like futuristic explorations or gaming scenarios in 3D environments. However, the scope for VR extends far beyond entertainment. VR can enhance learning in healthcare and helps athletes to improve their skills by training more efficiently. Also, the use cases for VR extend to architecture, retail, interior design, tourism, the automotive industry and beyond.
Augmented Reality (AR)
Augmented reality (AR) works in a similar fashion to VR. However, AR overlays virtual elements and sensory stimuli to enhance the physical world rather than creating an entirely new one. Several prominent companies and retailers are experimenting with AR. Furthermore, AR is becoming an essential marketing tool for brands and businesses. Plus, it benefits consumers by enhancing the purchasing process for various goods and services.
Just like VR, AR is commonplace in gaming applications. However, AR assists in multiple sectors, including retail and healthcare. Also, AR is promoting the adoption of wearable devices like smart glasses and helping them to become mainstream.
Decentralized Finance (DeFi)
Another essential component of the CEEK VR architecture is decentralized finance (DeFi). DeFi is an ecosystem of open financial protocols using smart contracts and cryptocurrencies on public blockchain networks. Smart contracts automate transactions between parties so that users can exchange value without banks or other intermediaries. Rather than trusting a centralized institution with your assets, DeFi enables you to take ownership of your wealth using a crypto wallet.
Furthermore, DeFi is open to anyone with an internet connection. As such, anyone in the world can participate in DeFi. All they need is an internet connection. Moreover, DeFi provides accessible financial tools that are censorship-resistant and free from government control.
NFTs and the Metaverse
The metaverse is a series of interactive, immersive 3D worlds that use blockchain technology and cryptocurrencies to create futuristic environments and simulations. It consists of various decentralized applications (dapps) that coexist to create a new iteration of the internet. Furthermore, the metaverse comprises DeFi, social media, crypto gaming, and non-fungible tokens (NFTs).
Fungible assets like Bitcoin, Ethereum, and fiat currencies are interchangeable. If you take out a loan from a bank in USD, they don’t expect you to pay it back using the same units. Likewise, if you loan a friend a few satoshis, they won’t repay you with the same units. Each fungible unit is worth the same as the next.
On the other hand, non-fungible assets are unique representations of assets that exist on the blockchain. NFTs can be used for “tokenizing” almost any type of asset on the blockchain and providing a digital trail of ownership. Accordingly, they are extremely popular in Web3 gaming and metaverse platforms and have extremely high utility for things like in-game items, weapons, collectibles, art, and music.
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What is Ceek VR?
So, what is CEEK VR? CEEK VR is a blockchain-based virtual reality (VR) and augmented reality (AR) platform on Ethereum and BNB Smart Chain (BSC). As a creator-focused entertainment hub, CEEK VR connects artists, athletes, content creators, and audiences to participate in virtual experiences. The CEEK VR platform provides exclusive fan engagement experiences like concerts, sporting events, and seminars via the CEEK City metaverse, which incorporates a theater, arena, and sports stadium.
As a decentralized application (dapp), the CEEK VR ecosystem is coordinated via a series of smart contracts. Also, the platform is governed by the CEEK VR token holder community. Furthermore, the platform enables users to create, buy, and sell non-fungible tokens (NFTs) via the NFT marketplace. These rare and unique assets grant holders access to exclusive physical goods, content, and experiences. Also, CEEK VR has partnered with Universal Music group to gain the rights to live performances from world-class music artists. This includes Lady Gaga, Sting, Bon Jovi, and U2.
CEEK VR is also partnering with Meta Oculus, Apple, and Microsoft, the three most prominent names in VR hardware. The patented CEEK VR hardware devices are recognized as among some of the best around. They are available at some of the biggest stores throughout North America, including Target and Best Buy. These “mobile-ready” devices connect users with the CEEK VR network via Ethereum or BNB Smart Chain so that they can participate in the CEEK VR token economy via the proprietary Virtual Reality Content Delivery Platform. The CEEK Megadeth VR Headsets simulate the experience of attending live concerts. As such, anyone can attend these events from anywhere in the world.
The CEEK VR Headset
Now that we’ve addressed the question of “What is CEEK VR?”, let’s take a look at the technology behind it. The CEEK VR headset is “the only comprehensive, simple and secure content platform that works with most smartphones”. VR Headset and subscription bundles start at around $99 for a three-month subscription, going above $249 for the premium bundles. The headset provides 360° immersive 3D viewing with a comfortable design. It enables users to watch Youtube in VR and simulates a 1,000-inch screen display using Virtual Viewing. Furthermore, the VR headsets provide a 105° field of view with 0 to 400° focal adjustment. Plus, the compact design makes the headset extremely lightweight despite the 42mm HD lens diameter.
The Ceek Token
The CEEK token is the utility token of the CEEK VR platform. It allows creators to earn a passive income via exclusive live VR events. Also, the CEEK token facilitates real-time artist royalty payments transparently on the blockchain and unlocks new revenue streams through VR experiences. At the heart of the CEEK VR token economy, the CEEK token promotes social and general inclusion to encourage users to achieve social objectives. Holders can exchange their CEEK tokens for content, goods, or services. As such, creators can monetize their content by participating in the CEEK VR token economy.
Launched in June 2018, the CEEK token remained below $0.01 until a brief spell above $0.02 in September 2021. Shortly after this, the CEEK token rallied to an all-time high of $1.19 in November 2021, during the peak of the bull market. At the time of writing, the CEEK token is trading at around $0.25, with a market cap of $207 million, according to CoinGecko.
The CEEK token experienced a significant rally in recent months, coinciding with a string of high-profile exchange listings and BNB Smart Chain integration. Furthermore, CEEK VR hosted a booth at the 2022 Grammy Awards, sparking further discussion about the project and the token among the rich and famous and providing exposure at one of the biggest events in the entertainment industry.
The Ceek VR Token Economy
The CEEK token is the primary unit of account and medium of exchange throughout the CEEK platform. Users can exchange their CEEK tokens for concert tickets and VIP experiences. Plus, holders gain the right to participate in governance by voting on proposals that will shape the future direction of the platform. Additionally, CEEK token holders can vote for their favorite acts in various competitions.
The CEEK VR non-fungible token (NFT) marketplace allows artists to sign autographs on virtual album covers, store them on the blockchain, and sell them to fans in the form of NFTs. These rare and limited-run pieces will enable fans to distinguish themselves among the crowds and show support for their favorite musicians.
The Challenges Facing Mobile VR
Mobile VR faces several issues. Because smartphones tend to use cheaper, lower-powered components than PCs, it can be challenging to run intensive graphics on them in a way that is energy-efficient. Also, VR applications often cause smartphones to become too hot because users tend to keep their phones in their pockets. As such, mobile VR has several GPU and processing constraints that make it impractical.
CEEK VR aims to address this by creating the world’s first mobile-ready VR platform. Users can seamlessly switch between multiple devices and enjoy high-quality entertainment without compromise. Plus, it lowers the barrier to entry for VR by focusing on delivering highly performant mobile-first technologies.
What is CEEK VR? – Summary
CEEK VR takes virtual reality into a new paradigm by incorporating blockchain-based game-theoretic dynamics. The CEEK VR token economy encourages entertainers and audiences to connect intimately in the metaverse from anywhere in the world. The platform provides unique experiences for fans and creates a transparent and open royalty distribution mechanism with detailed analytics and sales tracking for creators via the CEEK VR token economy.
The CEEK VR platform aims to solve some of the biggest issues that creators face in entertainment using an equitable blockchain-based mechanism. Furthermore, the platform enables creators to participate in decentralized finance (DeFi) and experience frictionless royalty payments via the CEEK VR token economy. As NFTs and the metaverse continue to gain widespread adoption, we can expect to see more prominent creators and entertainers join CEEK VR and other platforms like it. Plus, the platform is expected to extend its product range and foster more global partnerships in the coming months.
After reading this article you should be able to confidently answer anyone who asks you, “What is CEEK VR?”. Don’t forget to follow us on Twitter @MoralisAcademy! We’d love to hear your thoughts about CEEK VR and the CEEK VR token economy. Additionally, save our “How to Invest During a Crypto Bear Market” and “Understanding Crypto Crashes” articles to learn how to navigate market downturns!