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Eight thousand crypto enthusiasts descended on midtown New York last week at Consensus 2018, the biggest blockchain event ever held. There was one startup everyone was talking about and it was CryptoCarz, the world’s first blockchain-enabled VR racing experience.
PC Mag described it as “CryptoKitties meets Fast & Furious” in its roundup of the coolest blockchain startups of Consensus.
CryptoCarz takes Ethereum-based collectibles onto a VR race track
CryptoCarz is a multiplayer, fully immersive Virtual Reality racing experience and is the first project from Blockchain Studios. In order to race, you will need to buy or hire a car and each one is different in both look and performance characteristics. Ownership of each car is recorded using the Ethereum blockchain to guarantee car ownership. Since cars are stored as tokens on private wallets, they can also be transferred, traded, gifted and even rented as digital assets.
Blockchain Studios was created on the premise that blockchain technologies are set to break through into consumer use cases and technologies. First movers, such as CryptoKitties, have crossed into popular culture as new forms of collectibles. They are digital assets that can be owned and traded in the same way that comic books or artwork can be bought and sold in the physical world.
Digital collectibles have paved the way for new applications of blockchain technologies. Known as non-fungible tokens (NFTs), they are pieces of digital content that are unique and can be bought and traded in online marketplaces. The most widely used NFT uses the ERC721 standard, developed on the Ethereum blockchain
Car models to represent the top cryptocurrencies
Twenty car models representing the top cryptocurrencies have been initially selected for the game. Each model will have a maximum production run of 650 virtual vehicles, all hard-coded and numerically-defined using a smart contract. No more of these car models will be produced in the future. Each car has different characteristics – like a physical race car – which will affect game dynamics and ensure competitiveness across different racetracks.
Initially, the cars will be sold via the official CryptoCarz website through a series of online auctions. CryptoCarz vehicles exist as NFTs and once purchased, a buyer will retain ownership of their car which will be stored in their crypto wallet. In the coming months, a dedicated CryptoCarz marketplace will open to enable users to freely trade their cars on the secondary market.
Limited edition car for Consensus
To celebrate the Consensus conference, Blockchain Studios created a new, limited edition, Consensus-themed virtual car which was displayed at the stand. Also on show was a proof of concept virtual garage containing four CryptoCarz which was available for delegates to try out in full Virtual Reality with VR headsets that enabled delegates to view the garage in 3D.
The eye-catching stand was a hit at the show, everyone wanted to try the headsets and CryptoCarz was one of the few booths with hands-on demos.
Daniele Sileri, co-founder of Blockchain Studios said after the event: “I was blown away by how much attention CryptoCarz got at Consensus. We had so many people come and talk to us and the feedback was overwhelmingly positive. This is going to be a massive hit – a new era in gaming has arrived!”