Voxelus, which considers itself to be the world’s first virtual reality (VR) content creation platform and marketplace, has launched a Voxel Foundation to expand the use of Voxel, its in-game cryptocurrency.
Voxelus will fund the foundation with a grant of 5 million Voxels, with as much as 10 million more Voxels in the future to support its mission, according to CEO Martin Repetto.
The foundation will expand the cryptocurrency to work with a variety of games, networks, VR platforms, brands, advertisers and entertainment content providers. The foundation will support Voxelus adoption in universities, enthusiast groups, and VR enthusiasts globally.
The foundation will focus on universities, which are training the next generation of content creators as VR content becomes a dominant form of entertainment over the next decade.
The foundation will also focus on users in countries without access to traditional financial markets, such as Asia and Latin America, where gaming is popular, but users have limited access to purchasing digital assets online.
“Since our extremely well-received launches of the Voxelus Creator and Marketplace, it has become clear to us that our core game developers should now concentrate on building out those platforms, and our cryptocurrency team should have the structure of a foundation to expand the Voxel to new markets,” Repetto stated.
Repetto will be the foundation’s executive chairman, as well the Voxelus platform liaison. Jim Blasko, a Voxel core developer in Las Vegas, will be the foundation’s technical director and will recommend technical needs and opportunities. Blasko will also oversee the integration of code base additions.
Gavin Knight of Mountain View, Calif. will assume the role of community director. He will oversee outreach and education to the VR, cryptocurrency, gaming, education, technology and advertising communities. He is an experienced technology marketer and business development executive who has worked in cryptocurrencies since 2012.
Knight has held positions with Bitcoin.com, CEX.IO and BitAngels. He is also an advisor to Vaulttoro, a bitcoin-gold exchange, and a co-founder of Credible Friends, a bitcoin lending service.
Other regional directors will be named.
The foundation’s primary mission will be to engage in a global outreach to create new APIs, assets and applications to connect the Voxel blockchain to the $100 billion gaming industry and the $800 billion global entertainment market.
The foundation will open its closed-source GitHub (shared with exchanges and partners to date) for interested developers globally. It will also hold contests to encourage the development of applications to leverage the digital asset-backed nature of Voxels, as well as engage in outreach to universities, VR clubs and associations. There will be an annual developer and content creator conference.
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Voxelus claims Voxels are the first in-game cryptocurrency. Voxels were designed to serve as a way for the world’s 2.5 billion unbanked to participate in the growth of VR and online multiplayer gaming. The cryptocurrency raised $500,000 in its initial crowdsale, which ended in December 2015.
Voxels trade on Bittrex, Poloniex, Livecoin and Uphold under the symbol VOX.
Featured image from Shutterstock.