Vizor is looking to crowdfund the development of its web-based virtual reality platform. Through crypto crowdfunding platform Koinify, it will be issuing its VIZR token in January with a goal of raising $250,000.
Koinify’s indicated aim is to stimulate the decentralized economy through Decentralized Applications (DApps), Smart Corporations and Crypto Infrastructure. The startup itself secured another $1 million of funding in September, bringing total investment to $1.4 million.
Vizor’s aim is to be the “YouTube of Virtual Reality”. Users will be able to create and share their own virtual reality experience using Vizor’s specialized tool set (e.g. 3D meshes, textures, code).
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Vizor co-Founder, Wendell Davis, explained that the VIZR token will be used for more than just funding. It will be the governing currency for purchasing building blocks. In addition:
“The crowdsale helps us build an active and enthusiastic community that will be viewing, sharing, liking and commenting on these creative, immersive experiences. VIZR token can be traded for anything from virtual furniture in an apartment tour to a film onscreen at a virtual movie theater—the possibilities are endless, and no coding knowledge is required. The VIZR token can also be used to tip content creators, and purchase advertising and other premium features in the Vizor ecosystem.”
Speaking to DC Magnates, Davis indicated that the vision is for the VIZR token to be sufficient for tipping favored content, obviating the need for other cryptocurrencies or tools for such.
As to why Koinify was the chosen platform, he said that they were impressed with how they handled the recent GEMS sale, as well as how, in Vizor’s view, the startup performs due diligence in only selecting projects with a high chance of success.