London, 30th January 2023 — VRJAM is proud to announce the launch of the new in-world token economy system for its native cryptocurrency $VRJAM Coin.
In the coming weeks, VRJAM will begin trading 2 tokens, each with its own unique utility and use case inside the virtual world of VRJAM.
VRJAM’s token economy will now include 2 separate and unique tokens; VRJAM Red & VRJAM Blue.
VRJAM Blue is VRJAM’s ‘day to day’ currency solution, with a lower relative value and a larger total volume, used as the primary method of payment on the VRJAM Platform.
VRJAM Red tokens act as governance solutions, empowering holders to vote on key issues effecting the VRJAM token economy. VRJAM Red holders also gain access to an array of premium platform features and exclusive content. Just by holding the token, community members access an array of benefits, including access to rare NFT drops and live events from top-tier creators and music artists.
VRJAM Blue will also be used as a solution to mint virtual tickets to live events. Ticket sales are a key part of VRJAM’s business model and product road map. By using the token to mint event tickets, the tickets themselves will have an intrinsic value determined by the amount of VRJAM Red used to mint each ticket.
NFTs minted using VRJAM tokens will be created with a melt function, however, the melting fee will be 50% of the total amount of tokens used to mint the ticket. For example: if a ticket to an event is minted using 50 VRJAM Red tokens, the ticket can be melted at a cost of 25 tokens, meaning a user gets 25 tokens back when the ticket is melted.
Any tokens generated from melting NFT tickets will be automatically burned to avoid inflation and sell pressure arising from the melting of tickets.
This solution offers purchasers of tickets to events on the VRJAM platform a ‘50% crypto cash-back’ on any money they spend on tickets to VRJAM events.
The tokenomics for VRJAM Red are entirly different from those of VRJAM Blue and offer VRJAM Red token holders a more attractive investment opportunity. Key differences are:
- No emission from the token launch / public sale
- No tokens paid to advisors
- Token price pegged to the value of VRJAM Blue
- 10x Lower token supply
Possibly the most exciting part of VRJAM’s updated token economy is that both tokens will be used as a tool inside VRJAM’s forthcoming MMO Game world, ‘5th Dimension’. Each token will be controlled by opposing factions within the game world, and players will need to use the tokens to unlock content and features inside the game space. More information will be revealed about the 5th Dimension MMO and how VRJAM’s tokens feature in the game mechanics on the 1st of March.
“The launch of 2 interoperable tokens is an exciting part of VRJAM’s long-term product vision. Using cryptocurrency as a tool to extend and enhance experiences inside the immersive internet is an exciting new frontier for VRJAM. Simply holding VRJAM Red tokens will empower users to access new places, spaces and experiences in the virtual world of VRJAM. We’re truly excited about proving the concept that a token itself can be used as a tool to access content in digital space, and we’re looking forward to revealing more exciting news about the new and improved design for VRJAM’s token economy in the weeks ahead” — Sam Speaight, CEO, VRJAM
