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Virtual reality and Blockchain: Match made in heaven?


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The first prototype of the insanely popular Oculus Rift Virtual Reality (VR) headset was made almost a decade ago by 18-year-old entrepreneur Palmer Luckey. The headset facilitated a 90 degree field of vision, a feature never seen before in earlier VR headsets. Four years down the line, Oculus Rift gets acquired by social media behemoth Facebook for a cool $3 billion. Is Facebook entering the crypto space? to know more check out InWara's article. The advent of Oculus Rift was poised to usher in a new epoch of Virtual ecosystems. Yet so far VR or for that matter Augmented reality-AR hasn’t really taken off.


So far there are 171 million active VR users around the world, according to a report by Statista. This is an impressive feat by itself but pales when compared to the mobile gaming industry. Statista predicts by 2021 there should be 2.7 billion active mobile gamers. High costs of VR headsets and lack of entertaining content are reasons largely attributed to the stagnation of the VR industry.


Blockchain to make VR more interesting?


Blockchain technology is basically a distributed digital ledger that stores information on a Peer-to-Peer network. All transactions on this network are verified by its users and any information stored on it is more secure than traditional data storage solutions. That’s what Blockchain is, in a nutshell.

With the introduction of Blockchain into VR, it could see the advent of some interesting features into the virtual world-

1. Ownership of digital assets: Blockchain could offer secure and transparent ownership of digital assets, in the VR ecosystem it could mean owning virtual objects
2. Non-Fungible tokens: These tokens could usher in a new digital era, where users can have ownership over unique assets, that no other users can replicate or steal.
3. A digital economy: Crypto tokens can be used to create a entirely new economy within the virtual ecosystem, this could create opportunities for users to buy and sell virtual goods. 

The VR industry can use some of these features inherently present in Blockchain technology and some companies claims they can deliver them. 




Decentraland is VR entertainment and gaming company that hails from Argentina. Back in 2017, according to InWara’s ICO+STO database, the company managed to raise $24 million in funds from Genesis One Capital which took part in Decentraland’s Initial Coin Offering-ICO. Decentraland is an Ethereum based Blockchain enterprise that creates a decentralized virtual world. Users of its platform can use its native MANA tokens to buy non-fungible LAND tokens, which in the virtual world represents a 10mx10m area. Virtual landowners can set up businesses to attract customers to their virtual plot. Decentraland scored an impressive "A" grading on Inwara's data transparency grading, which translates to a fill rate of disclosed data between 75-85%.




Staramba is a German company that aims to create a virtual social media platform, where users can meet up (virtually) with anyone. The company’s VR project has been monikered as MATERIA.ONE, and according to InWara’s ICO+STO database, Staramba managed to raise $18 million through its Initial Coin Offering in 2018. The company aims to make MATERIA.ONE an online platform where users can experience new and interesting things, the ecosystem allegedly has a new social hierarchy and different economy to the real world. Staramba scored an impressive "A" grading on InWara's data transparency grading, which translates to a fill rate of disclosed data between 75-85%.

Related Read: Tech giants like Google could hijack the Blockchain and crytpo space.

Funds raised ($MM) by various industries

Source: InWara’s ICO+STO database


According to InWara’s ICO+STO database, AR/VR Blockchain companies have managed to raise $53.6 million, which is impressive but pales when compared to similar sectors such as gaming. Blockchain gaming companies alone have collectively been able to raise over $1.3 billion till date.


Venture capitalists optimistic about VR


Adam Draper, Founder and Managing Director of accelerator Boost VC thinks now is the perfect time to invest in virtual reality, according to a Forbes article. Boost VC is a venture capital firm that aims to make science-fiction a reality. Boost VC over the years has built a diverse portfolio of Blockchain, AR and VR enterprises which the firm believes could create an impact in the future. To digress, the firm recently achieved a milestone of investing in 100 Blockchain and crypto enterprises. In a previous article, we covered how Boost VC is fueling the growth of Blockchain enterprises through a data-driven analysis of Boost VC’s investments, to more check out InWara’s article.

Related Article: Blockchain technology to revamp Real Estate

Boost VC founder-Adam Draper believes that even though VR is at a low right now, he’s still excited the technology and its opportunity for growth. Adam Draper was quoted saying “VR, to that point, is on a crazy low, but in a lot of ways, I’m more excited about VR because we are at a nadir, the bottom of sentiment in VR. Everyone is thinking that the numbers are not catching up to what was promised. The problem is when everyone was pitching for an idea versus actually delivering a product is that now there are numbers, and those numbers are not as good as they thought they would be. Everyone thought that it would be mobile adoption, but obviously, that never happened because it’s a new computing platform.”.

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