Voxelus’ CEO Martin Repetto announced December 1 that the Virtual Reality (VR) content platform would be offering an equity stake in the company in exchange for their Voxel token, the first such conversion of equity to a company’s own currency.
The Voxel token is a cryptocurrency that has been established on many major exchanges already such as Poloniex. The crowdsale successfully ended early December 2015 and raised more than $500,000. Users can sell created designs and assets for VR in exchange for Voxels, which can then be used to purchase content for their own VR worlds or can be exchanged for other cryptocurrencies.
Voxelus will now offer up to 33.3 percent equity stake in exchange for 15 percent of Voxel tokens from existing supply. Voxelus states this conversion is a one-time thing and is another way for shareholders to participate in the growth of the company.
The exchange will work via an online form and a wallet address. This will run for a month during Q1 2017 at a fixed rate of 1.058 percent equity stake forever one million Voxels regardless of the exchange for the tokens that day. With current exchange rates around 1.1 cents, this equates to a little over $11,000 for 1.058 percent equity stake, around $350,000 in total.
“We believe firmly in the future of our VR token, the Voxel, but we wanted to give those who share our vision another way to participate in the success of the company. We have decided to provide this one-time option for Voxels holders to convert their coins into equity in the company. This should increase the scarcity of the outstanding Voxels as demand rises in the marketplace. It also allows anyone to take advantage of the opportunity to own equity in a promising VR platform at an attractive valuation.”
With VR on the cusps of being a tangible item in households and even workplaces, the next logical question is finding a place where VR content and assets can be easily accessed. With the Voxelus Platform, not only are users able to build VR content without writing a single line of code, but they can buy and sell their content using their token.
Users could then exchange Voxel into fiat currencies if they so desired, enticing potential developers who may be wary of holding funds in cryptocurrency.
Voxelus will use the raised funds to build on their first-mover advantage in the VR content sector, as CEO Repetto explains:
“We will use these funds to build upon our early leadership in the VR content sector. We have a number of new technical initiatives that will further enhance our already stellar user interface, as well as branded content deals, teed up to be announced in the coming weeks and months.”
As an early pioneer in the VR space, Voxelus’ use of cryptocurrency signals the future of these two areas will be closely intertwined, with cryptocurrency bridging a link from the Virtual Reality world to the real world.