OVR burned 246,000 tokens in the first month of its newly updated Tokenomics, which created the Token Burning Program, with the goal of making its own tokens more rare and valuable.
OVR, 246 tokens burned in November
The new Token Burning Program, which is an update to OVR’s Tokenomics, began on 1 November 2021 and involves 50% of the revenue generated from the continuous sale of OVRLand on a monthly basis.
Specifically, it is expected that 40% of the OVR collected will be burned monthly, while 10% will be used to incentivize OVRLand sales with monthly draws among new OVRLand buyers using Chainlink VRF.
The idea of structured burning comes after the OVR team burned nearly 1 million of its tokens last May. Whereas the prize pool was introduced to encourage purchases of OVRLand NFTs on Chainlink.
In November, the platform collected a total of 615,365 OVR from the sales of its NFT OVRLand, excluding GAS costs.
Of this, exactly 246,146 OVR were burned, while exactly 61,536 OVR were dedicated to the drwa of OVRLands on Chainlink.
OVR’s new Tokenomics explained
The numbers for this November 2021, follow the smart contract burning standard that OVR has implemented in its newly updated Tokenomics, with the aim of making its own tokens rarer and more valuable.
In an automated fashion, the OVR team described the model by considering only the 100 million OVRLands that correspond to points of interest recorded on Open Street Map, each of which is assumed to be no larger than 1 OVRLand.
In reality, there are more than 1.6 trillion OVRLands available, covering the entire surface of the planet, but not all of them can be sold, e.g. those covering oceans, deserts, rainforests etc.
So if the cost of 1 OVRLand was $10 and the price of OVR was $1, the total sales of 100 million OVRLands would generate 1 billion OVR. Of this:
- 400 million OVR would be burned;
- 100 million OVR to be offered as a lottery prize for those who buy OVRLand on Chainlink.
Another economic model of OVR, the Map-to-Earn
In addition to the Tokenomics update, OVR invited its users to participate in Map-to-Earn: a way to earn OVR tokens by simply scanning physical locations with the smartphone in their pocket.
Again, this is a new way of doing economy, similar to the play-to-earn that Decentralized Finance (DeFi) games are offering their users.
In this way, with the images provided by the OVRLand Scanners and the development of the OVRLand Mapping that exploits the capabilities of AI, OVR can create a detailed 3D map of the physical world in an AR metaverse on another level.
OVR Map-to-Earn is a revolutionary mapping system technology that allows the accuracy limits of GPS to be overcome, so that newly scanned OVRLands have a location accuracy of up to 10cm.