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People often give mixed vibes when they are asked about Virtual Reality; saying it is an entertainment platform that gives you a whole new experience. But, on the question of ‘What is the future of this entertainment platform?’ The answer is usually silence.

In my opinion, the future of VR has a very distant place to go. VR is going to play a major role in the field of education, medical and other fields which were unimaginable. From experiencing a huge waterfall while just sitting at our tables to enjoying on a see-saw having butterflies in our stomach to surfing in the roughest of the seas while moving in a deserted land, it is all possible through this amaze-balls technology, VR.

What is also possible in VR is the experience of report released by ‘New York times’ showing the “Fight for Falluja” documentary which was the first ever documentary shot in 360 VR staying in the war zone which really can take you to the scene of firefight and have a glimpse of life at the war affected zones. Watch the video here.

Another company called ‘Scopic’ did a documentary shoot in 360 of the plight of Syrian refugees. One can watch this in the news, read an article and probably see a picture or two but the real experience which has been shared in the documentary gives the reality of their plight which we couldn’t have imagined otherwise.

Well, there are things that VR can’t do…

VR can’t let you have the experience of travel you get when you are actually visiting the place. The people, the interaction, their food, the experience you’ll have cannot be achieved by wearing a VR headset. Come on now, we all know that one can’t do everything sitting at home. What it can really do is taking you to their world, their culture, their architecture, their rituals etc. Educating about ones’ culture and traditions can be best served by using VR technology. One has to pay much less in order to learn about the culture just by visiting the place. This is a well-served purpose. No?

Interaction of VR with blockchain technology

Someone has rightly said,

“Someday, you’ll end up having a job not by what you know but by how you use your imagination.”

Never had we thought that the power of imagination could end up with so much strength that it can change the way we view the world. VR has been there in the world since almost 20 to 30 years or way beyond it when people used panoramic pictures to show images to people. Blockchain since 2011 is pacing up in the tech world with all eyes on it. The main concept of blockchain is having a decentralized platform and peer to peer exchange policies which maintain an encrypted platform for any kind of exchange, be it monetary or data.

One such innovation is ‘Gaze Coin’ (GZE) which is taking the whole VR experience using blockchain onto a whole new level. It is trying to bring the virtual interaction with the real world by also monetizing the market. The ad-tech in this VR industry was unimaginable up until now; with the introduction of Gaze Coin, developers are trying to imagine the monetization techniques using VR. It generally depends on the user ‘gaze’ count and charges the advertiser, monetizes the content creators. It can thus curate the content and send similar contents to the users using VR platform. Gaze Coin is definitely eyeing the imaginative power and getting the best out of it possible to the common people so that the world can further become a better place to live in.

Gaze Control, Ad-tech, and Blockchain

Gazecoin is trying to incentivize the users, content creators and the advertisers. It charges on the basis of the amount of time a user gazes at the advertisements. The unit of this coin is ‘Gaze’.  It is opening up a totally new and different market segment for the people who are developers into the VR/AR segment and also to the advertisers to market their product in the platform and in return pay in the form of ‘GazeCoin’. It has been built in blockchain Ethereum platform which enables the users to pay in either Ethereum coins or platform’s own token. The GazeCoin is going live on 28th Nov 2017 for the crowd sale.

The Future of VR with GazeCoin

GazeCoin’s CEO, Jonny Peters has above 20 years of experience in the VR industry and his work has also been nominated to the prestigious Cannes Film Festival 2017 in the VR category. Jonny Peters has a vision of creating a niche market which would open up new channels of online and digital marketing in a whole new virtual world.

During my recent interaction with him, he expressed his feelings about the company’s vision in words like,

“For too long, VR/AR monetization has been constrained by last-century models that work for web and mobile, but miss the mark terribly in VR/AR, where literally everything you see or touch can be monetized. We designed Gaze Coin to bridge the gap between the promise of virtual worlds and the ability for brands and content owners to capitalize on it, at the heart of how the medium is actually consumed.”

Conclusion

AR/VR products are being very rapidly being developed by Apple and Google. Innovations crippling up every now and then by different companies of creating a niche product which would enable the VR products to be robust and available at a much cheaper price which is affordable to the consumer. Facebook’s CEO, Mark Zuckerberg said recently that he has put his R&D on creating a cheaper and much more better version of VR/AR devices for the mass acceptance.

Having said all these, if the market will not grow in VR era; nobody will talk about the monetization benefits and the new market channel for advertisers, innovators, programmers, content creators etc. We need more platforms like GazeCoin to bridge the gap between the world of AR/VR content the content owners to capitalize on it.

Hira Saeed Hira Saeed
(@heerasaeed) Founder of Tech Geeks Pakistan and Digital Doers. Hira is also a public speaker and columnist who shares her views on Startups, AI, chatbots and Blockchain technology on VentureBeat, The Next Web and Tech In Asia.