The DigRate has assigned Quality Rate Medium to ViMarket project.
ViMarket is a platform that combines a trading platform, as well as tools for working with virtual and augmented reality, through which sellers can create virtual versions of their goods, and users - 3D copies of their rooms and see how the goods will look in their interior.
Now ViMarket specializes mainly in real estate and interior design, and also shows interest in the fashion industry and the automobile industry. By paying for virtual purchases with VIT tokens, the user will be able to acquire ownership of the goods in the virtual plane and to test its usage in real life. According to developers, the cost of virtual purchase will be low, and acquiring the real thing through the marketplace, the user will receive a discount equal or greater than the amount of spent tokens.
The company has developed beta version for creating virtual product models and a virtual version of the premises that are intuitively easy to use. The creator of the project is the company ViMarket Gamechanger, that previously used its 3D-development in the gaming industry.
The developers of the project demonstrate understanding of the competitive environment and as the main competitors of the project indicate Amazon and Facebook, that were among the first to enter the market with developments in the field of virtual reality. However, neither Amazon nor Facebook offers a concept in which e-commerce and virtual reality interact within the same economic system. Also there are a number of other large companies that offer centralized solutions for 3D visualization of goods (for example, the Augment application that is integrated into the Oracle Cloud Marketplace). In a decentralized environment, similar solutions were not found.
The volume of the e-commerce market has grown by more than 10% per year over the past 8 years and online shops spend more than $ 6 trillion annually for the return and exchange of goods, that did not appeal to their customers. The solution offered by ViMarket will provide Internet users with the opportunity to gain experience of owning the goods before acquiring it. The economic nature of VIT defines a token as a digital unit of ViMarket service, for use by buyers as a settlement for a service or product, that is not a basis for recognizing a token as a security, however, the Howey test has not been conducted. VIT will allow users to purchase virtual versions of goods that are interesting to them and try them out before buying a real product.
VIT carries a real economic value, because owning a virtual version of the product gives the right to a discount (equal or greater than the cost of a virtual product) when it is purchased in real life. In order to reduce the risk of the token's devaluation and the manipulation of its price by the project, a number of preventive measures are taken: the limited issuance of tokens, the destruction of all unsold tokens, although the project does not provide for the buyback of tokens or their "burning".
The project did not audit the safety of the smart contract, that increases the risk of vulnerability in the code and unauthorized withdrawal of funds. It should be noted that the implementation of the business model of the project is possible without the use of blockchain technology. Nevertheless, the competition in the e-commerce market is high and every year it becomes tougher, therefore ViMarket, that offers new tools for interaction between sellers and buyers, is competitive and promising. The presented prototypes of tools and the described innovative solution in the medium term will allow the company to confidently capture part of the e-commerce market in real estate, interior design, fashion industry and the automotive industry, that will contribute to the growth of the VIT price.
Pros and cons of the project, can be found in our review.