OVR Announces Move To Polygon Blockchain, App Update, And More | Bitcoinist.com
Metaverse OVR has taken another step in its impressive journey. This time around, the project has announced that it is moving to the Polygon, as well as providing updates to its app and allowing users to trade its native token, OVR, on the Polygon Network.
The move is in line with OVR’s mission to become the first name that comes to mind when people think of the metaverse. With so many new metaverse projects running amok in the crypto space, standing out from the crowd has become more important than ever and that is what this move brings. With these new announcements comes a lot of positive implications for both the project and its users.
Moving To Polygon And App Update
Currently, anyone from anywhere is able to access the OVR metaverse from wherever they are. All they need is to have access to a mobile phone device or smart glasses with an internet connection and they’re good to go. This is possible through its app which allows users to access the metaverse. OVR has announced it is updating its app to provide a more seamless and immersive experience for its users.
The move to the Polygon blockchain on the other hand has been a much-anticipated progress. OVR has announced that the first phase of the move is now live, with the second phase scheduled to take place in February.
The move will bring with it better scalability, in addition to cheaper fees and allowing users to trade their OVR tokens on the Polygon Network. The token which was previously domiciled on the Ethereum network has been held back by issues plaguing the network such as inability to scale properly and high transaction costs. Users will also be able to easily move their ERC-20 tokens over to the Polygon Network and vice versa.
OVR on Polygon will allow for more features that were made impossible by the bottlenecks of the Ethereum network. Features such as renting smart contracts that can be deployed to allow for the monetization of valuable OVRLands will soon be available to users.
What Happens To You OVRLands?
Since the migration to the Polygon Network is meant to happen in two phases and only the first phase is live, users have a couple of options when it comes to their OVRLands. For the more than 24,000 holders who currently own over 700,000 OVRLands, they can either decide to mint all of their OVRLand now on Polygon or wait for the batch minting that will go live in the second phase.
The decision to mint now or later in no way affects the holder or their OVRLand holdings. The only difference is all OVRLands minted in the first phase of the migration will only be traceable on the OpenSea platform until the second phase is complete and the OVR decentralized secondary market is released.
Upon completion of the migration will come direct minting of all NFT market sales. Additionally, there will be an NFT bridge from Ethereum to Polygon enabling users to move their NFTs from Ethereum to the much faster and cheaper network, Polygon.
With Merkle Proof and minting functions currently transferred from Ethereum to Polygon, holders are now able to mint their OVRLands as NFTs on the Polygon Network at a much cheaper price, only a few cents per minting. This low-cost minting will enable Avatars, OVRMaps, and 3D objects to all become cross-metaverse assets powered by Web 3.0.
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