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An Arab sheikh buys a virtual plot of land for $280,000: a major success for the VIARIUM project
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An Arab sheikh buys a virtual plot of land for $280,000: a major success for the VIARIUM project

Much of the technology that we used to see in films set in the future is now becoming reality. Robots, 3D printers, and, of course, virtual reality are transforming into the fastest-growing segments of the economy, with an ever-growing array of applications. The VR market in particular, is leading a transformation in retail.

A few highly promising projects are already offering users the opportunity to share and monetize their VR content – and some of them are even leveraging blockchain technology to ensure fairness and maximum revenue for their communities. Two examples are Decentraland and VIARIUM: They are both decentralized, which guarantees that all published content belongs to the users, not to the company. On both platforms, it is possible to design and sell virtual spaces and plots of land for various purposes, although VIARIUM has more of a focus on online commerce and events.

VIARIUM at the Saint Petersburg Economic Forum

It says a lot that the first major commercial success of VIARIUM came immediately after the project was first unveiled to the general business public. This happened at the Saint Petersburg Economic Forum, which took place in June. VIARIUM sold a virtual plot of land for $280,000 to one of the most prominent Arab sheikhs, who was acting through a team of representatives. The team of VIARIUM has agreed to not reveal how the property will be used. 

The deal with the Arab partners was just one aspect of VIARIUM’s successful performance at the forum, however. In collaboration with RBC, the VR-centered project organized a panel discussion for the members of the Russian–Emirates Business Council. The participants were impressed by the quality of the immersive virtual reality tools that VIARIUM had designed exclusively for the event, as well as by the VR presentations the project had prepared for several high-profile Russian startups. Moreover, the new technology made it possible for guest experts from Europe to participate in the discussion as if they were actually there.

Virtual world, real profits – the rise of VR-enhanced businesses

One of the hot topics at the panel was the fast spread of virtual and augmented reality in retail, event management, travel, and other areas of business. Until very recently, VR experiences remained too expensive for most consumers, with most headsets sold for well over $1000. However, the latest budget models cost only $200 or so – less than most smartphones. According to the founders of VIARIUM, this is going to produce a veritable VR revolution in business in the next couple of years: In 2019 alone, the market may grow by 400%. As more and more people purchase portable VR headsets, entrepreneurs and corporations will discover almost unlimited opportunities in the virtual world, from selling goods across borders via VR showrooms to investing in virtual land that can quickly rise in value.

VIARIUM provides advanced products and services for all participants of the VR industry, from online stores wishing to expand their customer base to investors seeking to purchase virtual land plots and event organizers interested in 3D presentations. For more details, visit the official website at https://en.viarium.io/.

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