Realy Analysis — it’s about to get REAL up in here
Unless you’ve been living under a rock, you’ve probably noticed that metaverse is all the rage right now. Zuckerberg rebranded Facebook to Meta, Nike bought RTFKT (it’s pronounced R-Ti-Fact btw), Adidas dropped a metaverse NFT collection. The whole concept of metaverse is still at such an early stage, with so many possibilities of interpreting and building upon what it is. It’s exciting, it’s new, and it’s invigorating. The metaverse scene is booming on Ethereum compared to any of the other chains, which is why I was so excited to find a metaverse project on Solana.
This week’s content will be on Realy, a live2earn street culture based metaverse that runs on Solana. As usual, this is not financial advice but only educational content. Please don’t be dumb and always DYOR on any crypto projects.
Table of Contents
1. Summary
2. Overview of Realy
3. Key Features
4. Tokenomics
5. Roadmap
6. Concluding Thoughts
Part 1. Summary
Here’s the TL;DR for Realy, ya lazybum.
● Realy is the first metaverse project based on Solana that implements Metaverse virtual life + wearable NFT + pet NFT + 3A game screen.
● Investors include Multicoin Capital, Alameda Research, Three Arrows Capital, District0x, etc.
● Avatars in Realy can wear real-world brand virtual clothings, feed their virtual pets, and choose their virtual careers.
● The game implements a set of AI-driven self-discipline systems for the avatars. When players are offline, the avatars themselves can live their own digital life.
● Owners can redeem the same merchandise in real life from the brand name NFT they purchase in Realy.
● Realy plans on moving towards governing its protocol in the form of a DAO.
● Prominent risks include: the lack of data and info, strict crypto regulation for its China-based team, and that there’s no guarantee the visioned features will be deliverable until the full production concludes.
● Realy is a project worth keeping an eye on. It promotes multiple ways for players to approach and expand the metaverse and incentivizes them to form micro-economies.
Part 2. Overview
The metaverse itself has tremendous amount of market potential, including AI, blockchain, communications, AR, VR and many other emerging technologies, which are interconnected in the context of technological development.
Realy Metaverse is a virtual city in the sky with 3A graphics developed by Unreal Engine. Let me translate this for those of you who don’t speak nerd or don’t play videogames. Unreal Engine is a 3D creation tool that makes photoreal visuals and immersive experiences; basically they make really good graphics for games. And 3A graphics means Realy have large budgets and a large number of people working on the project.
The info on Realy’s team is quite lacking, with the only doxxed member being their CEO, George Yang. George is a serial entrepreneur in the fashion and collectible industry. Prior to creating Realy, he cofounded INNERSECT, an online streetwear platform backed by Edison Chen’s designer brand. Realy has also garnered the attention of many big name investors in the industry. Its seed round financing in April was led by Multicoin Capital along with Alameda Research, and SNZ Capital. Its strategic investment round in May was led by Three Arrows Capital with the participation of District0x.
Realy, like its name, starts from what’s “real” and enters the virtual world to create a new metaverse ecosystem. If Realy’s metaverse is regarded as a huge decentralized virtual world, then there will be different ecosystem themes. For example, game-themed GameFi , social-themed SocialFi , financial economic system DeFi , and NFTs will all have a brand new interpretation and experience in the Realy metaverse.
Realy is the first metaverse project based on Solana that implements Metaverse virtual life + wearable NFT + pet NFT + 3A game screen. Every user can raise a pet, participate in the building of the metaverse, and interact with street fashion brands. Realy’s ecosystem promotes the expansion of players’ own economy from games to fashion, architecture, virtual concerts, virtual performances, art exhibitions, museums, and more. The REAL token will serve as the basic layer of the infrastructure, enabling all levels of transactional activities at the upper level.
Part 3. Key Features
Realy metaverse implements many different types and different levels of product applications, which together will form a complete ecosystem that derives value for users.
Avatar
The biggest highlight of Realy is arguably its “online forever” avatars that merges virtuality and reality. It utilizes “face-squeezing” tools to make realistic looking avatars that can actually look like a substitution of you (or what you wish you looked like) in the virtual world. Yay to instant and pain-free plastic surgery! These avatars can wear real-world brand virtual clothings, feed their virtual pets, and choose their virtual careers. So kinda like The Sims, your avatar can have a full-on virtual life within the metaverse.
Let’s circle back a bit to the “online forever” aspect of Realy’s avatars. Whenever you are online, you are the avatar and the avatar is you. But what happens when you’re offline? According to Realy’s whitepaper, “When you are offline, Avatar wins himself back. He is a virtual person in the virtual city with a set of AI-driven self-discipline systems.” Basically, the avatar can live its own digital life when it’s not being played by you so they are quite literally online forever. This screams Free Guy. If Realy can actually deliver this then this is so fucking cool. Imagine waking up to your avatar chopping their hair off because they hated the hairstyle you gave them. Or your avatar sneaking out of the house in the middle of the night to go to a virtual concert with its rowdy friends. Oh karma is hilarious.
“Metabolism” virtual city
In what Realy calls “Metabolism”, a virtual city where lands and blocks exist as virtual estate NFTs. Users can build the architecture from the ground, I’m talking stores, galleries, apartments, and more. Building and decorating it, leasing it to brands, or operating it to get NFT sales revenue, all these activities will generate a revenue in the form of $REAL tokens.
Virtual Concerts and Street Culture
Realy has made a further iteration by adding fashionable cultural elements to the metaverse. Realy will bring street-level brands, celebrities, influencers, etc. to their metaverse and issue NFTs. It has signed with 88rising and its plethora of artists and will develop virtual identities in the form of NFTs for these artists. Down the road, Realy will help these artists create their own virtual images, gradually launching exclusive virtual concerts and exclusive NFTs for them.
Street Culture & Fashion
In Realy’s white paper it cites another innovation that merges virtual NFTs with real world assets. “In the city of Realy Metaverse, you can buy a virtual garment of your favorite brand and send the real one to your real home. In the real-world store of the brand, you can also claim your virtual clothing NFT and wear it on your avatar by scanning the NFC chip embedded in the real clothes. You can share both virtual and reality with your avatar.”
Now, this is probably the part that sounds the most exciting to me. The idea of claiming a physical clothing from an NFT is not new by any means, Adidas’ Into The Metaverse NFT allows owners to redeem merchandises from their NFTs, BAYC also released limited merch for their holders. If Realy is able to bring this concept to the masses and bring onboard more fashion brands for collaboration, this could become a huge phenomenon. I cannot wait till the day I can buy a Birkin NFT and receive a physical Birkin IRL, I’m looking at you Hermès.
Part 4. Tokenomics
Realy has released its own $REAL token that will serve as a medium of exchange within its metaverse. It held its public raise and IDO on Raydium’s AcceleRaytor on December 9th. The initial token price was fixed at 1 USDC for 1 REAL. The token began trading on December 10th of this year at the price of $12.49, and currently trades at $12.29 at the time of writing.
Cashflow
The $REAL token is released in the form of a gradual release of inflation, which is mainly used to reward various behaviours and activities in the metaverse. Realy plans on moving towards governing its protocol in the form of a DAO. Realy metaverse holds a treasury vault that releases a certain amount of $REAL every day, part of which is released to the daily missions. The daily missions are an important means to keep players incentivized. Another part of $REAL is injected into the City DAO. The replenishment of the treasury comes from partial commission of the official NFT sale, and the world tax contributed through secondary trading.
City DAO
The main functions of City DAO are as follows:
1. DAO members propose the valuation of the city, such as city taxes charged on shops and stores
2. Decides the amount of $REAL users are required to stake
3. Decides on special activities and related budgets to be carried out by the city
The voting rights of City DAO can be obtained in the following ways:
1. Stake $REAL in City DAO
2. Hold a piece of land in the city
Land
Land is an NFT asset within the Realy metaverse. The amount of land in each city is limited and holding land has the following advantages:
1. Holding land automatically grants the owner the right to vote in the city
2. Land can be leased to other players to establish Storefront, and the rent is determined by market supply and demand
3. Land receives a passive income in the form of $REAL through taxes that will be decided by the City DAO.
Transaction Market
The NFT of the entire game borrows the concept of “manufacturing”. For example, the sale of a designer’s clothing can be in two parts; first part is sold by the official NFT store, and the other part allows players to collect materials to make them. Players need to buy materials in different cities and then synthesize the clothing. Realy announces the formula for each clothing, the users interact with the chain and randomly generates various clothing pieces, with a certain probability to synthesize rare clothes.
Part 5. Roadmap
Realy plans to launch virtual cities in the future, hold virtual concerts, invite brands and IPs to settle in, and expand the number of users. (The roadmap will be adjusted according to the actual progress of the project and market changes.)
Part 6. Concluding Thoughts
It’s hard to quantify any part of Realy’s current achievements since the project itself doesn’t currently have any available data. It’s also incomparable to other similar projects like The Sandbox since the Realy metaverse is still currently under development and gameplay is not possible yet. With that said, Realy offers innovative products and ideas that have not been seen in any other metaverse projects that are currently live. Realy is one of the very few projects that genuinely sparked my interest and got me super excited while I was doing my research. Obviously I’m the most excited about its AI-driven NFT avatars, redeemable NFT clothing, and virtual hip hop concerts.
That’s not to say that Realy doesn’t pose any potential risks. In fact, while I was reading up on the project, I did come across a couple of minor concerns. Firstly, the lack of data and information. I get that Realy is a very new project, however, compared to most other crypto projects, there really isn’t much data out there at all. The only information I can find is on the website and whitepaper, which could possibly be a very biased source. They could be bullshitting us with all the things they say they’re gonna do, or they could really be working towards achieving them. I’m hoping it’s the latter.
Secondly, the team behind Realy is based in China. Crypto regulation is known to be very strict in China and this could potentially hinder the progress or development of the project. Regarding compliance issues, the Realy team must have a lot on their plate. In general though, metaverse is a trend that many Chinese tech giants are trying to bite on. A project like Realy still has a lot of room to play within the market.
Lastly, like any metaverse projects or on-chain videogames. The full production of the project would not be completed and running until at least a year or two. None of the mechanics, visuals and features can be tested or experienced at the moment. So there is no guarantee that all visioned features will work together seamlessly or will even be doable.
All in all, Realy is definitely a project worth keeping an eye on. It promotes multiple ways for players to approach and expand the metaverse beyond the game and incentivizes the players to form micro-economies within the game. Its vision to bridge the metaverse and our real world is by literally simulating a version of you as an NFT, wearing namebrand NFT clothings, owning an NFT pet, being whoever you want and living out your dream in the metaverse. How is that not so exciting?!
That concludes this week’s content, I hope this was a good one. Make sure to check out our videos on Youtube. Once again, this is NOT financial advice, but only educational content. Please don’t be dumb and always DYOR on crypto projects.
https://www.youtube.com/channel/UCUncsUYpaXaAoSLeBNSaHBQ/featured
Make sure to follow our Twitter and join our Discord/Telegram. Come hangout with us. We don’t bite!
https://twitter.com/theoasians
https://discord.gg/cwudwkNYeX
https://t.me/theoasisdao
That’s all for now. Adios!
-SixOhFour
Sources:
https://realy.pro/
https://realy.pro/whitepaper.pdf
https://multicoin.capital/2021/04/16/our-investment-in-realy/
https://podcasts.google.com/feed/aHR0cHM6Ly9mZWVkcy5zaW1wbGVjYXN0LmNvbS9ZYVlCOXRqSQ/episode/YWU0NGVhY2EtM2UzOC00ZjdmLWEwZmUtNWRmNTUwZWY4YzFm
☕️ Support and buy us a cup of coffee if you’ve been enjoying our content
➡️ D7ZpBP32duPCG5h3nUUWPPmzrabAuEWdb6YnMNJJ4cHW (SOL)
