VR platform Voxelus sets up foundation to promote in-game cryptocurrency adoption

Voxelus, the world’s first virtual reality content creation platform marketplace, announced last week it will fund an entity called the Voxel Foundation in order to expand the use and adoption of its in-game cryptocurrency.

Voxel (VOX) emerged last fall as the world’s first in-game cryptocurrency. At the time it broke a record by raising the most funds ever in a private crowdsale of a cryptographic token with 1.2 million voxels (worth 1,022 BTC or $350,000 USD) sold. In November, Voxelus transitioned to a 30-day public crowdsale. According a press release about the Voxel Foundation, the company raised $500,000 in the initial crowdsale.

Voxelus co-founder and CEO Martin Repetto.

Voxelus CEO Martin Repetto said in the press release that the Foundation will be initially endowed with 5 million VOX, with up to 10 million more VOX allocated in the future to support its mission. The Foundation’s goals include expanding VOX to work with multiple networks, games, VR platforms and entertainment content providers, brands and advertisers, as well as to see VOX adoption grow in universities and among VR/gaming enthusiasts around the world.

The foundation will target two specific markets: universities, where the next cohort of content creators is being trained; and users in nations with no access to conventional financial markets, such as in Latin America and Asia, where gaming is popular but millions of gamers have no easy way of buying digital assets online.

According to the press release, Repetto will serve as the Foundation’s executive chairman, as well as the liaison to the Voxelus platform. Voxel core developer Jim Blasko (creator of UnbreakableCoin) will be the Foundation’s technical director. Also joining the Foundation is cryptocurrency veteran Gavin Knight, who will take on the role of community director.

The Foundation’s main mission will be to participate in international developer outreach to help build new assets, APIs and applications to connect the voxel blockchain to the $100-billion gaming industry and $800-billion global entertainment market. The Foundation will open up its currently closed-source GitHub to any interested developer around the world. It will hold a series of contests and bounties to promote a variety of applications that will leverage the digital asset-backed nature of VOX, as well as participate in outreach initiatives at VR clubs, universities and other pertinent associations, with the goal of holding an annual developer and content creator conference.

Image credits:

The Voxel Foundation logo – Via the press release

Martin Repetto’s photo – Courtesy of Voxelus