In 1935, Stanley Weinbaum, an American science fiction writer wrote Pygmalion’s Spectacles, where he described how the main character explored a fictional world with a pair of goggles. Morton Heilig gave us the first VR machine, the Sensorama Machine, in 1956. MIT released the Aspen Movie Map in the 1970s and users had the first virtual tour of the map.
Then down to 2010, Palmer Luckey, an 18-year-old entrepreneur, invented the Oculus Rift VR headset, and that brought huge interest to the development of the virtual world again. By 2014, Facebook now Meta bought the product from Palmer. And 7 years later, in 2021, Mark rebranded Facebook to Meta showing an engrossing interest in the development of the metaverse which is a combination of virtual worlds.
Right alongside the evolution of the virtual world in the early 2000s came the launch of blockchain technology. And then, entrepreneurs and developers started seeing the opportunity to combine blockchain technology with the virtual world. That has given rise to a lot of GameFi projects with a large percentage focused on gaming, entertainment, and sports. But what about edtech? In the metaverse.
What is Edverse?
Edverse is a project that is designed to integrate the metaverse with the field of education. Just like Sandbox, Decentraland, and Immutable X are metaverses that are designed to give users entertainment experiences, Edverse is bringing education into the metaverse.
In Edverse, students, creators, tutors as well as institutions can have access to democratized learning platforms that can be accessed by anyone with the right tools. Blockchain has dismantled the barrier of access to information with the decentralized structure being put in place to drive a lot of daily human activities. The project is built on the Elysium blockchain, a safe, secure, fast, and carbon-negative blockchain.
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How Does Edverse Work?
Edverse aims to decentralize and democratize education globally. This will be done in a metaverse that is focused on education. And it will involve Educators, Learners, Creators, and Promoters.
For Educators, they will have access to educational materials that will be in the form of NFTs. These materials will be attached to the blockchain technology preserving ownership and rewarding Creators. There will be a large library that will contain teaching materials for all classes. Educators can also launch courses & apply for teaching positions in the Edverse.
Learners from anywhere around the world can use Edverse to learn and earn as much as they want to. The learning process will give Learners access to a lot of Educators so that they can choose who they want to learn from at any given time.
Like is done in Web2, Creators are the people who draft, develop and publish teaching materials that will be used in the Edverse. The materials will be non-fungible tokens and can be owned, rented, and sold by educators and learners alike. Creators will be paid for the materials they create and users have access to each material created.
Promoters are people who build, own, sell and rent institutions where learning occurs in the metaverse. So as a Promoter, a person can decide to buy a space, develop it for learning and rent it out. For each class held in the metaverse, the Promoter is paid.
All the stakeholders needed in the education system combined will be required to work together in the Edverse making learning accessible for learners all over the world.
Tokenomics of Edverse
Every blockchain platform that facilitates transactions uses a token that drives the entire ecosystem. Edverse token is the token used in the Edverse platform. It will be used for buying materials, renting spaces, gaining access to materials etc. It will drive the learn to earn, create to earn, build to earn, elevate to earn, play to earn, wear to earn, and other systems of earning in the Edverse.
According to the website, these are the details of the token:
- Ecosystem Pool 24.0 %
- Staking Pool rewards 8.0 %
- Treasury & Reserves 23.5 %
- Marketing and Advisors 12.5 %
- Liquidity/ Exchange listing 2.2 %
- And for the token allocation:
- 6.8 % Seed and KOLs
- 13.0 % Private Round
- 1.0 %Public Sale
- 9.0 % Team
Challenges and Road Map of Edverse
The combination of education and the metaverse is still an upcoming field. So for now, the challenge of having competitors is low but the prospect of future competitors is very high given the opportunity the industry presents as well as the current market value of online education.
For the company Roadmap, 2022 will be focused on Product Demo, Private Sale, Alpha launch, Public Sale, Token generation and distribution, Beta launch, Expand tokenomics, and content creation for pre-primary to Grade 8.
Content creation for Grade 9-Grade 12, and that of higher education will be the focus for 2023. This will be so transformative for global education.
You can see the team members, and partners on the website.
Conclusion
Edverse is geared towards building on an industry (e-learning) that was valued at $250 billion in 2020. A lot of development will come into play to make education fit well into the metaverse space. Global education can be taken to a new level with the aid of virtual reality, blockchain, and stakeholders in the field of education.
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