The Token Sale is the beginning, not the end of the journey.
Our project aims to solve very ambitious technical problems. Additionally, the Virtual Reality technology itself is still in its infancy and bears many unresolved issues - i.e. it's possible to uncouple eye accommodation and convergence, but a practical solution has not been found yet. There are also questions of scalability and interplay functionality between remote locations. These requires a lot of effort being put into product and infrastructure research and development.
As entrepreneurs, we have to constantly work on market fit and profits, both for the protection of investors and for the long-term health of the project. It means having a strategy for achieving appropriate success criteria. The three pillars of success are communication, legal strategy and security practices.
The conclusion of the Token Sale presents an incredible opportunity for growth and change, and through our conversations with industry executives, leaders in the crypto space and our community as a whole we've determined some points at issue the entire industry is struggling with at present. These include intellectual property ownership and copyright verification; lack of automatic profit distribution and developer motivation systems; outdated franchise management practices; ownership, control and security of user data. The blockchain will help solve these issues and make VRToken (and cryptocurrencies in general) a more mainstream payment option. The space is evolving - and it will take time to figure out new models, - so development updates will be continued to be presented. To achieve an appropriate focus on the project implementation a transparent and flexible roadmap is available, covering key development milestones.
When we set out on this incredibly ambitious project, we've been counting on a community that is as passionate as it is positive at our side. And though we've been shown a lot of public interest, as well as excellent scores and unanimously positive reviews across the board - sadly, we have not received the full support of such a community. However, we understand that it has been an asperous time for the general public in the cryptocurrency world: regulatory crackdowns around the world, advertisement censorship and multiple attacks on exchanges have made it an uphill battle against the deep-seated scepticism and for the public acceptance of cryptocurrencies, leading to decreases in circulation and, consequently, prices.
We have to regretfully announce, that our Token Sale has come to an end on July 30, 2018, not reaching its soft cap. Crowdfunding participants took part in the Token Sale and, together with personal investors, have not managed to raise the required of USD $3,430,000 in various crypto and fiat currencies (based on average ETH prices at the dates of purchase). The unsold VRTokens will be burned, according to the token sale agreement.
But, good news is - this is not the end for the VRT World! The utility nature of the VRToken allows us to circulate it in our ecosystem. We have a business that will continue to operate, develop and grow. We have a marketplace MVP, operating franchise and a VR park that accept our tokens as a payment option. From now onwards we will be focusing our attention on attracting the more traditional personal investment funding. The VRT World Project is here to stay and maintain a focus on the positive, no matter the trials and travails. We will stay focused on our past successes rather than misfortunes, and on the next action steps we need to take to get us closer to the fulfillment of our goals, rather than all the other contretemps that life may put on our way. We will fulfill our responsibilities in both allowing participants to use VRTokens in our infrastructure, as well as performing refunds for all parties willing. Bounty participants will be receiving rewards based on the actual amount of tokens bought that will be determined after the refund period is over.
Refund terms and conditions:
- Application for refund must be filed from the personal account at the vrt.world website that the purchase was made for.
- Applications can be filed starting from August 5 up until August 31.
- For security purposes, only applications from accounts that have filed KYC will be processed.
- Applicants must present the transaction hash of their purchase for verification.
- Applications can only be filed for purchases made in the timeframe of the Token Sale period, which has started on March 14 and has ended on July 30.
- Applications for refund will be processed in 2 (two) weeks, starting with the end of the period for receiving the applications.
- Token sale participants that have not applied for a refund retain their right to receive their purchased tokens, which will be distributed to their respective private wallet addresses, specified in their private accounts at vrt.world, after the end of refund period.