Holoride is an Audi-backed startup providing virtual reality entertainment for passengers in vehicles, that has begun selling its Ride cryptocurrency token to the general public.

The launch of the coin is the next step in Holoride’s plan to create an extended reality ecosystem of games and experiences provided by a developer community. Car passengers who wish to visit virtual worlds or play games that follow the movement of the automobile will have to pay with the Ride utility token.

The XR system from Holoride is expected to be available in private automobiles next year, however, there is little information about when or on which brands this system will be launched. The company had originally stated that it will launch in summer 2022 but has now backed off on that date.

Nils Wollny, CEO and co-founder of Holoride, has reported that Holoride has established an exclusive tech stack that connects automobile manufacturers and content developers with passengers, in the last few years. They took an expected next step toward supercharging their ecosystem by using blockchain technology, which enhances their platform, and created their own Ride token, which allows for transparent and fair participation.

The Holoride team announced that they will integrate Elrond’s blockchain into their tech stack and leverage NFTs which are supposed to encourage developers to generate more content for their platform, additionally, it will attract passengers who want to tailor their in-car experience. Both Ride and the NFTs are based on Elrond and can be utilized in Holoride’s ecosystem for transactions. The NFT is one-of-a-kind and cannot be duplicated; the Ride cryptocurrency, on the other hand, is convertible like any other.

Wollny has stated that in exchange for RIDE tokens, users and content creators will be able to mint unique NFTs depending on their experiences. You can use Ride to buy and sell the generated NFTs.

The Holoride platform’s integration of blockchain, cryptocurrencies, and NFTs isn’t just a gimmick to get people’s attention. Holoride is banking on its ability to transcend the car seat into the metaverse, where virtual and digital worlds intersect with augmented and physical reality.

Even though you can only use Ride to purchase entertainment and games within the Holoride ecosystem, your bet could pay off. The ride will be officially listed on the 7th of December and exchangeable for the first time with EGLD cryptocurrency, which may be exchanged for some other cryptocurrencies. This could help Ride’s growth.

CEO Wollny stated for TechCrunch, that he wants Holoride to be the “metaverse’s transportation firm.” Although Holoride at first will focus on private automobiles, the company’s long-term ambition is to integrate them into self-driving vehicles, giving passengers a way to have fun while on the road.

Holoride has also established a partnership with NEVS, which will integrate its technology into the automaker’s PONS mobility system, which includes Sango, a purpose-built autonomous vehicle. Terranet’s VoxelFlow technology, which depends on a mix of vehicle sensors to compute the distance, speed, and direction of an object, will continue to support Holoride’s technology. This will update Holoride’s platform in real-time, ensuring that the game’s user experience matches the vehicle’s actual movements.

Elrond’s Maiar Launchpad is selling Ride. The initial quantity of Holoride tokens will be 130 million, with a total supply of 1 billion tokens. A total of 200 million tokens were sold for $0.02 in a recent private sale, with another 50 million sold publicly prior to the cryptocurrency’s launch. This has resulted in a total profit of $6 million for the company.

Holoride’s team is intending to utilize the Ride token revenues primarily for content creation, but they also want to allocate money on marketing, development, and legal and security audits. In terms of Ride token distribution, 25% will be filtered through Holoride’s XR ecosystem, which includes significant partnerships, ecosystem supporters, and growth prospects.

The “community,” which they characterize as “early contributors from the crypto world” such as technical audits, beta users, and code reviews, will receive another 20% of the total tokens. Only 5% of the tokens will be sold to the “general public,” which includes Holoride’s followers and fans, with the remainder going to financial and strategic equity investors, investors, the Holoride team, and Holoride’s treasury.

Token holders will be able to utilize the tokens for ecosystem governance as well as some community benefits like upgrades, subscriptions, and special events, in addition to purchasing experiences and other virtual goods. The tokens will also be used to attract users into a “ride to play to earn” cycle, in which they may earn additional benefits for things like driving a green car or sharing certain data. Ride may also pay partner royalties to content providers and automobile manufacturers.

Holoride is only a year away from becoming live, but it will take a lot of development to get to a stage where such a complicated ecosystem will start making sense. If nothing else, it can serve as a microcosm of how blockchain technology’s essential concepts of security, transparency, participation, and interoperability will be used across the metaverse. Holoride, according to the researchers, has the potential to be at the frontline of metaverse development in terms of how users manage their identities and produce and collect value.

Link: https://www.holoride.com/

Available on Elrond network: https://elrond.com/

Watch the trailer and how to buy guide in my video:

Detailed step by stepr guide on how to buy holoride / RIDE token on Elrond