6 June 2022

by Glenn Kaonang

RansVerse Officially Launches, Hundreds of Virtual Lands Sold Out in Minutes

RansVerse recently debuted an Initial Land Offering (ILO), with all 546 lands sold out in 35 minutes

The metaverse holds many promises for the future of the Web3 ecosystem; from spurring convergence between real and virtual lives, to providing a place for people to utilize their crypto assets. It's no surprise then if virtual land in metaverses like The Sandbox and Decentraland continues to be one of the most coveted commodities. Other similar metaverses have emerged, and they too offer opportunities for people to own some digital real estate space.

One particular metaverse that caught the attention of most Indonesians lately is RansVerse, the collaboration project between Raffi Ahmad's RANS Entertainment, VC Gamers, Shinta VR, and UpBanx. It recently debuted an Initial Land Offering (ILO) on May 30, bringing with it an unforeseen success. In just 35 minutes, all 546 lands offered for the ILO were sold out, much quicker than the team's projection of selling out in 14 days.

These 546 lands only amount to a tiny fraction of the entire RansVerse. The actual total supply is 24,000 lands, which are split into categories like Single Land, Neighborhood, Cluster, District, and County. The ones being sold during the ILO were Single Lands and Clusters, with prices ranging from 1,000 $VCG to 12,800 $VCG, or around $50 to $640 as of this writing. Prior to the ILO, RansVerse had also endowed a big plot of land to the Bandung Institute of Technology's School of Business and Management (SBM ITB).

Like in many other popular metaverses, land owners in RansVerse are free to host a whole load of virtual activities, from standup comedy shows and concerts, to game streaming sessions and esports tournaments. According to Shinta VR as the technology provider, RansVerse aims to be very democratic in terms of device compatibility by allowing users to access it via PCs, smartphones, or VR headsets.

Shinta VR's CTO, Andrew Steven Puika, said in an AMA session during the ILO that the team wants to take its time in developing RansVerse. "With prototypes that will be released gradually, Shinta VR hopes to get more feedback, which can then be used as a reference in creating experiences that users really want."

Future plans for RansVerse currently include an NFT marketplace and an NFT launchpad, all integrated into the broader Web3 ecosystem that has been built by VCGamers in the past year.