Deep dive into Vera!

Ahead of Vera’s IDO with Polkastarter on Tuesday, September 21st, and the opening of our Mooncaster pre-IDO allocation event series, we wanted to provide an overview of the project to fully convey to our Totem Warriors the scale of innovation behind their project, and how significant the launch of their $VERA token is!

What is Vera?

In essence, Vera is a decentralised platform which offers a wide range of financial services for NFTs and the NFT industry. These range from the verification of physical assets, to lending and decentralised financing of NFTs, and even to staking. The implications and groundbreaking utility of these functionalities and of the Vera platform as a whole cannot be overstated; they have the potential to revolutionise an incredibly diverse range of industries ranging from real estate, gaming, physical collectibles and financial instruments, for both businesses and consumers alike.

Let’s take a couple of these industries as examples, and examine how Vera is well positioned to disrupt them to their core:

Gaming

Through Vera’s NFT lending and financing functionality, game developers will be able to plug Vera’s tech into their program and allow game items to be leased to others in an in-game marketplace. For example, a player will be able to lease an in-game item to another player through an in-game marketplace for a set period of time in exchange for a quantity of in-game, real-world or crypto currency. This will allow the player lender to use this currency to purchase other in-game assets, for example those that may be required to progress further in the game or perform some specific task, or even to purchase real-world items should this be the method of payment selected by the two players.

Vera has the capacity to work with industry-leading game developers and publishers to facilitate these novel gaming experiences. Indeed, they’ve already partnered with Animoca Brands, one of the biggest names in the mobile blockchain gaming spaces, to roll out these peer-to-peer, in-game NFT transactions.

Real Estate

Real estate is the largest asset class in the world, with leading data provider Visual Capitalist estimating its global value to be in the region of 280 trillion USD. And yet despite this, real estate transactions have historically been amongst the least efficient of any asset class, plagued as they are by countless intermediaries, and endless contract negotiations and due diligence processes.

Through Vera’s real-world asset verification technology, the provenance and ownership of assets such as real estate can be established through the Vera dApp, and the underlying asset subsequently tokenised. This would essentially transfer the contract of ownership on-chain, to an immutable blockchain network, represented by an NFT which can easily and efficiently be transferred between parties with no risk of fraud and no need for intermediaries.

The tech behind Vera

Vera consists of a library of smart contracts that enables DeFi services for NFTs in new or existing applications and benefits all stakeholders in our global NFT ecosystem. It is designed with inter-operability in mind, and as such the platform is open-sourced and supports NFTs minted on any blockchain such as Ethereum, Polkadot, Solana, Polygon, or Binance Smart Chain.

Inspired from the vision of Bitcoin and Ethereum to enable censorship-resistant peer-to-peer electronic cash systems between strangers via cryptocurrencies, Vera is building the next-generation blockchain that enables a peer-to-peer financial system for real-world assets — both digital and physical assets — so we can all be freed from our dependency on centralized intermediaries and marketplace operators.

Vera allows application developers to:

  • Add DeFi services to their NFT apps without technical and financial complexities.
  • Allow their app users to enjoy secure and low transaction fee financial services such as lending/borrowing (i.e. drawing a loan against NFTs you own), leasing/renting, and much more.
  • Focus on their core business (i.e. game development) and not need to take strategic risks to build DeFi infrastructure.
  • Have peace of mind all their user’s digital assets and NFTs are safe, secure, and error-free.

Vera allows creators and NFT owners to:

  • Sell their NFTs to more consumers.
  • Lease/rent their NFTs.
  • Swap/trade their NFTs.
  • Use their NFTs as collateral to borrow money.

Vera allows consumers and investors to:

  • Buy NFTs at affordable pricing and payment plans.
  • Lease/rent NFTs from creators.
  • Earn passive, high yield interest by staking their cryptos and stablecoins to provide liquidity to Vera Network and letting creators or NFT owners take loans from their NFTs.

The $VERA IDO

$VERA is the native token of the Vera platform, which fuels the ecosystem and enables financial services on NFT applications such as financing, renting, financing, and asset verification without needing to work with any centralized middleman or intermediary.

The IDO will be taking place on Polkastarter on Tuesday, September 21 at 6 a.m. PST / 1 p.m. UTC, followed by a listing on Uniswap.

$VERA Token IDO Details

  • IDO Date: Tuesday, September 21st, 2021
  • Ticker: $VERA
  • Total Supply: 1,000,000,000
  • Price Per Token: $0.05
  • Vesting and max allocation per user will be announced later.

The IDO price is $0.05 and we’re offering members of our exclusive TotemFi Oracles and Oracles Elite groups allocations at the presale price of $0.03! The full details around the allocation split between groups and the distribution schedule will be released when our Mooncaster event opens.

Given the sheer scale of innovation which Vera is bringing to the crypto space, this could be one of our most exciting Mooncaster events to date — stay tuned, you don’t want to miss it!

Thanks for reading,
Team Totem

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