Altcoin Spotlight: Virtuals Protocol (VIRTUAL)
Here at MintDice.com, we are committed to your education when it comes to cryptocurrency. As such, we create profiles on all tokens that breach the top 60 on CoinMarketCap.com.
This week, there is a new token making an appearance, by the name of Virtuals Protocol. But what is Virtuals Protocol? And should you invest? Read on to find out.
What is Virtuals Protocol?
The Virtuals Protocol is a blockchain project that aims to turn AI into a democratic tool that platforms can utilize to offer AI to their users. Currently, the platform has announced they are specifically looking to help the gaming and entertainment sectors, though they believe their project can apply in other areas as well.
In short, Virtuals Protocol tokenizes AI in the same way NFTs tokenize art, thus incentivizing investment in AI and proceed returns to those who invest in the future. The creators hope this will also incentivize platforms who could not afford AI previously to consider adding it to their platform.
How Does Virtuals Protocol Work?
Virtuals Protocol works by offering AI options in spaces where they previously weren’t available. For example, one option of Virtuals Protocol is a virtual agent in the Roblox game which would perform mundane tasks while the human gamer focuses their energy on other quests.
Not only would these AI agents be able to perform mundane tasks, but they would also learn the longer they are employed, allowing them to become larger parts of the game in the future. These AI agents would be employed via blockchain, and the user would need to maintain a wallet balance to employ them. This would put the cost of AI use in the video game on the player, rather than on the game developer. There are also incentives where the player could contribute to the training of the AI in order to receive a discount on the cost.
Each AI agent would be represented by an NFT and tied to a blockchain ledger, allowing the process of AI usage and training to be 100% transparent. Additionally, since the use of the AI agent is tokenized, it would be possible for players to share a single agent, thus lowering the cost of usage and training.
Virtuals Protocol is 100% deflationary with a fixed total supply of 1 billion tokens. Additionally, a portion of the tokens are currently locked up with a release schedule over the coming years. Those who hold the token would receive a small portion of the scheduled releases as an incentive for holding.
Who Invented Virtuals Protocol?
Virtuals Protocol was a collaborative project, created by Weekee Tiew and Jansen Teng. It was founded in 2021 in Kuala Lumpur, Malaysia, which makes sense as Malaysia is currently one of the few digital gaming capitals of the world.
It was formerly known as PathDAO for 2021 and 2022, and rebranded as Virtuals Protocol in 2023. Do note we found a lot of conflicting information while researching this project, so the names of the creators may not be correct, and the list may not be exhaustive.
What is VIRTUAL?
VIRTUAL is the symbol assigned to Virtuals Protocol when buying or selling on exchanges. You can also check on the current price of the Virtuals Protocol by searching for it on an exchange or a market monitoring website like Forbes.
Should You Buy Virtuals Protocol?
Considering an investment in Virtuals Protocol is a complicated endeavor for many reasons. First and foremost, we want to mention that we aren’t 100% sure that this token isn’t a scam. While you can find it on numerous reputable exchanges, the website leaves much to be desired. Not only that, but we had trouble narrowing down the true creators of the token during our research due to conflicting information.
If that weren’t enough to make us nervous, we also want to point out that Virtuals Protocol has had a tumultuous history, and though it seems to be on its way up now, we cannot guarantee it will continue this upward trajectory.
Additionally, AI is a difficult subject, with many individuals opposed to its use in all formats, and others who want to restrict its use. While we doubt any regulations will directly affect the operations of Virtuals Protocol, it is something to keep in mind if you choose to invest.
That being said, at this point it is pretty much known that cryptocurrency and AI are both a part of the future for humanity, so it is unlikely this project will ever go to zero (unless of course, it is a scam) but we still don’t think it looks as scammy as some of the other projects we have featured.
Thus, whether or not you should invest in Virtuals Protocol will come down to your own risk tolerance and beliefs in terms of AI. If you are confident that it is part of the future, and sharing the burden of AI democratically is the best way to go, then Virtuals Protocol might be a good addition to your portfolio. But know that this is a very high-risk investment.
Where Can You Buy Virtuals Protocol?
If you are interested in investing in Virtuals Protocol, it is always best to check your current exchange for a listing first, as this is usually the simplest way to buy. However, if your normal platform doesn’t offer VIRTUAL, try these other cryptocurrency exchanges:
· Coinbase
· Binance
· Kraken
· Bitpanda
· Bitget
It is important to note that this isn’t an exhaustive list, and that you may be able to find Virtuals Protocol on another platform not listed here.
Overall, Virtuals Protocol certainly isn’t the worst project we have looked into during our altcoin spotlights, but it certainly isn’t the best either. So, no matter what you believe to be the future of AI, proceed with caution when considering an investment. We also recommend that you discuss your approach to investing in Virtuals Protocols with someone you trust before taking the dive, as this project carries a lot of hidden risk that you may need another pair of eyes to spot.
