Ownership of this virtual world will be shared by a guild of globally recognized artists and record labels who will cooperate to create value and define new possibilities for music inside the metaverse.
VRJAM says the new metaverse will have a slew of features including that it is always available so there will be an array of virtual events each day. There will be the capability for private lessons and private gigs. To boost event spaces who still need money to pay off COVID debt, there will be a digital solution to empower music venues to exist in the metaverse. New NFTs can be created and rendered. On the recorded music side of things, it plans to be a platform for the distribution and monetization of recorded music by labels and publishers. All of this will be powered by their in game cryptocurrency, VRJAM Coin.
The VRJAM metaverse platform is scheduled to go live in early 2022. Check out their metaverse website here.