The initial coin offering ecosystem has recently seen the launch of a number of platforms that aim to bring virtual reality onto the blockchain. An upcoming initial coin offering aims to do the same, but with an interesting twist, bringing the concept of escape rooms and other quest oriented activities into the virtual environment.
Escape rooms and other quest activities typically involve real-world environments, and are generally marketed as a team activity. In escape rooms, which are the most common type of quest activity, teams of individuals work together to solve puzzles in order to escape a locked room.
Labeled the “quest industry”, this unique but rapidly growing market has maintained a trend of doubling in size every six months. The Escape Token is a new platform that intends to combine virtual reality experiences with the concept of quests or escape rooms, creating a highly dynamic virtual environment that delivers the same experience.
In this article, we’ll take a look at the upcoming Escape Token ICO and find out what it offers to help you determine whether tokenizing this particular platform is justifiable and assess whether it’s a good investment opportunity.
What Is Escape Token?
Escape Token is a novel concept, and is being developed by a team that possesses an extensive amount of experience in the quest industry. To date, the development team behind the Escape Token have worked in the escape room market since 2014, and have raised more than $3 million USD in private investor capital.
The Escape Token team have created escape quest experiences in more than 60 locations, including Australia, Germany, Spain, and England. The company behind Escape Token has a strong background in virtual reality tech development, and has created a number of proprietary virtualization and tracking devices that are used in their current quest experiences.
Escape Token aims to capitalize on the rapidly growing VR games market, which is expected to exceed $11.6 billion USD in value by 2025. The Escape Token platform will streamline the development, release, and participation in virtual reality quest experiences by creating a comprehensive quest deployment platform.
Escape Token will offer consumers a platform via which VR experiences can be booked worldwide at a discount, with tokenized loyalty points and a smart recommendation system that takes into account the preferences, history, behaviour, and comments of a player.
One of the primary issues in the current quest and escape experience market is a failure to provide users with novel or challenging quest content. To solve this issue, the Escape Token platform will cross-analyze and compare the performance of a player in previously completed quests in order to recommend more or less complex games that will ultimately enhance user experience.
Partners working in tandem with Escape Token to deploy quest experiences will be able to access a CRM that offers a diverse set of tools that can be used to track finances, review performance, and enhance operational efficiency.
The Escape Token platform will also provide partners with built in marketing campaigns, email tools, statistics and analytics, booking services, cross-marketing materials, and access to an extremely broad international market of potential clients.
The Escape Token ICO
The Escape Token platform will operate on eponymous “Escape Tokens”, which serve a primary function as a method of payment for quest content and experiences. Escape Tokens can also be used in a similar manner to reward points, however.
Escape Token offers a fairly complex model for discounting VR experiences based on the loyalty point functionality of their tokens, which appears to primarily geared towards motivating quest experience customers to retain their Escape Tokens or purchase them in advance.
Partners of the Escape Token platform will receive payments and bookings from the Escape Token aggregator in USD, not tokens, but are only provided with a 30% fee of the total booking price.
The Escape Token ICO is due to start in the latter half of January 2017, but there are to date no details regarding the total amount of Escape Tokens that will be generated during the event. Each Escape Token also possesses a high price, at $10 USD per token.
50% of the total undisclosed amount of Escape Tokens that will be created will be available during the initial coin offering, with the funds from their sale directed toward the development and launch of the Escape Token aggregator, the development of the Escape Token VR platform, and marketing.
20% of the total amount of Escape Tokens is reserved for the development team, which is fairly high for a smaller scale ICO, and is a potential red flag. A further 20% is reserved for player rewards, with a final 10% reserved for promotional programs and additional player incentives.
Escape Token ICO Conclusion
The Escape Token ICO ticks all the right boxes required of a professional, transparent, and well-presented initial coin offering. In the case of Escape Token, however, we’re not sure whether the potential market size that the ICO targets is large enough to sustain a centralized method of booking escape experiences, which are a relatively niche activity.
If you’re interested in the future of VR escape or quest experiences, however, the Escape Token ICO could be worth investing in.