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HO CHI MINH CITY, Vietnam, March 24, 2021 /PRNewswire/ — Vietnam based RedFOX Labs Joint Stock Company (‘RedFOX‘) will create a global first in decentralized finance (DeFi) with the launch of its very own virtual space, the name to be revealed over the upcoming weeks. The virtual space will have a yield farm and a first for the RFOX token: a convert and burn mechanism.
The Virtual Space – Introduction
The metaverse will be a complete immersive discovery and retail experience that offers both digital items, including those issued through blockchain smart contracts and Non Fungible Tokens (NFTs), as well as physical items through individual store sales.
The metaverse will encompass 120 shops, of which RedFOX Labs will retain 3 (three) shops per quarter and may decide to use these as showrooms for their ventures or to rent to vendors. A reserve of 2 (two) per quarter will be for major international brands to drive traffic, and is divided into five sections: a ‘Central Hub’, to showcase events, concerts and asset purchases and four quarters consisting of Music, Art, Gaming and a fourth quarter for flexible categories.
Following the recent RedFOX Labs announcements, including the acquisition of digital media companies with a ready list of blue-chip advertisers such as Samsung, Huawei, UNILEVER, Viber, Lenovo and the launch of the NFT marketplace, RedFOX Labs’ Virtual Space will have e-commerce giants chomping at the bit to purchase shopfronts, retail land and advertising space.
Shops and assets in the virtual space will be available for purchase with the RFOX token, including the shop sale, which is an auction that only accepts RFOX, creating further value for the token and transaction volume.
The Virtual Space can also be replicated for specific local markets in the Philippines, Indonesia, Malaysia, Vietnam and other Southeast Asian countries. In the future, each new localized offerings will offer both digital and physical purchases and further rewards for token holders.
New value creation: the VFOX token and yield farming
The second part of the Virtual Space metaverse will be the creation of the new token, VFOX, which will be created through a yield farm on Binance Smart Chain (BSC). VFOX holders will receive a split of 1% of all transactions in the Virtual Space including plot auctions, asset sales, rent and advertising revenue.
VFOX can be purchased on apps such as pancake swap or yielded by locking it against an equal value of RFOX. The total number of tokens is set at 21million, pre-minted, and limited to five months of yielding. These will be issued at a set amount each week and divided amongst the liquidity providers based on their percentage of the pool. Staking will be available for both RFOX and VFOX after two weeks of commencement of the yield farm.
RedFOX Labs will provide the initial liquidity of 2million VFOX and 1million RFOX and will lock this liquidity for the period of one year.
Creating a deflationary RFOX token: the burn mechanism
All VFOX earned from the initial liquidity pool provided by RedFOX Labs will be converted back to RFOX and burned. This will continue for the five-month yield period. There is no cap to how much RFOX will be burned.
Ben Fairbank, CEO, and Co-founder of RedFOX Labs, commented:
"The last two months of acquisitions and building out our revenue making assets across Southeast Asia has all been executed to leverage the exponential e-commerce opportunity through the Virtual Space."
"Our Virtual Space is fundamentally changing the way retail and e-commerce operates. We have created a space that leverages real world assets into a digital sphere that creates a hybrid e-commerce opportunity, incorporating revenue generating advertising, land sales, shop rents, NFTs and entertainment and culture."
"The value in the RFOX token will be truly underpinned by revenue generating assets both in the virtual and digital space. Every purchase comes through the RFOX token as the underlying transaction settlement layer. The utility of the RFOX token is exponential and with our burn mechanism, it is deflationary. We could end up burning up to 10% of RFOX tokens with all things being equal."
"Ultimately, we could be doing tens of millions of dollars worth of transactions each week through asset sales, advertising, auctions, and staking for the VFOX token. All of this coursing through the RFOX token."
"We are attracting mainstream international brands who want to advertise, use shopfronts and be part of future markets, and these will be revealed prior to launch."
"This is an incredible opportunity for first movers to get access to consumers in the virtual space."
"The access to art and music is also going to be a new front in taking on legacy infrastructure. With the $70m sale of Beeple’s digital art making international headlines and NFTs the new frontier in digital music with 3Lau’s recent album sale, in which he accumulated $11.3 million from an NFT auction – our Virtual Space will redefine and push the boundaries of online shopping as we know it."
"The creation of a new digital token with VFOX, which will create yield generating opportunities for RFOX holders is the final piece of the puzzle that will reward holders, owners and creators."
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About RedFOX Labs
RedFOX Labs is a venture builder based in Vietnam, that identifies and builds successful business models for the Southeast Asian markets. It is focused on unlocking the true market value of the Southeast Asian digital economy for high consumer demand services such as e-commerce, e-media, e-travel, and esports/gaming and focuses on adding value to the digital economy through the use of emerging technologies such as blockchain. As a company, its value is tradable through its native token ($RFOX).