Octi Expands Into Web3 With Augmented Reality Social Network Ultraviolet
Disclaimer: The text below is a press release that was not written by Cryptotelegraph.com.
Octi began as an AR-focused social app where users could utilize augmented reality to collect and create content with digital collectibles and earn in-app tokens.
Now, Octi is set to launch their newest web3 social network, Ultraviolet, which will make owning, earning, and creating on the blockchain simple and fun for anyone.
Justin Fuisz, the Co-Founder and CEO of Ultraviolet, took developing and creating to the next level by evolving Octi, an AR-focused app, into Ultraviolet, an all-in-one social web3 platform created by and for the community.
The app will revolutionize the way much of Gen Z thinks about NFTs by eliminating the roadblock of complicated buying processes and transaction fees.
In response to the new changes coming to the social marketplace, Fuisz describes exactly why this new app is going to revolutionize the way Gen Z thinks about NFTs. “We remove the barrier of entry for many new users interested in trading and buying NFTs,” said co-founder and CEO Justin Fuisz.
“It’s important that the future involves an accessible cross chain platform in a social marketplace made simple enough for anyone to use. We want to take the value and utility and make it available for everyone.”
The startup’s core product began with Octi debuting at #1 on the iOS App Store while still in beta. Octi season 1 beta amassed over 350,000 users who participated through in-app trading, collecting, and creating to earn both physical and digital items.
Now, Octi plans to release Ultraviolet as the stepping stone into web3 for a larger audience. NFTs will act as a way to earn in-app currency and exclusive items which can be swapped for their upcoming token.
Over the last year, the popularity and utility of NFT projects have skyrocketed with the success of projects like RTFKT x Nike, Bored Ape Yacht Club, Adidas, and more.
Ultraviolet has already collaborated with hundreds of digital artists and small businesses whose art-turned-NFTs will be featured on the platform daily to millions of users.
Works from artists and independent creators, made into NFTs will have future use and utility in the app as well as the ability to be exported to external wallets. Users will also be able to turn their real life items into life-like 3D models.
By simply using the camera on their smartphone to scan a physical item in the real world, a 3D NFT will be rendered of the item to Ultraviolet and will allow the creator to sell, fractionalize, and create using their new NFT.
Ultraviolet’s advisors and investors include web3 specialists like Benny Giang (ex-Dapper Labs and CryptoKitties), Kevin Lin (co-founder of Twitch), Shiva Rajarman (Vice President of Product at OpenSea), and Tom Conrad (ex-Vice President of Product at Snapchat).
In addition to these investors, Octi has USD 18.6M investment backing from investors like Live Nation, I2BF Global Ventures, and Shasta Ventures.
Ultraviolet notes they have been building an all star team to ensure the best delivery of their product in anticipation of the public beta set to launch late 2022.
Ultraviolet plans to release their very own collector’s pass NFT on the Ethereum network before public beta release. The beta will allow members of the community who own the NFT to earn additional rewards in app, receive exclusive NFTs by 500+ unique artists, receive royalties, and have early access to their upcoming P2E beta.
Users can swap their in-app rewards and currency for Ultraviolet’s upcoming governance and utility token, which is set to be released and traded on major exchanges.
Octi is working with partners like Immutable X to make Ultraviolet as efficient and innovative as possible. Ultraviolet’s marketplace will reduce transaction costs and transfer fees by using an L2 version of Ethereum, built with the team at Immutable X.
When asked about current market conditions, Justin responded “I don’t believe temporary market conditions matter. I believe builders of real projects and communities will continue to prosper so long as people see value in what’s being created. We believe in web3 and the change in creating value for everyone involved, not just the team.”
“We’ve been building Octi and Ultraviolet for years now and are excited to share what we’ve been working so hard on. Our vision is to build a more accessible and efficient future where our community can earn by helping mold the future at Ultraviolet.
We’ve worked extensively on a way to integrate new tech with web3. It’s extremely exciting because nobody has done what we’re doing and we’re proud to share our product with the world” says Fuisz.
Ultraviolet is hosting an early sign up for beta access at Ultraviolet.world for users wanting to experience the app in early beta.
You can view Ultraviolet’s Twitter here where you can find more information and updates regarding the project.