Virtuals Protocol (VIRTUAL)

Use Cases of Virtuals Protocol

• Digital Identity: Virtuals Protocol helps users create and manage digital identities that can be used across different online platforms.
• NFT Creation and Management: It allows users to mint, buy, and sell unique digital items called NFTs (non-fungible tokens).
• Social Interaction: The protocol supports social features where users can connect, share, and interact using their digital identities.
• Decentralized Applications (dApps): Developers can build apps on Virtuals Protocol that use its identity and NFT features.
• Token Economy: Virtuals Protocol tokens are used for transactions, rewards, and governance within its ecosystem.

Pros

• Innovative AI Use Case: Virtuals Protocol focuses on AI agents, allowing users to create, co-own, and monetize AI-driven virtual assets.
• Cross-Chain Expansion: It operates on multiple blockchains like Base and Solana, increasing accessibility and interoperability.
• Community Engagement: Encourages active participation from developers, AI researchers, and users, fostering a strong ecosystem.
• Revenue Generation: AI agents generate continuous revenue from user interactions, shared among co-owners.
• Integration with Popular Exchanges: Listed on several major crypto exchanges, improving liquidity and ease of trading.
• Creative Freedom: Provides tools for creating and selling virtual art and AI agents, supporting innovation.

Cons

• Market Volatility: The value of the VIRTUAL token can fluctuate widely due to crypto market changes.
• Competitive Market: Faces strong competition from other AI and blockchain projects, making long-term adoption challenging.
• Recent Engagement Decline: Some reports note a drop in user activity and revenue at times.
• Speculative Nature: The token and platform can be influenced by hype and speculation.
• Technological Dependencies: Relies on blockchain and AI tech, which may have limitations in communication and collaboration.

These points highlight the main strengths and challenges of Virtuals Protocol.

Founders

Virtuals Protocol was founded by Jansen Teng and Wee Kee (Weekee Tiew) in 2014. They have backgrounds in biotechnology and business, and previously worked together at Boston Consulting Group in Kuala Lumpur, Malaysia.

Additional Founders Mentioned Elsewhere

Some sources mention other names like Prakash Somosundram, Colin Choo, Christopher Johnson, and Matthew, but the most consistent and verified founders are Jansen Teng and Wee Kee.

Location and Background

The company is based in Kuala Lumpur, Malaysia, and focuses on decentralized AI agents for gaming and entertainment.

Investors in Virtuals Protocol

Virtuals Protocol has attracted a mix of investors including venture capital firms and individual token holders. Some known investors and supporters include:

• Venture Capital Firms: Sfermion, Permanent Ventures, Stateless Ventures, Nim Network, and Solana Ventures have been linked to funding rounds.
• Individual Investors: Notable figures such as Anatoly Yakovenko and Raj Gokal have been associated with the project.
• Community Investors: On-chain data shows a large portion of the token supply is held by small investors (wallets under $1,000) and whale wallets, indicating a mix of retail and large holders.

The project raised about $16.6 million in an ICO round in late 2021, helping to fuel its development and growth. The token structure encourages participation from both creators and investors through tokenized AI agents.

Halal Status of Virtuals Protocol

• Yes, Virtuals Protocol is considered halal based on Islamic screening by experts.
• It meets criteria for halal investments as it is a tokenized digital asset without involvement in prohibited activities like interest (riba) or gambling (maysir).
• The project focuses on AI agents and decentralized synthetic asset trading, which aligns with ethical investment principles.