Subscription-based virtual reality platform Terra Virtua launching this September

Industry veterans team up to create blockchain-powered 'Netflix for VR', cryptocurrency token sale to follow

A new virtual reality marketplace will go live later this year, allowing users to pay a monthly fee for full access to all virtual and augmented reality content.

Terra Virtua is pitched as a 'Netflix for VR' allowing both Oculus and Rift owners to enjoy a growing library of games and other VR experiences, with CEO Gary Bracey telling there are plans to include mobile and possibly console (i.e. PlayStation VR) in future.

Bracey is just one of several games industry veterans behind the new platform. He is joined by: CTO Kish Hirani, formerly head of developer services at PlayStation; COO Doug Dyer, founder of Warner Bros and THQ's mobile divisions; blockchain advisor Sergiy Khandogin; and former Electronic Arts exec Keith Ramsdale.

Terra Virtua is scheduled to launch in September, along with a developer incubator to help support more studios making VR content. In addition to the monthly subscription, the platform will also be able to offer pay-per-view options for special events.

A mixed reality companion app will launch for mobile devices a month later, with a virtual assistant enabling subscribers to browse the content on the marketplace.

Ahead of launch, the firm will be running an Initial Coin Offering to sell its Terra Virtua Tokens (TVT) cryptocurrency, which can be used to buy in-game items, skins and more when the platform goes live.

Terra Virtua sells the cryptocurrency will also enable develoeprs to "sell games, events and services, as well as own a dedicated zone within Terra Virtua". The ICO kicks off next month, with pre-sales opening on March 26th.

"I have been involved in producing and developing video games for over 35 years and the industry has been talking about VR for 25 of those years," said Bracey. "In all that time, nobody has cracked VR with a mainstream product.

"This is partly because the hardware has historically been difficult to set up, but mostly because the experience isn't as good as regular 2D games. The gameplay is not as varied, it's not as easy to play with your friends and it doesn't offer enough to come back for more. We are going to change this with Terra Virtua, by offering an entirely new type of entertainment platform."

The Terra Virtua team actually formed back in 2016 and has quietly been working on the prototype version of the portal, which will soon be offered to developers for testing.

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