The Hyperverse App is a virtual reality ecosystem that is based on supported blockchains and in-platform executable smart contracts.
For instance, users can create experiences within the available Hyperverse planets using widgets on the official website, which offers steps for building Web3 software on Hyperspeed. How is this possible?
It works on a four-step procedure, viz.
- Explore and Connect Smart Modules
- Customize Web3
- Avail the Hyperverse community of your project
Also, there is a section for sharing opinions on viable modules.
Some of the supported blockchains are listed below.
Ethereum _ caters to an ETH community on the site, including thousands of app owners/users.
Flow _ caters to virtual products, gaming apps, and other projects working on similar heuristics to this description.
Metis _ offers DeFi security, an intuitive user environment, native storage, and an implied API linked to Ethereum.
Algorand _ offers proof of stake (POS) protocols running on an open-source blueprint.
The dev company is effectively detached from the VR and web3 projects on the platform. A PR site mentions that the Hyperverse monetizes smart contracts by creating auditable values for POS participants.
However, nothing proves that these projects are actually occurring on the Hyperverse App. Some promoters merely encourage people to expect ETH and Algorand integrations into the ecosystem.
Hyperverse App: About the Project
The app is a treacle of HyperFund’s virtual reality project, following the clampdown on the company. Also, Ryan Zhu founded HyperFund, which featured most of the use cases for Hyperverse VR before phasing to an app service. Some of the modified ideas are as follows.
The last two features are the monetization aspects. Like the current iteration, HyperFund similarly paid web3 developers via transaction fees.
Regardless, the execs could not deliver advertised services. Instead, they attempted to make away with digital assets worth millions of dollars. After much publicity, HyperFund owners were subpoenaed and eventually relinquished a hard drive that contains a chunk of digital investments in the failed project.
What about the CEO?
Here is the problem starts.
Apart from Ryan Zhu, none of the other proxies have any tangible connections to the company.
It isn’t the first time a DeFi investment, fraught with vagueness, is using dubbed execs to gain traction. However, Hyperverse App seems to be the entire focus all along for HyperFund.
Currently, neither a Hyperverse App nor an h.5 HyperFund metaverse is available. Both sites are essentially colorful sign-in slates, with lots of buzzwords in the descriptions. Here is a peek at some of the keywords:
And so on.
As per the Insurance aspect, multiple registrars confirm that the submitted smart modules are eligible for staking, automatically qualifying the developer for a pro-rata payment.
Moreover, the company provides a five percent (5%) commission on referrals via an MLM unilevel, subtly dubbed Hyperverse Membership 2.0.
Does a Hyperverse App exist, though? See the section below for details.
Possible Red Flags
Many PRs claim that the company has a Hyperverse App complete with all the advertised features and categories. However, nothing proves that these claims are true. Instead, the Official Login site alternates as a referral webpage and a membership sign-in portal, implying that Hyperverse is offering similar compensation grids as HyperFund.
Further, the financial aspect of HyperFund’s HyperFIN, including HyperCash, plummeted on every listing.
Can the company operate a virtual monetary system if it cannot build sustainable finance on publicly-available exchanges? Perhaps, a Hyperverse App may achieve that aim, but not while it runs on a structurally Ponzi blueprint.
For instance, payments are tied to transaction fees realized from executions on the user end, which in turn depends on a 5% of bonus-spurred recruitment to the site. So, the revenue is a one-directional scheme, with participants generating profits as downline accruals for smart contract developers, who depend solely on this revenue model. That’s an example of a Triangle Scheme, codified as composability.
Is it Legit?
The short answer is NO. Check the previous section for a detailed explanation.
Until the dev team publishes an audit and addresses these highlights, Hyperverse App is not legit.