Jimi Daodu has always been enterprising. Back at Babcock University, he had started an entertainment business that held school parties. After daodu completed his masters program in advanced computer science at the University of Bristol, he wanted to stay in the UK for a few years to work and recover his masters fees. At the time, Daodu recalled, the UK government allowed international students to apply for a post-study visa, which granted them a two-year stay in the UK. Daodu got the post-study visa, but things took a turn for the worse when he couldn’t find a job for months. Frustrated with his job search, Daodu considered booking a return ticket to Nigeria and returning to his shoe business.
He eventually got a job that supported him until he got another one that got him a visa and made him stay. For the past decade Daodu has worked in project management, hospitality, financial services and telecommunications in the UK.
Daodu was born in Lagos, Nigeria, and lived most of his years in this bustling city. He had studied computer science at Babcock University before heading to the UK for a master’s degree in advanced computer science at the University of Bristol.
In 2017, Daodu entered the crypto space, Ripple (XRP), Bitcoin (BTC) were all the rage, so he bought a few. He then came across some virtual land and saw it as an opportunity to diversify his digital assets and as a Nigerian used to the idea that land is the best investment, he bought some, even though he knew nothing about it. to virtual lands. He obtained 8 lands in virtual spaces: 2 lands in Decentralized and 6″ Space Somnium for $200 each.
The idea for what would become a blockchain-based metaverse company, Vault Hill, began to form last February when he received an e-mail informing him that there was an offer on his ground. He accepted the offer and sold land to Somnium Space for $10,000. He was amazed because he hadn’t gotten such a high return from the stocks and shares he had purchased.
He realized that the only reason the buyer paid so much was the value associated with the virtual land, so he realized there was a market there. When he shared his idea with his friends, they said, “Jimi, you came back with your ideas! But Daodu assured them, “That’s the one.”
In May 2021, Daodu started to start Vault Hill by selling some investments as well as land in Somnium Space, for amounts ranging from $9,000 to $12,000. To differentiate itself from other virtual spaces and metaverses, Vault Hill City (Vault Hill Metaverse) has four different islands and each island has 7 human-themed districts: Game, Romance, Curiosity, Community, Idealism, Vitality, and Imagination. “Each neighborhood is human-themed to ensure the metaverse is open to everyone. This space is endless; it’s hard to choose a target audience, so we want to create an ecosystem where everyone can Go in. Currently, the cost of land in a Vault Hill City neighborhood ranges between $2,000 and $2,600.
Daodu describing a metaverse, said, “The metaverse is a shared virtual space. It’s like Twitter, but from a playful perspective – using augmented reality and virtual reality. In a metaverse, you have to create a digital representation of yourself called an avatar, which allows you to navigate the digital world since you cannot enter the digital world with your physical body. Daodu’s definition of a metaverse entails a connection to blockchain, decentralized finance, and freedom from control by government or even individuals.
It is against this vision that Vault Hill is building through 3 phases and at the end of the third phase, Vault Hill is handed over to a Decentralized Autonomous Organization (DAO) – the community of token and land owners – which will be responsible for decision-making on its metaverse.
Vault Hill is building a Non-Fungible Token (NFT) marketplace to allow NFT artists to list their art on the metaverse and display it to potential buyers through a gaming experience. Vault Hill also encourages businesses to build buildings in their metaverse. The two lands purchased by Daodu on Decentraland were merged to build the Vault Hill sales office.
Vault Hill also partners with Ready player me to create avatars and incorporate digital wearables and limited edition accessories. It also partners with Nigerian brands such as Crivel Watches and looks like a good man for corporate and traditional clothing. “Also, we are currently working on avatar interoperability. That is, using one avatar across multiple metaverses instead of having to create one for Vault Hill and another for Decentraland,” Vault Hill said. Vault Hill Part also partners with Lingua54 use machine learning to translate avatar speech into different languages in real time.
As funding was a constant headache for the team, Vault Hills started talking to traditional venture capitalists to raise funds, but many of them didn’t understand what they were building. A senior colleague at the time said, “If you talk to VCs and they don’t understand what you’re building, you’re doing something right.”
To meet its funding needs, Vault Hill has created a token called the HCV Token, which is currently going for $0.003697 on the coin market cap, at the time of writing. With it, Vault Hill raised $2.1 million in pre-seed and private equity rounds, selling 25% of its total token supply of 340 million. The majority of the fund will go to product development and hiring, Daodu said.
Majority holders of the VHC token or majority landowners in the town of Vault Hill will have voting rights in the DAO. The VHC token will serve as a medium for a transaction within the metaverse, give majority token holders voting power in Vault Hill’s proposed DAO, and reward content creators when they sell or gain traction for their works of art. art and their content.
Daodu talks about the challenges of starting a metaverse business: “There is no book on how to start a metaverse, so there is nothing like what a good business looks like.” But one challenge stands out: attracting talent. “You need a crowd of developers – extended reality developers, a mix of augmented and virtual reality developers, blockchain developers, full-stack developers, etc., but because it’s about emerging technology and these skills are not yet taught in most traditional schools, they can be hard to come by.
But Daodu is optimistic, especially about the rise in VR adoption in recent years, which he says is both the cost and cost effect of the technology. “As adoption increases, the cost of the technology always goes down. The Oculus Quest is $300, would that hit $50-$100 at some point? Absoutely. People already spend $1,000 on an iPhone every year. »
Daodu noted that Vault Hill does not build an escape platform, but intentionally thinks about how humans do things in the real world, and then creates a way to increase it virtually, with the ultimate goal of fostering human interaction. For example, in his Vitality district, it will work with physiotherapists to help people with mental health issues and create an augmented reality (AR) consultation service for London Bridge Sports Medicine, which will allow patients who physically cannot come for a hospital consultation to obtain consultation services through augmented reality.
The first preview of Vault Hill City will be available by the second quarter of 2022 and by the end of the year it will be fully operational. “Users will be able to design their own unique experiences, explore their fantasies, and also enjoy the activities they do in the physical world, such as interacting with other users, attending events, playing games, organizing arts, making exercise, host shows, visit a library, build a music studio, and more,” Vault Hill said. “Users will be able to access the Metaverse using a virtual reality headset to a totally immersive experience, but they will also be able to explore the metaverse via laptops.