Menu
article

oenpay launched the ‚Virtual Design Challenge‘

07.08.2023

The Metaverse and Web3 are emerging concepts that create virtual worlds and will revolutionize the ways in which we use the Internet and interact with each other online. Launching the ‚Virtual Design Challenge‘, oenpay aims  to seize the potential virtual reality holds for payments.

Virtual Reality unlocks new opportunities for business and society

Virtual Reality (VR) refers to a computer-generated, immersive reality. The applications of VR enable new forms of collaboration in which people can interact and work together no matter where they are. While these virtual spaces and worlds are already being put to use in some industries (e.g. in companies, education, entertainment), they hold the potential to support economy and society in all aspects of life.

VR is often associated with the terms ‚Metaverse‘ and ‚Web3‘. The Metaverse refers to an augmented virtual reality in which the digital and physical worlds merge. In this immersive and interactive environment, users can act as avatars and communicate with each other in real time. Web3, also known as the next, decentralized development stage of the web, among other things, is based on distributed ledger technology (DLT) and enables the tokenization of real and virtual assets. It enables the creation and interaction with digital content, services and assets in a decentralized and transparent way.

‚Virtually immersive worlds are a relatively new concept which accelerates innovation. Yet, Virtual Reality holds far more potential than we can currently grasp‘, says oenpay Managing Director Franz Deim, ‚We believe that these technologies will play a vital role in the future if we develop new solutions together to fully seize the advantages of the virtual space.‘

oenpay considers these technologies a vital asset in driving innovation in payments. Hence, the innovation initiative will investigate and develop further new solutions in the virtual space in the scope of various projects.

‚Metaverse‘ for payments

In the scope of the hackathon ‚Virtual Design Challenge‘, oenpay is searching for innovative design concepts of a virtual space. In doing so, the innovation initiative aims to seize the potential of VR for itself and partner companies and to make new applications a virtual experience.

oenpay is particularly interested in researching new payment solutions that can be used to process digital transactions in virtual space securely and easily. A virtual space is intended to support this mission by providing a modular structure and versatile functions. The design should be futuristic, correspond to the brand image of oenpay and visualize the topic ‚payments‘ in an innovative way. The concept must have a modular structure so that the virtual space can be flexibly expanded.

‚Building our own virtual space, we see a great opportunity to shape the way we pay virtually in these immersive worlds‘, says oenpay Managing Director Bernhard Krick. ‚However, we can only achieve this by constantly monitoring and testing new payment functions and ideas and by making them virtually accessible and tangible to our community.‘

The best idea will be awarded prize money of EUR 2,000. In addition, the most innovative ideas will then be analyzed, elaborated and maybe even implemented together with oenpay.

To the Challenge

More Articles

Menu