What is Virtual (VIRTUAL)?

The Web3 world is growing day by day and new projects continue to take their place in it. One of these projects is Virtual, a platform based on digital identity, social networks and metaverse. If you are asking "What is Virtual?" or "What is Virtual coin?", we can actually say this simply: Virtual is a Web3 protocol where users can create their digital identities, store them securely with blockchain technology and interact in the metaverse and social media world. Sounds exciting, right? The project creates a space where you can control your digital identities and interact with artificial intelligence agents. In this guide, we will examine in detail what Virtual offers, how it works and why it has attracted so much attention.

Definition and Emergence of Virtual

Virtual can be defined as a Web3 protocol focused on digital identity, social networks and metaverse. It is essentially a decentralized platform that allows users to develop, own and generate income from artificial intelligence-supported agents (AI agents). This project, also known as the Virtuals Protocol, was launched in 2024 on the Ethereum network's Layer-2 solution, Base. In this way, all interactions and content on the platform are transparently recorded on the blockchain and users have full ownership of their data. In other words, the Virtual project aims to provide a decentralized social network infrastructure and a Web3 social media project and experience based on user control instead of traditional social platforms in the Web2 world. In addition, the protocol positions artificial intelligence agents as digital characters that can be integrated into different platforms such as games, Virtual metaverse environments and social media applications.

 

The Virtual project emerged with the vision of establishing a Web3-based social interaction infrastructure. The protocol can be defined as a new generation social platform where users can store their data on the blockchain instead of central servers and have full control over their own digital identity and content. In this platform, traditional social network elements are combined with artificial intelligence technologies to offer a richer interaction experience. Virtual introduced itself with whitepapers and community announcements published in 2023, creating a core crypto community. Then, in 2024, the first version of the platform and the VIRTUAL token were officially launched. Virtual preferred the Base blockchain as its blockchain. In particular, it attracted attention from the very beginning with its decentralized data storage and ownership model. In the architecture of the project, all content and contributions produced by users and artificial intelligence agents are archived in a special on-chain storage called the Immutable Contribution Vault (ICV). In this way, all past interactions are recorded in an unchangeable manner and data ownership remains with the user. The Virtual protocol has a technically innovative three-layer architecture. The first layer is the smart contract wallet called ICV, the second layer defines each Virtual agent as an NFT-based account in the ERC-6551 standard, and the third layer contains modules that provide the core capabilities of the agents such as cognitive, visual and audio. This structure gives each AI agent its own digital identity, and the content produced by the agents and their earnings become traceable. Virtual's philosophy of emergence can be summarized as "transferring the power of users from Web2 to Web3". The project team aims to build an ecosystem where users are partners and managed instead of traditional centralized platforms. In line with this vision, an environment was created where everyone can create their own AI-supported crypto assets without the need for technical knowledge by bringing together AI and blockchain technologies. The key features of the project include the fact that there is no need to know coding to create a new agent in the Virtual protocol, that these agents can be opened to common ownership thanks to tokenization, and that the income obtained is shared transparently. Within the platform, VIRTUAL acts as an interaction and transaction fee (spent when interacting with agents), while on the other hand it is used as a rewarding tool. For example, Virtuals Protocol users are rewarded with points for sharing or contributing to the project on social media. Users can earn points for their posts by connecting their X (Twitter) accounts to their Virtuals accounts. These points are a social DeFi mechanism that encourages community participation, and there are signs that they could turn into rewards such as token airdrops in the future. In addition, VIRTUAL token holders can lock their tokens and convert them into voting tokens called VIRTUAL. In this way, they both earn daily contribution points and have a say in the management of the platform.

Virtual’s History: Major Milestones

The development of the Virtual project is one of the most interesting success stories in the crypto world in recent times. Here are the major milestones in the history of Virtual Protocol:

• 2023: The project’s conceptual design and preparations took shape this year. The Virtuals team made their first appearance by sharing their whitepaper with the community. An early community building and project introduction process was carried out throughout 2023. During this period, the project positioned itself as a social platform combining AI and blockchain, and entered the agenda of crypto enthusiasts. In December 2023, the Virtual project began taking steps to transition to its own economic model, such as repurchasing old tokens and distributing new VIRTUAL tokens (PIP-10 plan) – announcements were made that this process was carried out with the approval of the community.
• October 2024: The official launch of the Virtuals Protocol took place. The platform was launched on the Base network on October 16, 2024, and the VIRTUAL token was launched on the same day. With a starting price of around $0.10, VIRTUAL coin began to gain value through rapid adoption. In the last quarter of 2024, the VIRTUAL token was listed on a number of leading crypto exchanges. For example, VIRTUAL trading was opened on major exchanges such as Bybit and Binance. In particular, in December 2024, Binance launched futures contracts for VIRTUAL, providing significant liquidity and visibility to the project. Thanks to these developments, the project reached a wide audience in just a few months.
• December 2024: Virtuals Protocol reached “unicorn” status by exceeding $1 billion in market value. By the end of 2024, AI agents and their tokens on the platform became a trend in the crypto ecosystem. For example, the AI ​​agent token called AIXBT, which was launched in November 2024, reached a high market value of $168 million as an experimental project that analyzes crypto discussions on social media and provides market insights. Thanks to the fun digital avatar of this agent token (a purple Pepe frog image), a meme coin culture has also emerged within the Virtuals community. Virtuals Protocol has managed to attract a wide range of users by blending serious AI innovation with internet meme culture.
• 2025 and beyond: As of 2025, the Virtual project continues its evolution in line with its core goals. Metaverse collaborations and digital identity integrations have an important place in the protocol's development roadmap. The Virtuals team has initiated initiatives for AI agents to be integrated into popular metaverse platforms as avatars and to work in harmony with different digital identity protocols. For example, it is aimed that Virtual agents can be easily used in games, virtual worlds and other applications with “plug-and-play” APIs. In addition, the process of gradually transferring project management to the community has accelerated in 2025. As part of the transition to the DAO structure, governance modules that grant voting rights to VIRTUAL token holders have been activated (veVIRTUAL staking system). Community members have begun voting on proposals for the future of the protocol and have a say in project decisions. In 2025 and beyond, the Virtual project is moving towards becoming a fully community-driven ecosystem, while also planning to implement advanced use cases consisting of multiple AI agents, such as an “autonomous media agency” and an “autonomous hedge fund.”

Why is Virtual Valuable?

There are several elements that make the Virtual (VIRTUAL) project unique. Virtual offers many advantages over existing platforms in terms of both its technical infrastructure and the user experience it offers:

• User-Centric Web3 Social Media Infrastructure: Unlike traditional social networks, Virtual offers a decentralized social platform where users take control. The content and data produced on the platform do not belong to a single company, but to the user who creates the content. In this way, the decentralized social network concept is implemented and users become the owners of their own data. In particular, in Web2, while large platforms monopolize user data, the Virtual protocol aims to give data ownership back to users with blockchain.
• Digital Identity and Avatar Integration: In the Virtual protocol, each user and each artificial intelligence agent are represented as a digital identity element. For example, the AI ​​agents on the platform are actually digital characters with certain personality traits, and these can be used in an integrated manner in games, metaverse worlds, social media, and websites. This makes Virtual a digital identity protocol. Thus, users can create their own AI avatars or digital assistants and represent them in different environments. At the same time, users can integrate their wallets and social accounts to strengthen their Web3 identity, allowing them to manage their online presence without relying on a single central authority.

• Decentralized Data Storage: Virtual permanently records all contributions and transactions thanks to the ICV (Immutable Contribution Vault) in its technical infrastructure. This immutable ledger allows the efforts of content producers, AI agent developers, and other contributors on the platform to be tracked. For example, the contribution of a developer who adds a new capability or dataset to an AI agent is stored in the ICV and can later be referenced when the revenue is shared fairly or when credit is given. Thus, the Virtual ecosystem has a transparent and fair contribution model. This architecture also increases the scalability and security of the platform, because the content is kept in a distributed ledger and is resistant to censorship.
• The Role of the VIRTUAL Token in Reward and Governance: VIRTUAL, the native token in the Virtual ecosystem, has a critical value in terms of both user incentives and governance. The platform offers a kind of social DeFi experience by combining social interaction with financial incentives. For example, users who produce content or share about the project on social media are supported with points and potentially token rewards. This is a model that rewards active participation and contributes to the growth of the ecosystem. On the other hand, the VIRTUAL token is also an important tool in project management. Token holders gain voting rights by locking their assets and have a direct say in decisions about the future of the protocol. Thus, Virtual allows its users to act as shareholders of the platform as a governance token. This ensures that the project becomes sustainable and adopted by the community in the long term.
• Avatar and Metaverse Integrations: The Virtual project is also closely related to the rising trend of our age, the metaverse. AI agents created on the platform can be integrated into various virtual worlds as avatars or digital assistants. For example, it is possible to use a Virtual agent as an NPC (non-player character) in a game or to assign it as a moderator in a virtual meeting. It is currently stated that some Virtual agents can connect to applications such as TikTok, Roblox, Sandbox via APIs and produce content. In this way, the Virtual protocol works not only as a social network, but also as a metaverse infrastructure that bridges different platforms. Users can exist, generate income, and interact in multiple virtual worlds with a single digital identity. This adds great potential value to the project, as in the future, internet users will navigate multiple metaverses rather than a single universe, and the interoperable identity and existence model that Virtual provides will be extremely valuable.

Who is the Founder of Virtual?

The team behind Virtuals Protocol initially took a somewhat secretive stance. Rather than revealing the names of the team members, they preferred to adopt a project-oriented communication style and announce their achievements with community support. In fact, Virtuals' official documentation does not mention the names of the team members, but rather the areas in which they contribute and what kind of experience they have. For example, some of the core contributors work in fields such as software engineering and artificial intelligence research, and some even graduated from prestigious schools such as Imperial College London.

But on the other hand, Jansen Teng and Wee Kee Tiew are mentioned as the founders of Virtuals Protocol. These two launched the project in 2021 and have previously worked as consultants at large firms such as Boston Consulting Group. Jansen Teng has experience in artificial intelligence and biotechnology, while Wee Kee Tiew has expertise in fintech and private equity. In other words, these two names took things seriously when laying the foundations of the project, recognizing the opportunities between artificial intelligence and blockchain.

However, the management philosophy of the Virtual project is different from traditional projects. The aim here is to adopt a structure based on the DAO (Decentralized Autonomous Organization) principle, not just the team. In other words, although the team will initially establish the project, in the long term, control will be left entirely to the community. When looking at the VIRTUAL token distribution, it is seen that 35% of the total supply is allocated to the ecosystem treasury, and this treasury will be managed by a DAO multi-signature wallet. In other words, after the team has laid the foundations firmly, they plan to slowly transfer decision-making processes to the community. This is completely in line with Virtual’s vision of transitioning from Web2 to Web3: Users will not only be content consumers, but also stakeholders who direct the development of the platform.

Frequently Asked Questions (FAQ)

Below you can find frequently asked questions and answers about VIRTUAL:

• What is Virtual (VIRTUAL) coin?: Virtual coin is the native cryptocurrency of Virtuals Protocol, which runs on the Ethereum Layer-2 network Base. This token, abbreviated as VIRTUAL, is used as the governance and utility token of the platform. Virtual coin plays the role of the base currency in many areas, from users creating and operating artificial intelligence agents to transactions on the platform and governance processes such as voting. Its total supply is 1 billion units and it is listed on some of the largest crypto exchanges (e.g. Binance, Bybit). The value of Virtual coin is formed in parallel with the growth of the platform and the demand for agent tokens in the ecosystem.
• What does Virtual token do?: VIRTUAL token has a multifaceted function in the Virtuals Protocol ecosystem. First, it is the currency of intra-platform transactions. Users use VIRTUAL when trading agent tokens or launching a new AI agent. For example, when a user wants to launch a new AI agent, they lock a certain amount of VIRTUAL tokens to create a liquidity pool for that agent and issue a token for the agent. Secondly, the VIRTUAL token is at the core of the reward and incentive mechanisms. The platform uses the VIRTUAL economy to distribute points and rewards to its active participants (content creators, social media contributors, etc.); this token is also the basis for future airdrops and distributions. Thirdly, VIRTUAL is a governance token. Token holders can lock their assets for a certain period of time to gain voting rights (veVIRTUAL) and vote on proposed changes or innovations on the platform. In short, the VIRTUAL token is used for three main purposes: transactions, rewards, and governance.

• How does the Virtuals Protocol work?: The working logic of the Virtuals Protocol is based on users creating and collectively operating AI agents without any technical obstacles. The platform has a process called “Initial Agent Offering (IAO)”, which is the way to launch a new AI agent and its token. A user uses the platform interface to define and create their dream agent. This agent can be a chatbot, a game character, or a financial assistant, for example. When creating an agent, the user locks up some VIRTUAL tokens to create a liquidity pool for that agent’s token. Then, the agent-specific token (for example, if your agent is named Alice, the ALICE token) is released to the market and other users can also purchase this token and become co-owners of the agent. Once the agent is activated, it gains the ability to learn, plan, and execute tasks thanks to the artificial intelligence framework on the platform called G.A.M.E. (Generative Autonomous Multimodal Entities). The agent can earn income by providing services or performing tasks to users in the environments it is integrated into (for example, in a game or social media platform). This income is automatically recorded through smart contracts and shared among agent token holders. For example, if a Virtual agent performs paid tasks in a game and generates income, this income is distributed to the token holders of that agent. Since all these processes are managed on the blockchain and with pre-programmed rules, they are transparent and reliable.
• What is a Virtual digital identity?: In the Virtual project, digital identity refers to the identities of users and AI agents defined on the blockchain. This happens in a few different ways: First, each user who participates in the Virtuals Protocol creates a profile on the platform with a crypto wallet or email. This profile is part of the user's Web3 identity and can be compatible with decentralized identity standards (Decentralized ID) if they wish. Second, and more specifically, each AI agent is a digital identity element. In the Virtual protocol, agents are defined as NFTs using the ERC-6551 standard. In this way, each agent has its own "account" and asset; in other words, the agent's digital identity is represented by that NFT. For example, an AI agent with an avatar appearance that you create on the platform is both recognized in the Virtual ecosystem and can be moved to other platforms thanks to its NFT identity. Third, the concept of Virtual’s digital identity is reinforced by social media integrations: users can link their Web2 accounts, such as Twitter (X), to their Virtual profile, thus obtaining a verified social identity on-chain. This integration symbolizes the combination of Web2 and Web3 identities. For example, when you connect your X account, it is possible for your tweets to earn points with certain hashtags or for a verified badge to appear next to your profile. As a result, Virtual has established a digital identity protocol that allows users to create a blockchain-based profile and representation without revealing their real identity data. These digital identities offer a versatile use case, appearing as your avatars in metaverse environments, your characters in games, or your AI assistants on social platforms.
• How is the future of Virtual coin seen?: Virtual (VIRTUAL) coin attracted attention in the crypto community after achieving a rapid rise and reaching a large market value in late 2024. The innovative structure of the project (AI + Web3 combination) and community support, according to many experts, pave the way for a positive future for the VIRTUAL token. Since each new AI agent launched on Virtuals Protocol increases the demand for VIRTUAL tokens, the coin's economy can also strengthen as the ecosystem grows. In addition, the project's goals such as metaverse integrations, real-world applications, and a full transition to DAO governance in 2025 and beyond may keep interest in VIRTUAL coin alive in the long term. However, due to the volatile nature of cryptocurrency markets, it is not possible to say anything definitive about the future. Investor sentiment, the competitive environment, and general market conditions will affect VIRTUAL's value. What matters is the Virtual project's success in creating a solid community and usage area. If the platform continues to attract more users and create real use cases, the future of Virtual coin may be bright in parallel. However, as with every crypto asset, there are risks in Virtual coin, and potential investors are advised to do their own research.

Follow our JR Kripto Guide series to learn more about Virtual, which is pioneering digital identity and decentralized social media infrastructure in the Web3 world.