IM Motors, the high-end intelligent pure electric vehicle brand backed by China’s largest automaker, SAIC, and e-commerce giant Alibaba, announces it will officially launch its Drive-to-Earn Reward Scheme, with Mileage Mining mode starting on Aug. 7, 2022, for IM Valley, a metaverse built for its car owners to earn digital “Stones” as they drive. It indicates the completion of IM Motors’ Customer Share Option Plan, or CSOP, an initiative to bring the power of data back to its owners with rewards and incentives in real life.
According to the reward scheme, IM car owners can use up to 6,800 Stones plus 10,000 Chinese yuan for an autonomous driving system featuring lidars, radars and OrinX chips for their vehicles.
Drive-to-earn in the metaverse
What IM Motors is building in its metaverse — aka IM Valley — tells a story: how driving could be innovative, interesting and rewarding.
IM Valley, the virtual place where IM owners can explore new driving experiences, is powered by advanced blockchain technologies.
Mileage Mining allows IM owners to drive to earn up to 210 million Stones or 70% of the total supply of 300 million available for mining.
Once launched, Stones will drop in batches every 10 minutes in this mode. The total supply will not increase but halve every four years. Each Stone drop will be “shared” among participating IM owners. The idea behind this is that the more they drive, the earlier they participate with more contribution in mileage, and the more chances they will have at winning more Stones.