Ready Player One is set in a dystopian future in which people live most of their lives in a practically limitless virtual reality environment called the OASIS. Its eccentric creator, upon his death, has hidden an easter egg within the OASIS and the first person to find it will be awarded complete ownership and control of the OASIS. 

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Directly inspired by the film's plot, the easter egg is located within the "O" in One and openings are placed throughout the wordmark to create a functioning maze. The red and blue were selected to stand for the two main characters' avatar colors. 

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The logo was parodied in a segment on The Daily Show. The maze no longer functions with the changing of that last word, but maybe that makes the joke even better.