Terra Virtua to create first mass-market NFT Ecosystem
Brands including The Godfather, Top Gun and Pacific Rim have already been signed with the project
Non-fungible tokens (NFTs) are a type of cryptographic token used in the industries of gaming, art and collectibles, among others. They differ from fungible cryptocurrencies like Bitcoin in that they are not mutually interchangeable as each token represents something unique in terms of value.
The interest in NFTs has been growing lately, with some heralding them as a new renaissance for art. Christie’s auctioned off ‘Block 21’ last month, an artwork and accompanying NFT digital portrait of Bitcoin inventor Satoshi Nakamoto, for a record $131,250. A week later, a DC Comics artist collaborated on a Batman NFT and broke the record again.
Now Terra Virtua is breaking new ground by moving from simply collecting to engaging users in an immersive experience. They announced yesterday that they had raised $2.5 million from leading funds including Woodstock, Hashed and Twin Apex Ventures. Brands such as Unreal, Legendary Entertainment and Paramount Pictures have also given their support to the project.
Terra Virtua aims to reinvent collecting and merchandising by bringing together Social, Gamification, 3D, AR and innovations in the NFT and DeFi spaces to allow collectors to engage with their fandom in exciting new ways.
CTO and Co-founder of Terra Virtua, Jawad Ashraf, explained “Imagine exclusive Game of Thrones finale merchandise available only during the episode. If you could grab exclusive team merchandise when a player hits a home run. Merchandise that becomes available at a concert during specific performances. Owning action figures that come to life — these are the types of things you will experience from Terra Virtua.”
The Terra Virtua marketplace, 3D Fancave and Terradome are live now, with a 3D art gallery being prepared for public launch. The team has already signed a number of brands including The Godfather, Top Gun, World War Z, Lost In Space and Pacific Rim.
Terra Virtua is also launching their own token, the Kolect (TVK), which will fuel the ecosystem. They have plans to roll out a loyalty scheme in which holding enough TVK unlocks benefits such as early access to and discounts on new releases and invitations to exclusive events. Users will also be able to stake their TVK to create their own NFTs using the Terra Forma toolset.
Terra Virtua CEO and Co-founder, Gary Bracey, commented, “Timing in any business is critical and we are finding ourselves in exactly the right time and sector to launch our token, the Kolect, which we feel will prove a key disruptor and driver for the future of Terra Virtua”.