What is old is new again. Created years ago to put artwork on the blockchain, Non-Fungible Tokens (NFTs) have found additional uses in the crypto sphere. DeFi projects like Bakery Swap have begun awarding them to users who lock-in liquidity and sites like Rarible offer a platform to sell artwork for crypto. But aside from the novelty of NFTs, there has not been a “killer app” to utilize these blockchain curiosities until Terra Virtua. Terra Virtua is building upon the NFT trend and creating something entirely new for cryptocurrencies and blockchain alike.
What is Terra Virtua?
At first glance, Terra Virtua is an NFT platform built to store and display digital collectibles. But calling it “just” an NFT platform is to miss the larger picture. Several components bring the operational Terra Virtua ecosystem to life.
At the heart of the Terra Virtua project are NFTs, digital images, or representations tied to the blockchain. But there are striking differences between what Terra Virtua is offering and the artwork currently floating around the blockchain space. Terra Virtua leverages licensed and original IPs to create animated 3D representations of characters, vehicles, and landscapes. The company had also created its own IP, digital characters called vFlects, which are the digital equivalent of Funko Pop figures, a company that has made a name for itself, creating collectibles for many IPs.
With their 3D NFT’s, Terra Virtua is addressing the multi-billion dollar collectibles market. For our use case, collectibles can be anything from action figures and statues to limited edition artwork. Those who acquire collectibles not only purchase them but enjoy displaying their models for themselves and others. Terra Virtua has taken this display concept to the virtual world with its Fancave, a digital space to showcase and share collectibles. Now figures can be placed next to each other, posters can adorn the walls, and furniture set as desired. In the future, these virtual action figures may interact with each other in pre-scripted scenes. This fits the current geek culture surprisingly well, as enthusiasts already create small scenes with favorite characters and physical collectibles.
The company has also just released the ‘Terradome’ – a huge space for much larger collectibles such as spaceships.
Terra Virtua has already negotiated a few popular intellectual properties, including the Godfather film franchise and Netflix’s Lost in Space. The team is actively pursuing additional IPs to build out its library further. If Funko is any indication of market size, there is no limit to the number of characters in books, TV, and film that could be added in the future. Funko Pop figures are often sought after at comic cons and media conventions, where limited editions can only be found at these specific events.
To make the Fancave and Terradome more immersive, they will be fully VR compatible. Users with a VR headset will be able to walk around, pick up, and interact with any collectibles. Virtual VR meetups, discussions, swapping or trading collectibles, and live VR auctions will all be new exciting possibilities In the age of COVID-19, this may be a solution to social distancing.
To gain access to the largest pools of liquidity and crypto, Terra Virtua operates on Ethereum. NFTs are stored on the website’s wallet or Metamask. Purchases are made with either ETH or through credit card. The team is acutely aware of the Ethereum network’s limitations and is pursuing Layer-2 solutions to help lower fees and speed up transactions.
Kolect (TVK) is the utility token for the Terra Virtua ecosystem. Holders of TVK will gain access to specific site functions, receive it for completing particular tasks like quests, and farm them for unique NFTs. Users will have the option to convert original 2D and 3D artwork into NFTs, which can then be sold or traded on the Terra Virtua market.
This is where Terra Virtua is exploring the DeFi space. NFTs can be utilized as a store of value, allowing their owners to use them as collateral for crypto loans. The farming of TVK will also be an option with specific NFTs offering boosts to APY or additional bonuses. Shortly, the Fancave may be as much an income-generating tool as it is a display room.
There is an enormous amount of information that cannot be covered in this primer. DeFi aspects, future plans, additional partnerships, and NFT swapping are all features that the platform can accomplish in its early state. Terra Virtua is a working platform, and its team is responsive and helpful. Are digital collectibles the future of NFTs? It may be too soon to tell, but Terra Virtua makes a compelling argument.
Website – https://terravirtua.io/
Discord – https://discord.com/invite/Pw7ffZe
Telegram – https://t.me/TerraVirtua
Twitter – https://twitter.com/terra_virtua
The Daily Chain
*Disclaimer – “Terra Virtua” is our Media Partner, and this content is made possible with their support. The above article does not represent financial, investment, or trading advice and we do not recommend the purchase of any cryptocurrency or product without consulting a financial aid. The Daily Chain strongly encourages you to do your own research before making any investment decisions.