The investment raised will be used to develop what the company describes as its first non-exchangeable token (NFT).
Aside from being a marketplace for verifiable scarce digital collectibles, the platform has a heavy focus on the social aspect of the fan scene. As such, it provides a number of virtual, customizable spaces where users can view their digital combos of non-exchangeable tokens, including in-game items, artwork, movies, music, and sports memorabilia.
Terra Virtua is also backed by partners like Paramount Pictures, Legendary Entertainment, and Anneal Engine, and has already signed intellectual property (IP) deals, such as Top Gun, Lost in Space and The Godfather.
And while the potential of non-exchangeable tokens has been causing waves in cryptocurrencies and especially blockchain gaming circles for some time now, they haven’t created a major boost in the more popular markets.
However, consumers are now more comfortable with digital ownership of the items, thanks in large part to the MP3 revolution in the music industry and the iTunes era that followed.
Could a digital collectibles ecosystem disrupt the $ 62 billion fan and merchandise market, luring Comecon’s crowd to the blockchain party in the deal? Jawad Ashraf founder Terra Virtua definitely thinks so:
“Imagine that the final episode merchandise of an exclusive Game of Thrones series is only available during the episode. If you can have exclusive team merchandise when a player hits a shot. And merchandise that becomes available at a concert during specific shows. And having live 3D characters – these are the types.” Things to experience from Terra Virtua