A company that has made its bones on animated intellectual property is partnering with a leader in conceptualized NFTs to offer a very unique collectible ecosystem for this newly emerging market.
Non-fungible tokens or NFTs represent a major new force in fintech, around the blockchain ecosystem. Just as blockchain immutable ledger technologies can support verification for decentralized coins, they can also help to administrate verified ownership of tokenized assets. Eventually, someone came up with the idea of tokenizing works of digital art, and the NFT was born. Now Terra Virtua and Haskmasks are providing a vanguard operation illustrating how these assets can work practically, with a chain of price verification and identifiable value.
A Vanguard VR and Augmented Reality Company
Terra Virtua, launched in Staines, England by Jawad Ashraf and Greg Bracey as a VR/AR play, is the purveyor of robot characters called vFlects, 3D animated designs that interact in an online environment. This visual context is part of what is drawing investor attention to this particular corner of the NFT market as more artists come out with digital wares, following the prominent sale of Beeple’s “Everydays” for $69 million at Christie’s.
Terra Virtua’s founders have evolved generations of these iconic digital entities, these vFlects, and are now equipping them with “Hashmasks” made by an artist collective of the same name in the Swiss Silicon Valley of Zug, a community that has garnered its own headlines for pioneering tech projects in away that rivals the American Silicon Valley.
The Hashmask Community
Hashmasks involves over 70 artists, and 16,000 items available in a digital marketplace.
So for a brand new NFT initiative, Terra Virtua’s vFlects will be paired with Hashmasks that they will be visually wearing, and interested parties can get detailed spreadsheets on rarity and price information.
Transparency in NFTs
That kind of visibility, planners hope, will be valuable in an environment where NFTs frequently have relatively little identifying information. In other words, some of the most prominent criticism of the NFT market is that if the NFT only consists of a dynamic URL or pointer, that digital asset could theoretically be lost.
Not so with the Terra Virtua/Hashmasks partnership, where the asset ownership consists of owning a specific character and mask, which could not be easily duplicated. The owner owns more than just a digital right – there’s a “face” to pin the asset on, practically speaking.
In this initiative, Terra Virtua builds on its current ecosystem with its Fancave and TerraDome features and more for fans of digital collectibles to explore. Based on the concept that “Everyone is a Fan of Something,” the Terra Virtua ecosystem represents the principle of transparency and access for digital assets, recognizing the rights of buyers to have a direct view of the market context of their collectibles, and promoting better real interactions between artists and consumers. Look for more as this project gets underway, and the NFT market continues to rapidly evolve, under the scrutiny of the general fintech community.