USD 2.5 million raised in a private funding round will be used to develop the first platform for a “mass market” of digital collectibles.
The digital collectables platform, Terra Virtua, announced on November 4 that it had completed a USD 2.5 million private financing round, attracting support from funds such as Woodstock, NGC Ventures and AU21 Capital.
The investment raised will be used to develop what the company describes as the first ecosystem for a “mass market” in non-fungible tokens, or NFT.
In addition to being a market for proven rare digital collectables, the platform has a strong focus on the social side of the fan world. As such, it offers a number of customisable virtual spaces where users can showcase their digital collections in the form of NFT, including in-game items, artwork, movies, music and sports memorabilia.
Terra Virtua is also supported by partners such as Paramount Pictures, Legendary Entertainment and Unreal Engine, and has already signed intellectual property, or IP, agreements for films such as Top Gun, Lost in Space and The Godfather.
While the possibilities offered by NFT have been gaining popularity in the crypto superstar scam space and especially in blockcha- based video game circles for some time now, they have not yet created a significant impact on the most important traditional markets.
However, consumers are now more comfortable with having digital goods, thanks in large part to the mp3 revolution in the music industry and the subsequent era of iTunes.
So could an ecosystem of digital collectables break into the $62 billion market for fan goods and products, drawing the Comi-Con audience to the blockchain party in the process? Terra Virtua founder Jawad Ashraf thinks so:
“Imagine exclusive merchandise from the Game of Thrones finale available only during the episode. If you could get exclusive merchandise from a team when a player hits a home run. Merchandise that is available at a concert during specific performances. Having action figures come to life… this is the kind of thing you will experience at Terra Virtua”.