Terra Virtua – The Mega Metaverse
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A Brief History of Collectables
Collectables were first manufactured to be included as incentives with products like cigarette cards, cereal box prizes, unique & rare game cards and much more. Manufacturers and retailers have used collectables as prizes(generally free of cost), and premium items that could be claimed using a coupon or a proof-of-purchase.
For ages, people have had a passion to complete collections and own something linked to a brand,movie or game. It is fairly common that if someone has travelled to any place, they would want to take back a souvenir or a local item as a collectible, reminding them of that trip.
But, if you look at collectables as investments, due to their uniqueness and limited supply, they can be used as a hedge against inflation. The prices of ‘Limited Edition’ watches or goods, has been exorbitant and a collectible, as it gets more scarce(due to loss,damage or destruction), becomes more valuable. Looking at the Time’s list of Top 10 Most Expensive Auction Items one can see how collectables attract value.
NFTs – the Future of Digital Collectibles
In the gaming industry, digital items were already commonplace – Fortnite, a really popular game, has made more than $50 million from just one single-set of NFL-branded skins. People spend a lot on micropayments to buy limited edition weaponry or in-game accessories.
Even though these items are non-fungible, using them outside the game or selling them is not an option. So, even when you have paid for the items, the game’s publisher has full control over the asset and its distribution.
Here come NFTs, allowing developers to put these digital assets onto blockchain, effectively handing over the ownership and management to the user. Developers, when creating an NFT can also code some information that makes the object unique, rare and hence more desirable and valuable.
What is Terra Virtua?
Founded in 2016 by Gary Bracey(CEO) and Jawad Ashraf(CTO), Terra Virtua was launched in 2018 as an immersive digital collectible ecosystem. It provides a marketplace where fans can purchase unique digital artwork from the Terra Virtua art gallery.
Terra Virtua exists on multiple platforms – Desktop, AR/VR, and Mobile. So, you can buy an NFT, hold it as an investment, share it on mobile, add it to social media and show it off in the digital world.
The Terra Virtua platform provides its users multiple options to interact with their collectables.
- An AR mobile-app, allows user to interact with their animated NFT and share photos & videos on social media channels
- A 3D ‘Fan-Cave’(Desktop only),is where a user can customize the room and display his collectables however he likes. And, it goes a step further allowing users to invite friends, who can then interact with the environment and items within
- An AR version of the Fan-Cave, enables a deeply-immersive hub for you and your friends to interact with your collectables
“Sharing and expressing yourself is what Terra Virtua is all about. We want people to be able to connect to films, music, sports brands, art, shows, personalities and more in new and interesting ways. The platform that we have built is not just about collecting digital items. It’s about trading, sharing, curating and experiencing”
Terrav Virtua has collaborated with the biggest brands in the world of entertainment including Top Gun, Lost in Space, The GodFather and the most recent Godzilla vs. Kong(more on this below).
Note – The data analysis shared below has been done using the Covalent API.
TerraVirtua’s NFTs interact with the ethereum blockchain using the TVNFT contract.
Using the Get Token holders as of a Block height API endpoint, we can have a look at the TVNFT holders. It is interesting to see that around 70% of the NFTs minted are still unsold on the platform.
Look at this bubble chart below-
But, let’s remove this address containing the unsold NFTs, and look at the other addresses and their holdings.
It is interesting to note that 25% of all NFTs sold are held by just 8 addresses, and if you dive deeper, you can see that 20% NFTs are held by just 5 addresses.
Interestingly, when we explore the ERC-721 token holdings for these 5 addresses, we see that 2 out of these 5 addresses hold only TVK NFTs and no other ERC-721 token(the other 3 address huge collection of NFTs purchased from other platforms)
Using the Get Transactions API endpoint, we can analyze the gas spent by the TVNFT contract while pushing transactions onto the network.
We see that for a total of 7922 transactions recorded from 2020-05-14 to 2021-05-09, a total of $1.06M worth Gas has been spent, averaging $134.4 per transaction.
The Maximum gas consumed viz $4620.641** was notably on 15th March, 2021, and the transaction volume for this contract also peaked on the same day. What is so special about this day then? Well, this the day when the Terra Virtua platform listed the Godzilla vs. Kong NFTs(their most popular event to date)
**This gas was used by the platform contract for minting the NFTs.
Now let’s take a look at the Tokenomics of Terra Virtua Kolect(TVK), the native token for Terra Virtua platform.
The Kolect token provides the following use cases to its holders –
- Staking – One can stake the TVK token to join the exclusive Terra Virtua Prestige Clubs and earn NFT airdrops, collectible rewards, previews, bonuses and extra features on the platform
- Farming – TVK can be used to farm exclusive, tradable NFTs which are not available anywhere else
A detailed article on Kolect mechanics is available on their medium blog introducing the Token.
Let’s have a look at the Tokenomics and sale structure for the TVK token-
How were the Tokens Distributed?
Approximately 37% went to investors. 7% were kept for business development opportunities, Primarily for licenses that can be secured by TVK tokens. 20% of total supply is kept as an ecosystem reserve, to incentivise users on the platform and 20% will be used for marketing. The rest went to the team and advisors.
Now, let’s have a quick look at the TVK token price and volume.
The token’s price data is available from the IEO open date using the Get Historical Prices by Ticker or Get Historical prices by address API endpoint.
The IEO began on 10th December, 2020 with a price of $0.0517. The token saw a minimum value of $0.0344, but quickly retraced to reach an all time high of $1.15 on 15th March, 2021. Interesting to note that this is the same date when Godzilla vs. Kong tokens were minted and listed for sale on the platform ahead of the movie’s release. The volume’s also peaked at ATH on the same day.
It is interesting to see so many projects building around NFTs with some platforms uniquely catering to a niche audience. So, if you have a rare action figure and — because there is only one in the world — you want to show that off or if you want to create a personalized museum of all your digital film memorabilia and have your friends visit it, you need to be on the Terra Virtua platform and take a look a look at the future of NFTs in Virtual and Augmented reality.
A quick note – On 26th May,2021, Terra Virtua is launching the world’s first NFT-only graphic novel – Bloodlines(by award-winning British artist Nick Percival). The novel will be released with a unique & new graphic novel reader app which will allow a collector to immerse themselves in the novel’s post-apocalyptic world, and engage with the exclusive content.