The $2.5 million private funding round will be used to develop the first „mass market“ digital collectible platform.
The Terra Virtua digital collectible platform announced today, November 4, that it has completed a US$2.5 million private funding round, attracting support from funds such as Woodstock, NGC Ventures and AU21 Capital.
The investment raised will be used to further develop what the company describes as the first non-fungible „mass market“ token ecosystem, or NFT.
In addition to being a market for proven rare digital collectibles, the platform has a strong focus on the fandom scene of the Bitcoin Union. As such, it provides several customizable virtual spaces in which users can display their digital NFT collections, including game items, artwork, movies, music and sports items.
Terra Virtua is also supported by partners such as Paramount Pictures, Legendary Entertainment, and Unreal Engine, and has signed intellectual property or IP contracts such as Top Gun, Lost in Space, and The Godfather.
Although the possibilities of NFTs have been riding the wave of cryptomorphs and especially in blockchain game circles for some time, they have yet to make a significant impact in more conventional markets.
However, consumers are now more comfortable with the digital ownership of items, largely thanks to the mp3 revolution in the music industry and the iTunes era that followed it.
So, could an ecosystem of digital collectibles disrupt the $62 billion fandom and merchandising market, drawing the Comic-Con crowd to the blockchain party? The founder of Terra Virtua, Jawad Ashraf, certainly thinks so:
„Imagine a product of the Game of Thrones ending available only during the episode. If you could have exclusive collectibles from a team when a player makes a home run. A product that becomes available at a show during specific performances. Having action figures that come to life – these are the kinds of things you’ll experience on Terra Virtua“.