The digital collectibles market cap has continued to grow in 2020, from $200 million in 2019 to an estimated $350 million in 2020. The steep increase is happening in spite of the entire sector going through growing pains, mainly related to awareness about NFTs, operating costs, and convenient infrastructure.
The advancement of the implementations and underlying infrastructure will enable publishers to engage with their fanbase in new and creative ways. Once digital natives and savvy collectors will be able to meaningfully connect with art, movies, videogames, or other forms of expression at a whole new level, the multi-billion dollar potential of the NFT industry will be unleashed.
We are therefore happy to announce our collaboration with Terra Virtua. The digital collectibles platform will integrate with our mainnet and enable its users to add Elrond-based NFTs to their collection.
The multi-chain capabilities of Terra Virtua will complement Elrond’s interoperability to allow innovative scenarios such as NFTs moving between different chains, NFTs tethered to multiple chains at the same time or Elrond-specific items that encourage participants to engage with our blockchain in order to complete their collection.
“There are important asset classes whose value immediately increases once they become globally available and immediately transferrable. The tokenization of everything is going to be a megatrend that the entertainment business is already leading. We’re happy to join forces with Terra Virtua and significantly expand the NFT space” said Beniamin Mincu, Elrond CEO.
Terra Virtua is a digital collectibles ecosystem that allows people to own, use, buy & sell non-fungible assets. The company has a strategic focus on the entertainment industry, where it already established collaborations with Paramount Pictures, Legendary Entertainment, Unreal and Unity.
“Elrond’s “smart accounts” are unique in the blockchain space and allow tokens to be attached to an account, instead of being assigned to them in a separate smart contract. This has personal and legal implications for ownership that a lot of collectors find essential, and add real value to the NFT space for collectors and fans alike The team at Elrond has already achieved great things and we are very excited about the future” said Jawad Ashraf, Terra Virtua Co-Founder & CTO.
The collaboration is important because it increases Elrond’s contributions to the highly dynamic NFT space and creates new opportunities for eGold holders to directly engage with collectibles.
Elrond is the internet-scale blockchain, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 15,000 transactions per second (TPS), with 6-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.
About Terra Virtua
Terra Virtua is an entertainment-focused collectibles platform. Using blockchain technology, it provides utility by allowing collectors of digital assets to display and interact with their virtual goods in Augmented Reality, Virtual Reality and in 3D on PCs. Leveraging the latest in mobile and gaming technologies, their mission is to engage and connect fan-based user communities.