Casper and Terra Virtua have decided to work together in order to expand the ways in which Terra Virtua users can have goods purchased via the platform verified. Casper offers strong item identification, which will likely help Terra Virtua to expand its online marketplace.
Terra Virtua is a leading marketplace for NFTs – which also allows its users to interface with their purchases in an online, augmented reality, environment. This adds an extra layer of functionality to the NFT experience.
Casper and Terra Virtua Look Like a Great Fit
Now, anyone on the Terra Virtua marketplace can use Casper’s verification capabilities for any physical goods they buy on the platform, which creates peace of mind when buying tokens that represent a real-world collectible.
Jawad Ashraf, the Co-Founder and CTO of Terra Virtua, commented,
“We are looking forward to working with CasperLabs to leverage NFTs in terms of authentication. This is a truly untapped global market and we are working closely with the Casper team to launch some great solutions.”
Terra Virtua has been successful in opening operations in the US, Asia, and the UK, and will likely attract more clients as the NFT boom continues. It has already worked with Paramount Studios and Legendary Entertainment to advance NFT-based products in the global marketplace.
NFTs are a Booming Market
While cryptos took years to become popular on the global stage, NFTs have shot into the spotlight much faster. Now, it looks like these tokens are going to be around as a collectible for a long time, and penetrate markets that cryptos haven’t been able to crack.
One market that NFTs have become a standby in is sports collectibles, with companies like Top Shot selling short video clips of high-end athletes making big moves. These sports-focused NFTs sell for hundreds of thousands of dollars, and more seem to be coming to the market all the time.
Legendary football player Tom Brady recently announced he would be entering the NFT space – not with a line of Brady NFTs – but with an NFT company that will create and market tokens to the global NFT space.
The Potential For Bigger Gains
NFTs have a few things going for them. The first is that they can be specifically targeted to niche markets – like high-end art – or sports memorabilia.
The market is already there, and many people are very comfortable with digital technology.
Instead of selling a generic product, NFTs can be relatively small markets that are highly engaged with a certain person or group, like fans of a sports team, or a celebrity’s fan base.
With an existing market for the token, it isn’t difficult to see how NFTs have become so popular, and why they will likely continue to be used as a means of selling limited-edition virtual items.
In fact, as more things shift to the online space, it is likely that NFTs will see wider use, both as collectibles, and as a means of allowing access to gated media, or other online spaces.
A New Way to Gain Ownership
The working partnership between Casper and Terra Virtua will no doubt help anyone who is buying or selling NFTs with a physical component on the Terra Virtua platform, as removing risk from an asset helps to push prices up.
On a longer timeline, these kinds of abilities should help the NFT market to grow, especially for physical goods that can be owned and traded in a digital format.
There are clearly some benefits to having an easy-to-use digital representation of a collectible, and this kind of ownership is likely to rise as more people become comfortable with the technology.