VANCOUVER, December 9th, 2020 - Covalent is happy to announce a partnership with Terra Virtua, a truly immersive collectible platform across Mobile, AR and VR with unique social, gaming and creative experiences, enabled by blockchain.
As the technology behind DeFi and crypto has matured along with the level of wealth in the space multiplying, the appetite for non-fungible tokens has significantly increased. Although they are nothing new, NFTs in the form of collectibles and digital art are quickly becoming more than just a niche of crypto. However, with most investor tools focused on cryptocurrencies, there is a gap in the market for mechanisms exclusively focused on collectibles. Covalent and Terra Virtua have partnered to address this gap.
Through this partnership, Terra Virtua will be able to provide statistical support on both the individual and institutional level by building tools with key statistics for collecting and investing. For instance, using Covalent data, Terra Virtua will be able to build an analytical dashboard capable of displaying the price appreciation or depreciation of a collectible, the number of times an NFT has changed hands, and wallets it has passed through. Furthermore, as Terra Virtue explores DeFi and novel use cases such as using NFTs as collateral, Covalent will be able to extend their best-of-breed data to this.
Quote from Ganesh, Covalent's CEO
“ The missing piece among analytical tools in the realm of collectibles and NFTs is data transparency. Terra Virtua is building an immense platform and now, through this partnership, will have access to instant and granular digital asset data. This will not only aid Terra Virtua in cementing its place as a pioneer in this space but it will ultimately empower the user.
Quote from Jawad Ashraf, Terra Virtua Co-founder and CTO
“ One of the biggest issues with collectors of NFTs today is not being able to make informed decisions. As the market begins to flourish, the need for data to be easily accessible is becoming more and more important as it’s this data that helps users make informed decisions on what to buy, understand trends and potential upsides of a trade. This is where Covalent comes in. We are working hand in hand to make a suite of information dashboards and tools the market has never seen before. The team has a great depth of experience and has enabled us to provide some amazing insights to NFT collectors. This partnership is going to be game-changer, and that’s incredibly exciting.
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 PC, Web, Mobile and Augmented Reality. Leveraging the latest in mobile and gaming technologies, their mission is to engage and connect fan-based user communities.