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CasperLabs Eye Up Growing NFT Market

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Terra Virtua partnership ensures smooth NFT consumer purchases

The first quarter of 2021 has been good for CasperLabs. Having now achieved consistent momentum with partners they appear to be growing their global footprint. Especially in the Chinese and MENA communities where demand for Web3 solutions is peaking. Most importantly, the Casper Network launched its mainnet on the 30th March 2021.

Most recently, CasperLabs has launched a series of strategic initiatives focused on the growing non-fungible token (NFT) market. Joining forces with Terra Virtua, to facilitate consumer NFT purchases through its digital marketplace.

Terra Virtua is an immersive entertainment-focused collectibles platform and marketplace.  In line with their continued efforts to expand mainstream adoption of digital collectibles, they will offer users verified authentication of physical assets they own or purchase using the Casper Network.

Terra Virtua facilitates consumer NFT purchases through its digital marketplace, allowing collectors of digital assets to display and interact with their virtual goods in a virtual environment. This works in augmented reality, with full virtual reality capability on the horizon. Leveraging the latest in mobile and gaming technologies, Terra Virtua’s mission is to engage and connect fan-based user communities and reinvent the world of collecting. Its ability to mass market NFTs from some of the world’s most respected creators has earned it the trust of global brands including Paramount Studios, Legendary Entertainment, and more.

“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,” said Jawad Ashraf, Co-Founder, and CTO of Terra Virtua.

With the mainnet now live, and NFTs breaking sales records weekly, CasperLabs is looking to push the mainstream adoption of blockchain technology through innovative NFT use cases in collaboration with Terra Virtua. 

NFTs booming in Q1 

Q1 2021 so far has arguably been all about NFTs. The category generated more than $1.5 billion in transaction volume in the first three months of the year alone. Even though this is just a fraction when compared with the DeFi ecosystem, the NFT market is facing rapid growth of 2,627% quarter-over-quarter. 

The biggest contributors were NBA Top Shot, CryptoPunks, and OpenSea that accounted for 73% of total transaction volume. While the highest transaction volume was generated by NBA Top Shot, the most memorable was an art piece by Beeple which was sold for more than $69 million. 

As previously mentioned CasperLabs is cultivating relationships in Asia and the United Arab Emirates, areas where gaming is already big business. Looking through the digital collectibles available on the site such as Godzilla Vs. Kong and in-game NFTs that function in their own games such as Pacific Rim Uprising you start to understand the appeal more. Additionally, it appears the value of many of the items is low so using Casper rather than Ethereum makes sense for Terra Virtua as gas fees would kill the marketplace before it even got going.

The Terra Virtua NFT marketplace is focusing on usable digital collectibles as opposed to ‘static’ NFTs that act as a store of value, like a CryptoPunk. This would be an area many believe will show massive growth in the coming years, especially in those areas where gaming is already big business. Adding usability, allows players to earn from and trade in-game items, and that could be a game-changer CasperLabs wants to be part of. 

In addition the CasperLabs recently partnered with WISeKey, which is a publicly traded cybersecurity company. They will work together to build a secure framework for buying and selling NFTs on the Casper blockchain.

Getting Started with Casper

The Casper Developer Portal provides developers with resources to start building applications and smart contracts. Casper’s mainnet just launched, and the Casper Association has recently completed the CSPR token sale on CoinList, where it broke the record as the largest-ever sale on the platform.

Check out the Casper documentation and join the conversation on Discord and Telegram!

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