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All you need to Know about Terra Virtuas’ Partnership With Paramount Pictures to launch an NFT!

The Elrond Collection comes to Terra Virtua with a new NFT collaboration.

Paramount Pictures and Terra Virtua have teamed up to launch a new line of interactive NFT collectibles for their upcoming blockbuster movie “Ready Player One”. With the upcoming release of the movie, which will be in theaters in March 2018, collectors will be able to collect their favorite characters from the film in both digital and physical formats.

Enhanced Elrond functionality will enable users to incorporate Terra Virtua’s digital collectible platform into their collections.

For the blockchain world, 2020 was a year of innovation, in which decentralized finance attracted investors around the world, as well as NFT collectibles like MeMe, Rarible, and Aavegotchi.

2021 year of NFT!

NFTs have now been set for further growth in 2021 due to the continued growth of interest in blockchain and cryptocurrencies, the development of NFT market infrastructure, and awareness of NFTs’ potential for different industries.

Moreover, the market for non-fungible tokens in 2021 is not showing any signs of slowing down. In the last three months, the combined market capitalization of the top tier NFT products increased by around 1785%.

NFTs of Beeple are selling out instantly, particularly with the most high-profile sale of $70 million in his name. Additionally, celebrities are also joining the NFT bandwagon with their flagship NFTs, providing favorable prospects for NFT market growth.

This can be explained by the spiraling growth in sales volume of NFT marketplaces as well as the values of NFT-based tokens. However, many experts and analysts have also pointed out that NFT earnings are affected by increased speculation, which could spell the end for this market in 2021.

Why NFT!

Beniamin Mincu, CEO of Elrond:

“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”

Entertainment companies like movies and gaming will benefit blockchains and crypto ecosystems by boosting the path to mass adoption. As a result of Terra Virtua’s expertise in entertainment, it has collaborated with big names such as Paramount Pictures, Legendary Entertainment, and Unity.

In their respective industries, each of these companies is a titan, offering a lot of opportunities for Elrond and Terra Virtua.

Entertainment industry benefiting out of NFT.

NFTs are particularly relevant for the gaming industry because they enable players to own their digital assets by being disconnected from the creator’s closed ecosystem.This allows assets obtained from gameplay, purchases, and loot boxes to be freely traded and interacted with by their owners, a game-changer in itself.

By eliminating extra steps that slow down the process or create additional points of failure, Elrond’s unique approach to smart contracts further enhances the benefits.

Terra Virtua’s Co-founder, Jawad Ashraf said:

“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.”

Check out this video to know more:

As blockchain networks and entertainment companies try to take advantage of the benefits each of them offers, partnerships are more common than ever before. But the biggest benefit is for users as they have access to new exciting ways to interact with the digital assets they own.

Written by IOI

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