What is Terra Virtua Kolect (TVK)? Your ultimate guide
How is the cryptocurrency TVK linked to NFTs? Our guide to Terra Virtua Kolect explains
Terra Virtua was designed to take non-fungible tokens (NFTs) to the next level by introducing an immersive experience that enables owners to interact with their collectables.
The NFT ecosystem can be found on multiple platforms, including a marketplace website along with applications for PC, mobile, augmented reality (AR) and virtual reality (VR) environments.
The marketplace allows users to buy and trade NFTs, which also feature partnerships that provide Terra Virtua with a unique edge.
There are now exclusive collectables, including figures from the Netflix programmes Lost In Space and Pacific Rim: The Black. The prices for these range from $19.99 to $299.99. There is even animated Beyoncé artwork from Australian artist LA Migiotto going for $10,000.
With a new gaming studio and a partnership with Cardano to create its own metaverse, Terra Virtua is hoping its platform can become a leader in the metaverse space. But there is plenty of competition.
Along with partnerships, Terra Virtua has created its own digital characters called vFlects. They can be bought and sold on the marketplace, and vary in their rarity and design.
The system was developed to create social, gaming and creative experiences, and users can download an application to interact with the NFTs, which is available on PC and mobile. The app has an art gallery to display your collection, as well as a Fancave and Terra Dome to show off other collectables. Through these means, you can see the NFTs in 3D and via VR.
There are also gamification aspects to Terra Virtua that involve using Terra Virtua Kolect (TVK), its own token. But what is Terra Virtua Kolect?
Read on to have Terra Virtua Kolect explained…
What is TVK coin?
The introduction of TVK coin was intended to reduce the transaction fees when buying collectables, but there are also other uses for the token. The first is Terra Virtua Prestige, of which you can become a member by staking TVK. The benefits of being a member include access to exclusive items, announcements through the town hall and monthly random drops of NFTS and TVK coins.
However, to get access to these features you must hold at least 5,000 TVK. At its current price of $0.03 according to CoinMarketCap, that’s $150 worth of TVK.
There are also quests, competitions and leader boards that have TVK rewards. This gamification layer was added to increase access to rewards using an interactive method, in line with the mission objective.
Gary Bracey is the chief executive of Terra Virtua and has experience in this field – he’s been working in the games industry for more than 35 years. He previously worked at companies including Ocean Software and Digimask, before taking the leap into blockchain technology.
The final use of the TVK token is to create: by staking the coin, users gain access to tools that allow them to create their own 2D and 3D NFTs. These collectables can then be used across the display platforms, such as the art gallery and Terra Dome.
The Terra Virtua Kolect coin launched on 16 December 2020 at $0.06 and its price history since then has been volatile. It stayed around the $0.10 mark for the first two months of 2021, then hit its all-time high of $1.15 on 15 March. It fell back down to the $0.50 mark during May. Since then, the price of Terra Virtua Kolect has fallen further. By 3 May 2022, it was sitting at $0.04.
After the collapse of Terra (LUNA), a completely separate project, TVK was one of the many altcoins impacted by the crash. It stooped to its all-time low of $0.025 on 12 May. At the time of writing on 22 June 2022, it has recovered a little, and is hovering around $0.03.
Terra Virtua’s new gaming development company
Terra Virtua announced in March that it is launching its own gaming development company, under the name Terra Virtua Sutdios. This marks the platform’s new direction: creating its own immersive games that integrate its unique vFlect characters.
The company wrote in a blog post: “Terra Virtua Studios’ strategy is to develop and publish titles that are high-quality standalone games first, but will also include elements specifically designed for the metaverse, in preparation for the next evolution in gaming.”
The studio has also revealed a partnership with Stainless Games, which has developed games for Microsoft, Disney and EA.
Back in April 2022, Cardano revealed it was teaming up with Terra Virtua to create its own virtual space. Now, two months later, more details have been shared about “Cardano Island”.
Its website said: “Cardano Island forms part of Virtua, a gamified metaverse, where you can play, interact with great brands, build, showcase, meet with friends and much more.”
Those who wish to interact with the metaverse can purchase a plot of land using ADA, Cardano’s native cryptocurrency. The site has stated that each part of the island will have “metagame elements” which can be explored by users.
A partnership with the current seventh largest cryptocurrency by market cap could spell more interest in the metaverse ecosystem.
Is Terra Virtua Kolect worth investing in?
WalletInvestor says the Terra Virtua Kolect coin is a “bad long-term investment” and predicts a gradual downward trend for the TVK token. But TVK was designed for NFT users rather than crypto traders.
To motivate NFT users to use its ecosystem, Terra Virtua has a reward-based system. Prestige gives users four tiers to choose from – bronze, silver, gold and platinum – which are ranked by how much you stake. Some of these perks do come with a hefty bill: to gain access to the platinum tier and unlock the personalised vFlect, users must stake 125,000 TVK. The pricing does, however, start at 5,000 TVK for the bronze tier, for users to see if they enjoy the rewards.
In a Medium article in December, Bracey said: “The intention of the Terra Virtua platform has always been to be a component of the metaverse, in whatever form it took (we were hoping for VR, but that hasn’t happened… yet!). Our development strategy has always factored that in. We have been working relentlessly to establish relationships throughout all sectors of the entertainment world: movies, TV, music, sports, comics, videogames, etc.”
Only time will tell whether Terra Virtua’s exciting new partnerships can live up to Bracey’s claims and continue capturing the imagination of NFT holders.
How many TVK coins are there?
There is a limited supply of 1.2 billion Terra Virtua Kolect coins in circulation.
What is TVK coin used for?
TVK is used to buy NFTs on the Terra Virtua marketplace. By staking TVK, users can gain access to exclusive collectables, as well as town hall meetings with the CEO. Investing in TVK also unlocks creative tools, making it possible for individuals to create their own NFTs.
Remember, crypto assets are volatile – so never invest more than you can afford to lose.
How is the Terra Virtua network secured?
In April, Terra Virtua partnered with CasperLabs to add verified authentication of the NFTs that they own. CasperLabs said: “Casper’s secure and decentralised approach adds a layer of trust for consumers.”
As ever, make sure to do your own research into the security of Terra Virtua’s NFTs before making a buying decision.