Digital assets in the form of blockchain-based non-fungible tokens is a rapidly growing sector. The smart contracts blockchain Elrond aims to leverage the potential of the growing space and expand the adoption of NFTs.
In line with its vision, Elrond has collaborated with the digital collectibles platform Terra Virtua. The collaboration will allow Terra Virtua to integrate with the Elrond mainnet and add Elrond-based non-fungible tokens to its collection.
Non-fungible tokens are crypto tokens that are unique or rare and a unit of NFT cannot substitute another unit of a similar NFT. They can represent anything from digital characters to real-world objects or personalities.
The Elrond team believes that their collaboration with Terra Virtua will boost its cross-chain functionality as the Terra Virtua platform too has multi-chain capabilities. This would allow them to facilitate the transactions and transfers of NFTs across blockchains. Additionally, they will also be able to create NFTs that are tethered to multiple chains.
One of the most striking aspects of the collaboration with Terra Virtua is the firm’s established relations with major film studios such as Paramount Pictures, Legendary Entertainment, Unreal, and Unity. This can be a major boost for Elrond’s platform as NFTs linked to these film studios can now be a part of Elrond.
Expressing his thoughts on the same, Elrond founder and CEO, Beniamin Mincu, said,
“NFTs are inevitable. Today, it’s the fungible cryptocurrency tokens growing rapidly, soon it will be NFTs. The entertainment industry is already leading the race in adopting NFTs and it won’t be long before other industries too join the bandwagon.”