Terra Virtua is one of the earlier platforms that saw the potential of NFTs as digital collectibles. It played an instrumental role in moving NFTs from being just digital 2D NFTs to Premium 3D collectibles. With its deep network in the Web 2.0 entertainment sector, Terra Virtua was able to quickly build up partnerships with top IPs like Top Gun, The Godfather, Lost in Space, etc. These are one of the earliest instances of big IPs entering the NFT space.
In the coming days, the NFT industry evolved rapidly, Terra Virtua expanded to digital comics and artwork. However, that was not enough and the project saw an intermittent downturn. At this moment Terra Virtua has reinvented itself and built a Metaverse in the Cardano ecosystem, where all the elements of its previous endeavor will integrate seamlessly.
So, in this article, we will explain how you can sign up, buy an NFT, and put your existing NFT in an auction.
Access The Terra Virtua Platform
To access the platform, visit their official website. The landing page looks like this.
Users need to log in or register to use the platform. Existing users can log in by giving their credentials. New users can create an account by providing a few mandatory details like First name, last name, user name, and email address.
Next, you need to set up your account’s password and select your country.
A verification email will be sent to your given email address. Verify your email to work with the platform. You can also choose an avatar for your profile.
Once you create an account, you will be directly landed to your Dashboard where you can set up various account-related things:
Using the Profile tab, users can do the following activities:
- Update/ set First name, last name, DOB (optional), Contact number (optional)
- Email Address and Country of Origin are not editable
- Reset password
- Deactivate Account
- Change Avatar
- Add Ethereum Account- To work with the platform, you need to link your Ethereum account with the Terra Virtua portal. Click on the Create An Ethereum Account. The application will give you an option to connect with Metamask wallet or you can create a new account using Terra wallet.
Select your preferred option to connect your wallet.
The Inventory tab lists the details of NFTs currently held by the user.
The My Collections tab shows the Collection owned by the user. A collection is a group of NFTs sharing some common characteristics or properties.
Check your account-related activities (auctions, offers received, offers sent, pending payments) from this tab. You can go to the individual tab to get more details about a particular activity.
The Auction tab contains the list of items that the users have put on auction in the NFT marketplace. Users can place an auction using only fiat. Once the item is sold that desired amount (fiat) is added to your wallet.
Note that in the case of secondary sales i.e the sales made between platform buyers and sellers, Terra Virtua charges a royalty fee along with a 6% transaction fee.
How To Put An NFT on Auction
To put an NFT on sale, you can either go to the Create Auction section appearing at the top of the page or go to the Inventory tab in your profile and click on Create an Auction.
The application will show the NFTs from your inventory. Select the NFT that you wish to put on sale. Now, the user needs to fill in some mandatory details regarding the sale:
- Buy Now Price
- Reserve Price- a minimum price that you wish to sell
- Auction Starts from
- Duration (out of 1,3,5,7 day)
Once you fill in the above details, click on Add in Auction Queue. Review the details and finally confirm the process by clicking on the List Item For Auction button.
This will trigger a Metamask transaction. Confirm the transaction and you can go to the Auction tab in your Profile section to see the bids.
The item will be automatically removed from the auction list once the auction time set by the user is over. You can expand the details to know the remaining time left.
Users can cancel the auction process by clicking on the Cancel Auction button. However, note that you can cancel the auction only if you have not received any bid for the NFT. If the user has received a bid, then he/she cannot cancel the auction.
If you are eyeing up some NFTs and wish to buy them, but are not able to buy them due to any reason (not having enough balance, not available for sale, etc) then you can always add those NFTs to your wishlist for easy access in the future.
All you need to do is to expand the item details, you will find the Add to Wishlist Button. Click on that button, and you can see the item in your profile (wishlist section).
You can remove the item from your wishlist by clicking on the Remove button if you are no longer interested in buying the item.
Check your transactions activities i.e Sold, purchased, redeemed, rewards, and open/close NFTs here.
From the Settings tab, you can enable/disable three important features:
- Make Your Inventory public- make your inventory visible to other users
- Appearance change- dark or light mode
- 2-step verification- Login via an authentication code sent to your email address
The marketplace tab lists the items that are currently on sale, listed for auction, and recently sold. You can go to each tab to filter out the NFTs.
On the main landing page, you can see the categorization of NFTs based on Collection. The cover page shows the number of NFTs enclosed in each collection.
How To Buy An NFT
Users can filter the NFT based on various parameters like:
- NFT Type (Collectibles, artwork, comic)
- Price Range
To buy an NFT, select the NFT type (Collection in this case) in which the particular NFT is present. Now, select the NFT that you wish to buy.
For example, we have selected Legendary Defence- Subhasish which contains a total of 150 NFTs. Few of them are already sold. We have selected the 18th NFT to buy.
Click on that particular NFT, and you can see the below details about it:
- Serial Number
- Token ID
Click on the Add to Cart button to add this item to your shopping list. Once you add it, the item will be there in the cart only for 10 min. If you want to purchase the NFT, you have to buy it within 10 min otherwise it will be added back to the market.
The payment option will appear when you proceed to checkout. The application allows you to pay with a credit card or with your Terra wallet.
Note that users need to pay a Card Processing Fee of 2.9% + 30 cents if they pay using a credit card.
Confirm the process and once done the item will be added to your Inventory.
The platform’s Collection tab shows the different collections made by various artists. Artists use to keep the item with similar properties in the same collection. Users are rewarded with free NFTs/tokens once they complete the collection.
Kolect (TVK) is an ERC-20 standard, the native token of the Terra Virtua platform. Users can buy the TVK token from Binance, Uniswap, Gate.io, etc.
The token was designed with the idea to reduce the transaction fee when TVK will be used as a payment method. Users can stake their TVK and can become a member of the Prestige group. The token can also be used to reward users. You can even stake your TVK to join the creator marketplace and collaborate with other brand owners or creators.
Terra Virtua is offering benefits to the users who are holding the platform’s native TVK tokens. The program called Terra Virtua Prestige consists of multiple membership tiers, each with a different TVK holding. The more TVK you hold, the higher will be your tier, and hence the benefits.
Check the below screenshot to know more about the membership tiers (platinum, gold, silver, and bronze), their associated benefits, and the TVK tokens required to enter the group.
Users can follow the below steps to become a member of the Prestige group.
Terra Virtua allows the users to connect their Cardano (Nami) wallet with the platform.
To connect, click on the Link Your Wallet button. Approve the transaction appearing on your Nami wallet, and your wallet will be linked.
Terra Virtua is a next-generation platform that aims to combine Mobile, AR, and VR (augmented and virtual reality) with blockchain to create unique digital collectibles that can be used in gaming or entertainment environment. Users can find numerous NFTs in the Terra marketplace that they can buy or can list their NFTs there.
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