Polkalokr & Terra Virtua: Exploring the future of NFT’s

We are partnering with Terra Virtua to explore the future of escrow services in the NFT world

After our hugely successful token launch on Polkastarter yesterday, one that saw both the POLS and regular pools sell out in minutes and bots get battled with the help of Ferrum Network, we are still humbled to have had such a great response and would like to thank everyone who participated and that supports us on our mission — we will be publishing a detailed report on yesterday’s action shortly so keep your eyes peeled.

It’s been only one day since LKR listed on Uniswap, but rest assured that we are not turning down the heat one bit! We are thrilled to today announce our official partnership with Terra Virtua.

Terra Virtua Kolect is a cross-platform non-fungible token (NFT) ecosystem. The Terra Virtua platform spans web, PC, mobile AR and soon VR. Through this partnership, Terra Virtua will provide NFTs for Polkalokr staking rewards and explore the integration of Polkalokr’s various solutions.

Terra Virtua allows users to own digital art that can be experienced both online in their 3D Gallery , enabling users to enjoy digital assets with other users and trade within the community. The Terra Virtua platform allows the trading and buying of NFTs, a mobile app for using NFTs together with augmented reality, and a PC application for viewing NFTs in 3D environments.

Polkalokr is restoring trust & simplicity to complex token ecosystems by creating a multi-chain token escrow platform that puts token distribution into the hands of network participants through governance-as-a-service. We offer two innovative solutions: Lokr, the most versatile, multi-chain token escrow in the world, and Swapr, a P2P cross-chain token swapping protocol.

This partnership signals Polkalokr expanding into the world of NFTs. Through this collaboration, Terra Virtua will also explore the use of Polkalokr’s products and services in the Terra Virtua ecosystem

More importantly, Terra Virtua will provide the NFT’s for Polkalokr Staking rewards.

With the rising popularity of NFTs and the growing legitimisation of the industry as a whole, it’s not a stretch to imagine a world where museums, art galleries, etc., wish to display highly coveted, famous, etc., works of art on the blockchain. Due to the inherent nature of public ledger technology, a lot of doors can be opened to allow art collectors and owners to monetise their atwork.

One such example includes the owner of the NFT sending the artwork to one of our escrow contracts, specifying a duration on the period they’re willing to lend the artwork to an institution, and then the institution would overcollateralise their payment to the contract for an agreed upon amount (this would basically be the amount that the institution is willing to pay to display the artwork for an exhibition, etc.).

Once the art is returned to the contract, the collateral is released to the institution, with the “rent” being sent to the owner of the NFT. This may sound abstract, but it allows the owner to monetise their property while removing human trust from the equation; the Lokr contract will handle everything.

This represents another step forward in Polkalokr’s mission to enhance trust and simplicity in DeFi.

“We are working with Polkalokr to unlock the true value in loaned NFT’s. The collateralization of NFTs has become an emerging trend with galleries and institutions, where assets (NFTs) are locked and transferred for specific events such as exhibitions.

This demand for NFTs opens the potential for owners of NFT’s to sub-lend or display their assets for specific cases while charging the borrowing party a premium or interest. The entire arena of lending for NFTs is growing, and Terra Virtua is thinking deeply about this space.

We feel Polkalokr’s highly customizable, flexible escrow products will give us something innovative, allowing our users to monetize their pieces in new and unique ways.” — Jawad Ashraf, CTO & Co-founder of Terra Virtua

NFT’s and Defi are new and exciting areas within the crypto sector where innovation is boundless. At the intersection where the two meet, Polkalokr has partnered with Terra Virtua to build new ways to release value locked in non-fungible digital assets.

Polkalokr is building a user-centric digital experience platform within which users can lock, swap and vest tokens and NFTs. One of Polkalokr’s focal areas is the monetisation of locked assets, which is a new an untapped digital asset class. Project tokens that have not entered circulation and collectible digital art have intrinsic value.

Polkalokr’s platform will provide owners of such collectibles the ability to ‘loan’ NFTs in exchange for a fee, whilst simultaneously addressing the ‘trust’ issue, by replacing the human element and introducing governance through a trustless smart contract.” — Imran Ashfaq, CEO & Co-Founder of Polkalokr

Terra Virtua is an entertainment-focused collectibles platform. Using blockchain technology, it provides utility by allowing collectors of digital assets to display and interact with their virtual goods in PC, Web, Mobile and Augmented Reality. Leveraging the latest in mobile and gaming technologies, their mission is to engage and connect fan-based user communities.

Polkalokr is the first all-in-one, multi-chain token locking & escrow platform with built-in privacy functionality. Our products help build trust within the defi space by removing the human element and focusing on governance through code, with a seamless, omni-channel digital experience platform accessible via mobile, tablet and desktop.

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