Terra Virtua Marketplace Review
Terra Virtua marketplace is a blockchain-powered virtuality reality and augmented reality platform based out of the United Kingdom. It was founded in 2016 and operates as a registered trademark of Terra Virtua Limited.
The Terra Virtua ecosystem uses an ERC-20 token called Terra Virtua Kolect (TVK) for fueling its ecosystem. The total supply of TVK is capped at 1.2 billion tokens, of which approximately 20% is in circulation.
What is an NFT Marketplace?
An NFT Marketplace is a marketplace for NFT. So far so good. But what is an NFT?
NFT is an acronym for “Non-Fungible Tokens”. Something which is fungible is replaceable. For instance, one kilo of 24 karat gold is – at least in theory – replaceable with any other kilo of 24 karat gold. When something is non-fungible, it means that it is unique, and not replaceable with any other item out there.
Although NFTs are conceptually similar to cryptocurrencies, these digital assets might represent antiques & artworks, collectables like trading cards, and other items with unique features. These tokens are stored cryptographically in a blockchain network for authentication and validation. Even when transacting, each token is sold as a whole, unlike cryptocurrencies which are divisible into smaller units. NFTs lose their value when split into smaller portions, however, they can be duplicated by the artist and each additional copy can be sold separately (but the total number of duplicates will then always be known).
Terra Virtua Marketplace Focus
Terra Virtua’s collectibles offer an immersive experience on mobile, PC, AR and VR. Users can access and interact with their collectibles in their personalized Fancave and Terra Dome. The digital characters on the Terra Virtua platform are called vFlects.
Users can not only compete with each other using their vFlects. They can also trade these vFlects on the Terra Virtua Marketplace. The platform has also collaborated with gaming and media companies like Paramount, Unreal, Unity, Legendary etc.
Many of these companies have listed their NFT artworks on the platform. Some of the notable NFTs include Godfather, Godzilla Vs. Kong, Pacific Rim etc.
Terra Virtua Marketplace Fees
When you make a trade at Terra Virtua Marketplace, they charge you based on the type of sale. All sales made by Terra Virtua is classified as primary sale, whereas items sold by users on Terra Virtua Marketplace is considered as a secondary sale.
All primary sale listings include a 20% VAT in their prices. Terra Virtua Marketplace levies a 5.00% platform fee and an additional transaction of 1.00% (which is why we have listed their commission in our database as 6.00%).
In the case of secondary sales, the sales prices are inclusive of a 1.00% transaction fee. Users may be charged an additional 2.90% + USD 0.30 as a credit card processing fee for any fiat transactions.
Layout of Terra Virtua Marketplace
Different NFT Marketplaces present their NFTs, the latest bid and the remaining time of an auction etc. in different ways. What you are most comfortable with viewing and using is up to you and no one else. The following picture is a print screen from Terra Virtua Marketplace:
Here is an image of the animated NFT “Obsidian Fury” — based on the Pacific Rim theme. On selecting, users can see additional information like a description of the artwork, the category & series of the artwork, type of asset, owner name, token ID, along with the price (in USD).
Terra Virtua Marketplace Payment Methods
A few of the NFT Marketplaces out there accept deposits and payments via credit or debit card, and some even accept PayPal deposits. Terra Virtua Marketplace accepts fiat payments through credit cards. However, we did not see any mention of accepting deposits through PayPal.