To expand the utility of its TRACE tokens, Trace Network Labs has now enabled the mining process of BUDDY NFT avatars with TRACE tokens on the app.
With this new functionality, users will be able to mint their customized avatars generated by an algorithm with TRACE tokens.
Using TRACE to mint BUDDY further gets you 50 TRACE tokens as rewards. In fact, the first 5,000 minters of the BUDDY Avatar will have the opportunity to receive rewards of up to 50 TRACE tokens each. These TRACE tokens will be transferred to the address you have used to create your realistic-looking BUDDY Avatar.
More exciting things are planned for the first 5,000 minters, as a select group of 1,000 Minters will receive a chance to participate in future special NFT collections from Trace Network.
In addition to expanding the utility of its native token, Trace Network CEO and co-founder Lokesh Rao also announced a “Fixed & Predictable Reward” program for its holders that allows them to earn a whopping 30% fixed APR for a period of three months.
For this program (which ends in early August), the team has allocated 75,000 TRACE tokens and kept the maximum pool size at 1 million TRACE.
Avatar NFTs
It was pretty recently that BUDDY first went live on the Trace Network app on Polygon Network, allowing users to create new metaverse-ready avatars.
Speaking of NFT avatars, they became popular in 2021 with BAYC and CryptoPunks, which are algorithmically-generated digital images of cartoon or pixelated characters in a “profile picture” format. Each NFT avatar is completely unique, featuring an array of distinguishing traits.
But this, of course, is only beginning to scratch the surface with NFTs. Non-fungible tokens are one-of-a-kind cryptographic tokens that can find use cases in several industries, because they can tokenize anything from art, to music, pictures, videos, GIFs, in-game collectibles certificates, and the metaverse.
Moreover, while avatar NFTs might initially have been geared primarily towards PFP NFTs designed for the purposes of being displayed as a person’s social media profile picture, they are now being used for more than just collectibles and generative art. Today, NFTs have extended into gaming, fashion, and the metaverse as well.
Trace also allows users to create personalized ‘Buddy’ avatars to work, play, and socialize with in various metaverses, complete with the ability to move them cross-chain, so that you can enter and interact in different metaverses. For this, Trace Network will use the Layer 2 blockchain solution to offer high transaction speeds, ultra-low or no gas fees, enterprise-grade stability, and high-security standards.
More Than Just Avatar NFTs
While the NFT mania has cooled down considerably since reaching its height earlier this year, the reality is that the market trend is experiencing a downturn in line with that of the broad cryptocurrency market. Amid this downturn, projects like Trace Network are taking advantage of this unique opportunity to build.
However, the project consists of more than just avatar NFTs; in fact, Buddy is only its first product that aims to bring your metaverse avatar to life and build the digital fashion-powered metaverses of the future.
Trace Network Labs is enabling real-looking meta twins and lifestyles for them in metaverses, all powered by NFTs and digital fashion. They aim to be the gateway for lifestyle brands to launch a new set of limited-edition lifestyle and fashion products made for their real-looking digital avatars to move across multiple chains and metaverses.
This is just a part of the metaverse when it comes to digital fashion, with 3D, augmented reality, virtual reality, and mixed reality all serving as the starting point for the virtual world of the metaverse.
The metaverse is expected to disrupt the fashion industry, and has been doing so since 2020 – with luxury brands like Gucci, Balance Yoga, and LVMH and retail companies like Zara, Gap, Nike, Adidas, and Under Armour all jumping into the metaverse.
In terms of fashion, the metaverse also offers the added advantages of sustainability and environmental protection.
Digital fashion mainly plays a significant role in virtual gaming, which became a $50 billion earning industry in 2021. Here, people have avatars, and these avatars can wear all kinds of clothes that can be tried out using either augmented reality, virtual reality, or mixed reality.
A De Facto Second Life
The metaverse is just getting started, with giants like Meta (Facebook) spending billions on designing this immersing experience in the last year alone, but preparing to lose “significant” amounts of money over the next three to five years. In fact, CEO Mark Zuckerberg believes that its products for an “embodied internet” are not likely to be viable for 10 to 15 years.
Our digital and physical lives will merge in this metaverse, with users being immersed in a virtual world like never before. The technologically-advanced metaverse will allow people to do everything in virtual reality that they can do in real life. Thus, the metaverse is actually expected to have its own virtual economy.
In a recent interview, Trace network co-founder Sunil Arora talked about the scope of this market and how, from just $350 million in 2020, NFTs are expected to grow into a multi-trillion-dollar market by 2025. They also spoke about how this massive growth is the result of increasing interest in NFTs worldwide.
In this “parallel digital universe”, one can easily create their digital avatar and work, travel, learn, play, and party.
Here, outside of fulfilling the role of digital identity, Buddy can also help its users imbue their virtual lives with a greater degree of emotional connection, enabling them to join communities and forge genuine friendships, without any of the limitations of physical location.
As part of the Buddy Project, Trace will also mint digital fashion and store it on-chain as NFTs. Buddy users will be able to buy these limited-edition wearable NFTs on its yet-to-be-launched Bling NFT Marketplace. This experience will be taken to the next level with the upcoming Experience Stores for Brands, where people can visit these virtual stores of brands with their BUDDY avatars. There, visitors will be able to go to fashion stores where they can try on and buy the digital wearable NFTs as well the physical NFTs.
With the metaverse becoming the new normal, thanks to the increasing digital acceptability (especially after the pandemic), more and more people are expected to join in, as well. The metaverse is increasingly on its way to becoming a second life, and as things are becoming more digital, they will surely continue to become much more lifelike too.
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