The price for a one year-old Terra Virtua Kolect (TVK) cryptocurrency token declined over the past month as the rally in metaverse coins ran out of steam. TVK has fallen by more than 50% since the price spiked in late November.
The Terra Virtua Kolect platform aims to bring together virtual reality and augmented reality in the metaverse to use non-fungible tokens (NFTs) as immersive collectibles enabled by the blockchain.
How does the Terra Virtua Kolect crypto token fit into this ecosystem and where do analysts see the TVK price moving in the future?
TVK plans immersive collectibles experience
The Terra Virtua platform was founded in 2017 by chief executive officer (CEO) Gary Bracey and chief technology officer Jawad Ashra. Bracey has worked in the games industry for more than 30 years at companies like Ocean Software, Digimask and Kuju Entertainment. Ashra previously worked in the mobile applications and energy trading industries.
Terra Virtua provides NFT trading, a mobile app for using NFTs with augmented reality and a PC application that enables users to view NFTs in 3D environments.
Terra Virtua takes a cross-platform approach, enabling users to display and share their collectibles on mobile devices and use virtual reality to customise and livestream their personal spaces to show their collections.
Terra Virtua initially developed applications and spaces for its metaverse in 2018, but “we looked at the long term play and medium term objectives and decided to scale back our ambitions and focus on the marketplace,” Ashra wrote in an October blog post.
“We wanted to bring digital collectibles to the mainstream, but build it with the ability to take those ‘NFTs’ — into more of an immersive world which is the ultimate direction for Terra Virtua. The Fancave, Terradome and Art Galleries were unplugged from the metaverse and made standalone as a way to introduce everyone to immersive spaces.”
The development team has been working on a new version of the Terra Virtua Marketplace, which is planned for launch in three phases starting in the first quarter of 2022. A latest version of the mobile app will be integrated into the new marketplace.
In the latest TVK coin news, on 4 November, the company announced it had raised $2.5m in a financing round supported by funds, including Woodstock, Hashed, NGC Ventures, LD Capital and Twin Apex Ventures, ahead of the launch of its TVK cryptocurrency token in December 2020.
What is TVK coin?
Holders of TVK tokens can join the Terra Virtua Prestige loyalty scheme, which launched on 31 August 2021. TVK rewards include gamification layers, which allow users to complete quests, enter competitions, earn badges and create collectibles.
TVK holders will also be able to participate in the governance of curated galleries and spaces. Creators will also be able to stake their tokens to create their own collectors using TVK’s tools.
The TVK metaverse will have features only available to TVK holders.
· Terra Virtua has announced partnerships throughout 2021 to develop its ecosystem, including: interoperability with Elrond to move NFTs between blockchains
· Self-minting with Phantasma’s Smart NFT technology
· Easy sign-in with Arkane Network
· Farming collaboration with staking product UniFarm
· Payment processing with blockchain stablecoin transaction provider OIN
· Gamifying NFTs with Polkamarkets
· Promoting NFTs and digital collectibles with Ethernity
· Exploring escrow for NFTs with Polkalokr
· Authenticating physical assets with NFTs using the CasperLabs network
“The relationships we are building with brands and new IPs are completely focussed on making their assets completely interoperable with our metaverse and our upcoming marketplaces,” Ashra wrote.
In August, Terra Virtua migrated from the Ethereum blockchain where transaction fees were high, to the Polygon network. The move was also motivated by concerns about the high level of energy consumption of Proof of Work (PoW) blockchains like Ethereum (ETH) and Bitcoin (BTC).
“We consider ourselves very energy-conscious and so this was a natural step for us.”
The Terra Virtua Kolect coin chart shows that the token price launched at $0.06075 on 16 December 2020 and began to rise in line with an upward trend in cryptocurrency prices into early 2021.
TVK jumped to $0.4329 in mid-February and spiked to a high of $1.22 on 15 March, but was unable to sustain the gains, falling to $0.2822 on 23 April. While TVK moved back up to $0.6762 on 2 May, the price dropped during that month’s cryptocurrency selloff to $0.1135 on 23 May.
TVK fell further in late June, slipping below the $0.10 level to bottom out at $0.07421 on 22 June.
The TVK coin value trended higher during the summer rally but traded no higher than $0.4925 in August. Following a dip to $0.1651 on 28 September, TVK rose to $0.5466 in a late-November rally in prices for metaverse-related tokens. But the price has since been in decline, dropping to a low of $0.2003 on 29 December.
Terra Virtua Kolect (TVK) price prediction 2022-2030
Short-term technical TVK coin analysis from CoinCodex was bearish with TVK trading around $0.21 at the time of writing (31 December). There were 18 indicators showing bearish signals and six bullish signals.
The daily and weekly simple and exponential moving averages were bearish. The Hull moving average and volume-weighted moving average were also showing ‘sell’ signals.
Algorithm-based forecasting site Wallet Investor was bearish in its TVK token price prediction, estimating that the token could decline in value to $0.169 by the end of 2022. The site predicts the price could fall further to $0.111 by the end of 2023 and slide to $0.0245 by the end of 2025.
In contrast, the Terra Virtua Kolect coin price prediction from DigitalCoin projected that TVK will gain value in the coming years. Based on historical data, the site expected the price to average $0.32483818730 in 2022 and $0.32483818730, advancing to an average of $0.39482988089 in 2025 and $0.85600541287 in 2028.
Price Prediction’s TVK/USD forecast saw the coin price averaging $0.81 in 2025, up from $0.29 in 2022, then climbing to $5.07 in 2030.
Note that price predictions can be wrong. Forecasts shouldn’t be used as a substitute for your own research. Always conduct your own due diligence before investing. And never invest or trade money you cannot afford to lose.
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