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The Metaverse promises to be one of the hottest trends in the future tech world, which doesn’t surprise us.
It is no coincidence that companies such as Meta Platforms Inc. (formerly Facebook Inc.) have declared their intention to invest billions of dollars in this business. Just think that today, the virtual real estate market is overgrowing, recording sales of even millions of dollars.
At the same time, the NFT market is also exploding. The idea of proving the authenticity of a virtual asset is, in an increasingly digital economy, a winning project. Initiatives such as Tiara, the one we will talk about today, aim to make the most of the Metaverse and the NFT-economy.
The opportunities offered by virtual reality are so many, and, as many argue, the Metaverse cannot live without blockchain.
This review will impartially discuss the main characteristics of the Tiara project, understanding how it plans to enter the market. We ask readers to consider that Tiara is an ongoing initiative and, therefore, we will give new details on the project in the future.
The unique occasion coming from the Metaverse
“Metaverse” is one of the latest buzzwords added to the Internet’s vocabulary. Just like any other buzzword, it comes with two features:
- Everyone understands that the Metaverse will bring a significant change to the way we live our experience on the Internet
- No one knows how to explain what the Metaverse is and how it will be able to gain importance in our lives
We do not need to be afraid of saying that we cannot precisely tell what we will do in the Metaverse over the following decades. However, as much as you could not think of buying a smartphone in the 90s by using a computer connected to the Internet, it is impossible to be precise on the future of the Metaverse.
It is excellent to accept this limit, and it may even be recommended. Only by understanding how much we do not know about something new, we gradually gain curiosity and study it. Each new project in the Metaverse helps humanity redefine its limits and potentials, teaching us what exactly we can do with it.
As of now, what we know about the Metaverse (and other Web 3.0 technologies) is pretty general. However, online may become a 3D dimension, leaving the old Web 2.0 technologies behind. For example, imagine e-commerces selling their products in a virtual store and no longer on a semi-static web page.
Social media are also expected to follow the trend, with meetings happening on web call apps but in virtual 3D rooms. Once you accept the idea of virtual spaces, you have, as a consequence, the birth of a digital real estate market.
Think, for example, of buying a virtual land lot, building a digital office, and renting it to a company. As you see, each assumption brings other ideas, with many theoretical possibilities.
What does Tiara offer?
Tiara is a new project combining the features of the Metaverse and NFT technologies. If you are familiar with NFT websites, you will know how many of them tend to focus only on one specific topic. For example, there are online marketplaces for NFTs from the music world; others concentrate on gaming items, visual art, etc.
It is hard to find a website including all different NFT categories in one marketplace. However, put this idea into a Metaverse dimension, and you have a rapid representation of what Tiara aims to achieve.
Of course, Tiara is much more than this, with an internal liquidity system and an exciting auction mechanism, as we will mention later. It will also be helpful to speak about Tiara’s exciting new royalty system.
Tiara aims to cover a wide demand on the market, from users wanting to buy a digital artwork to those who need to meet a friend in the Metaverse. The Gamefi field is another exciting aspect of the project, with the possibility of entering a VR exhibition hall and seeing all the digital products connected to a game.
The whole system strongly relies on Artificial Intelligence (AI). Through AI, it will use a large set of data collected on customers to improve the virtual experience of each user.
Auctions, royalty system and fees
Any digital item can be auctioned on Tiara, and you do not need to be a famous artist to join the process. For example, imagine a musician composing a lovely song and deciding to upload it on Tiara. What would happen, at this stage, is that the system would generate an NFT, certifying the ownership of the song.
At this point, just like in the “real world”, anyone can buy that song or any digital asset on the platform. In addition, users can also set a royalty percentage on each virtual property, which is an exciting method to give more power to valid creators over copyright companies.
The process of creating an NFT from a digital asset is known as “minting”. Tiara sets a small fee payable through the internal liquidity process to mint an item. Then, each user can sell or buy NFTs on Tiara at a cost determined by the platform.
The project roadmap
In the minds of the project’s team, the whole Tiara initiative will go live in three phases:
- Phase 1: the first preliminary operations that are necessary to launch the project
- Phase 2: the marketplace will go live on the market, and the NFT technology will start shaping the future of the project
- Phase 3: The project will start attracting institutional investors in this phase. This will let Tiara move its first steps to become a mainstream player in the Metaverse industry.
While this is just a simplified summary of the three phases, the project’s developers have included a clear, detailed plan on their public whitepaper.
Conclusions on the initiative
The combination of NFT technology and Metaverse seems Tiara’s greatest strength. Indeed, one rarely sees projects aiming to cover so many sectors of our new digital economy.
The auction system appears to be a good game-changer in the way artists sell their creations. However, it is essential to remind that there are many applications of NFTs beyond the world of art.
Being an ongoing initiative, we will be happy to give new details about Tiara in the future. In the meantime, if you are curious about the industry, visit the project’s official website to learn more about its ambitions.
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