Metaverse and NFTs – The Tiara Project

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?

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

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.

Binance Coin live price
Binance Coin
price change

For more information connect with the team via: Website | Telegram | News Channel | Twitter

Disclosure: This is a sponsored post. Readers are encouraged to conduct further research before taking any action. Furthermore, Crypto Adventure does not endorse any crypto projects cryptocurrencies listed, mentioned, or linked to on our site. Trading cryptocurencies is a highly risky activity that can lead to major losses. You should consult your financial advisor before making any decision. Learn More

Stay up to date with our latest articles

More posts

El Salvador Buys The Dip Netting 410 Bitcoin For $15M

While some market participants are panicking amid the recent crash, the most fervent HODLers are buying the dip. El Salvador’s president Nayib Bukele just announced a purchase of another 410 Bitcoin for $15 million. A Nation-State Buys The Dip Bukele announced his recent purchase in a tweet moments ago, faking out some of his followers. The president – known for trading the nation’s Bitcoin from his phone – last purchased Bitcoin in December. After bagging 21 Bitcoin for $1 million,…

Federal Reserve Releases Discussion Paper On US CBDC Implementation

The Federal Reserve recently released its discussion paper examining the costs and benefits of CBDC implementation in the United States. While inviting questions from the public, it marks the first official discussion from the central bank on how such a technology could improve domestic payments. A United States CBDC As released on the Fed’s website yesterday, the paper does not favor any particular policy outcome. It simply weighs existing payment infrastructure against the emerging cryptocurrency sphere and analyzes how CBDC’s…

Bitcoin Drops To $38,000 – More Pain Ahead?

Crypto markets collapsed after a global sell-off in risk assets and as Russia's proposed a ban on all cryptos. Bitcoin fell 9% to $38,500, breaking key support at $40,000, as global markets saw a 1% decline. Other major cryptos fell as well. Ethereum dropped by almost 12% to $2,793. Binance's native coin BNB dropped 10%. Smart contract blockchain Cardano lost 13%, dropping to $1.19, while Solana dropped by 15%, to $117. Almost all the major cryptos were in the red,…

Chainanalysis: Cryptocurrency-based Crimes Reached $14 billion in 2021

A new report published by the blockchain data platform Chainanalysis estimated crypto-based criminal activity at $14 billion in 2021. The Crypto Crime Report is a yearly analysis shared by the company to provide insight into the darker side of this industry. Blockchain users’ anonymity generally provides a safer payment network, but some exploit data encryption for malicious purposes. This article will highlight the primary evidence anticipated by Chainanalysis to the market, compared to past numbers. How do criminals exploit cryptocurrencies?…

Twitter Rolls Out Verified NFT Profile Pictures 

NFTs and jpegs are about to become a bit more distinct – at least on Twitter. The social media platform is rolling out a new feature to register Ethereum NFTs as their profile pictures. As a result, these NFTs appear hexagonal rather than traditional PFPs that use a circle. Twitter Embraces NFTs Twitter Blue – the microblogger’s subscription service – announced its NFT integration on Thursday. It stated that due to popular demand, NFT Profile Pictures had begun rollout in…

Crypto.com Admits Hackers Stole $34 Million From Users

A crypto exchange Crypto.com confirmed that hackers stole nearly $34 million during Monday's hack. In a Tuesday update, the exchange revealed that hackers stole 443.93 bitcoin ($18.7 million), 4835.25 ether ($15.2 million) and approximately $66,200 in USD. The company faced criticism over its communication after the incident. The company's CEO only confirmed the hack on Wednesday, three days after it took place. In total, the hack affected 483 users. However, Crypto.com said that they fully reimbursed all of them. The…

Hacker Returns 800k in ETH to Multichain Hack Victim

The Multichain hack has cost users $3 million so far. However, one victim managed to get back most of their money - by talking to the hacker directly. A "white hat" hacker returned about 800k in Ether to a hacking victim. However, the hacker kept $150,000 as a "tip" for keeping the funds safe. The CTO of crypto wallet ZenGo Tal Beery highlighted the conversation between the hacker and his victim on the blockchain. The hacker presented himself as a…

GameStop Wants to Launch Its NFT Marketplace

In the pre-covid era, the gaming giant GameStop experienced a slow decline in its sales, surpassed by the online market and the success of streaming gaming platforms. Luck would have it that a group of willing to do anything traders brought this company back into fashion via a popular group on Reddit. Many have seen a parallel between the retail investing community that boosted GameStop's share price and that which invests in cryptocurrencies. Today, the paths of the crypto world…

What Is CBDC In Crypto?

The cryptocurrency trading revolution exploded more than ten years ago and led to an almost unprecedented economic and financial earthquake. As a result, people are learning to change their approach to payment and investment systems, pushing up the price of many cryptocurrencies. Such a rapid change has not gone unnoticed on the boards of the world's major central banks. In fact, in an increasing number of countries, central banks are working on launching centralized digital currencies, known as CBDC. This…

How Social Leaders on Shrimpy help Investors Maximize Profits from Crypto Trading

The emerging trend of social trading allows millions of investors to interact with their peers and learn from accomplished traders in the crypto market. Every market participant wants to become a profitable crypto trader and maximize earnings from the ongoing crypto boom. Unfortunately, navigating the highly volatile space while grasping the complex learning curve that involves fundamental/technical analysis can be rather daunting. Becoming successful in the crypto market requires time to develop a working strategy that empowers investors to execute…