Terra Virtua and Hashmasks have decided to use a ‘Rolling Royalties’ model for their latest collaboration, which has been very successful. The sale of vFlect Hashmasks NFTs, which feature vFlects wearing Hashmasks, sold out in record time.
In fact, the sale was the fastest even on the Terra Virtua platform, which may spur more collaboration between the two companies.
The vFlect Hashmasks collection allowed Hashmasks owners to gain from the use of their property, and will likely create a new way to earn in what Terra Virtua and Hashmasks are calling a ‘Rolling Royalties’ model.
According to a recent press release:
“Terra Virtua recently published a waitlist for The Hashmasks owners to apply to license their Hashmask for this collaboration. For the week leading up to the release, over 120 people were on the waitlist with over 500 masks in the queue. On the day of the first drop, Friday, April 30th, all 73 Hashmasks sold in less than 5 minutes – the fastest ever sale on the Terra Virtua marketplace.”
The move by Terra Virtua and Hashmasks to create a revenue stream for Hashmasks NFT holders will likely be attractive to token buyers, as they will be an income-bearing asset.
Terra Virtua and Hashmasks explain the ‘Rolling Royalties model in these terms:
“…owners of the Hashmasks NFT will be entitled to a part of the royalties and sale proceeds from the vFlect Hashmask collection. This creates a ‘rolling royalties’ structure that allows Hashmask holders to profit from a tertiary NFT asset, drawing value from another ‘parent’ NFT asset.”
Unlike other kinds of art, NFTs have a wide range of potential functions, which can help artists and IP owners continue to gain from their creations and property. This is very different from the would of physical art, where once a piece is sold, the former owner or artist no longer collects any income.
The collaboration between Terra Virtua and Hashmasks appears to be going very well. With so much interest in the vFlect Hashmasks collection, there will likely be more projects coming in the future.
Jawad Ashraf, the Co-Founder and CTO of Terra Virtua, commented:
“We believe that the vFlect Hashmask collection is an amazing example of the power of multi-platform collaborationLetting the community create and earn from these NFTs is a first in the industry, and I expect we’ll see more and more of these collaborative NFT drops — including from us.”
NFTs are white-hot, and the ability to trade them on a stable and reliable platform like Terra Virtua only adds to the value proposition.
John Doe, the founder of Suum Cuique Labs/[Hashmasks], told the media:
“We’re thrilled to be leading the charge in creating new and exciting ways to create art…Each Hashmask is truly unique and subjectively valuable to each of its holders. Combining them with a vFlect robot not only opens up even more ways to add meaning and beauty to them, but also allows NFT owners to monetize their works of art like never before.”
With all the functionality that NFTs offer their owners, as well as creatives, it is likely that we are only in the opening phase of a new way of creating, selling, and collecting art in a fully digital format.
To learn more about Terra Virtua, and its immersive NFT trading platform, just click here. For more on Hashmasks and Suum Cuique Labs, please click here. While the first round of vFlect Hashmasks are gone, more are coming, and you can see the drop schedule here.
The post Hashmasks & Terra Virtua “Rolling Royalties” Model: Joint vFlect Project is Smashing Success appeared first on Blockonomi.
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