Wednesday, July 24, 2024

NFT firm Dropp GG set to launch ‘geo-minting’ and ‘mixed reality events’

by Jalyn Rice
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NFT firm Dropp GG set to launch ‘geo-minting’ and ‘mixed reality events’

Solana-based augmented reality and NFT platform Dropp GG is developing geographical-based NFT minting and “mixed reality events” tied to the Metaverse.

The firm was founded in early 2021 and is progressively rolling out several initiatives over this year including partnered NFT drops, geo-minting events, virtual land plots with AR support, and a metaverse platform that maps to the physical world.

Dropp recently closed an $8 million funding round that was backed by top crypto and NFT firms such as Animoca Brands, Alameda Research DeFiance Capital and Three Arrows Capital. The funding will go towards IP accumulation, partnerships and metaverse/AR tech development.

One of Dropp’s major initiatives will be the launch of geographical-based NFT minting (geo-minting), slated for beta testing later this quarter. The term refers to specific NFT collections that are only able to be minted by users who are at the predetermined physical location of the drop.

The firm touts the NFTs as a new way for partnered artists, celebrities and influencers to drop exclusive collectibles for their audiences, while the scarcity of the unique geo-specific NFTs is intended to add value on the collectors’ end.

Dropp is tight-lipped on the other partnerships it has secured so far but told Cointelegraph that the company will be announcing collaborations with several “celebrities, models and artists” next month.

The company will also launch a metaverse platform dubbed “Dropp Land,” that will feature a virtual reality world that is mapped to the real world. As part of the project, users will be able to buy virtual land plot NFTs, earn yield rewards with them or rent them out to other people.

AR support for the metaverse platform is also in the works, enabling users to experience “mixed reality events” that feature digital representations of the virtual land and other NFTs purchased in Dropp Land in the physical world.

In an interview with Cointelegraph, Dropp founder Edmond Truong stated that the firm is aiming to onboard 500,000 users to Dropp Land in the future, and will focus on providing a bridge between the Metaverse and the physical world by allowing users to interact with their NFTs in both spheres.

Related: Meta reportedly plans to integrate NFTs on Facebook and Instagram profiles

Truong said the NFT market acts very differently from any other industry due to the sector’s ability to attract anything from “crypto aficionados,” to gamers, artists, collectors and retail traders.

The founder foresees NFT tech becoming widely adopted once the sector evolves with  further utilities for mainstream purposes:

“People will utilize NFTs as digital art, digital tickets, digital documentations, digital identities and digital wallets that will become pivotal in the near future.”

“As the idea of paper money started from receipt of exchange, NFTs will soon replace transactions that will require proof of authenticity. We believe NFT adoption is inevitable,” he added.

The firm’s first partnered NFT collection will launch later this month on the Soulshift NFT platform, and will feature 10,000 NFTs depicting artwork from renowned streetwear designer Hiroshi Fujiwara and artist/skateboarder Mark Gonzales.