What is Virtua (TVK)? [CRYPTO UPDATE]

As your loving crypto bro, I set off on a journey to find the possible next big crypto project on the market. Everyone is out there finding the next big thing, and in the ever-growing crypto space, there are tons of opportunities out there, but the facts remain that investing wisely (risking what you are willing to lose), researching the right projects and waiting long term on your investment is the right way to be a successful investor.

With that being said, I would like to add that I am not a financial advisor and thus, nothing in the articles should be taken as financial advice.

What is The Virtua Kolect?

The Virtua Kolect (TVK) commonly known as Virtua is a gamified metaverse that provides its users web3 gaming, immersed social interaction, digital collectables (NFT) and interactive experience, via its marketplace, virtual environments and exclusive brands partnership. The Virtua Kolect project is a Game-Fi metaverse project that is aimed to revolutionize gaming in the Web3.

The native currency/token of the project is the Kolect(TVK). Virtua was formed as a project back in 2017 and in time developed its utility token TVK launched on December 16, 2021.

Kolect as the utility token of Virtua stood as its fuel to the project in building their metaverse. The use case of the Kolect in the project for its users was to be staked to join their exclusive ‘Virtua Prestige’ clubs for earning NFT airdrops, collectable rewards, TVK bonuses and extra features within the platform. Token holders can as well be rewarded if they complete competitions, quests and trades to receive their NFTs.

Token holders can as well create their digital collectables (NFTs) and fan tokens, by crafting them using the Terra Forma tools in their platform. TVK tokens can be used to farm exclusive and tradable NFTs only available on the platform.

The Virtua Kolect Tokenomics

In November 2020, it was announced that the Terra Virtua private raise was successfully concluded and days after commenced the Virtua public sale and token generation event.

The sale was structured to benefit its long-term supporters and its seed round was accessible to these long-term supporters, who supported the project since 2018. The private sale round was extended to strategic investors who provided marketing support and opportunities to help grow the business.

The seed round was able to raise a sum of $350,000 at a coin price offer of $0.005 with 70M TVK sold. In the first private sale, it was able to raise a sum of $2,010,000 at a coin offering price of $0.008; selling over 251M TVK tokens. During the second private sale aimed to build revenue towards the project’s marketing, a sum of $150,000 was raised at a coin offering price of $0.011 selling over 13M TVK tokens. During the public sale, they raised $105,000 at a coin offering price of $0.012 with 8.75M TVK sold.

The total amount of money raised during the sales totalled $2,615,000 and the total tokens sold was 343,636,379 TVK; which was 28.44% of their total supply, providing them with an initial market cap of $1,019,534 and a fully diluted market cap of $14,400,000. Based on the revenue raised and the TVK token distributed to stakeholders on the TGE, the initial circulating token supply was 85M TVK.

The TVK token was distributed as follows:

• Investors: 37%
• Business Development: 7%
• Ecosystem Reserve: 20%
• Marketing: 20%
• Team: 16%

Who Founded The Virtua Kolect?

The chairman of Virtua is an Englishman named Gary Bracey who was also a founding member of Ocean Software Ltd in 1983 in Manchester, England. Way back before founding Virtua, Ocean Software was a game development company with games played on different systems such as Amiga, ZX Spectrum, Oric L and video game consoles like the Nintendo Entertainment System. Gary Bracey gained experience in all aspects of the video game industry due to the work and partnerships done by Ocean Software.

Jawad Ashra is a co-founder and the CEO of Virtua, with experience from working in the insurance, risk management and mobile application industries.

What is the Virtua Metaverse?

The Virtua Metaverse is a completely gamified space with plots of land varying by values and resources. It began with the launch of Cardano Island; a place where community members will be able to interact with one another(sharing ideas and having fun), store their NFTs and personalize their virtual environment.

Virtua is very optimistic about its metaverse project with the guarantee of their metaverse being safe, functional and open to everyone, offering a wealth of opportunities to developers, publishers and other third parties.

The Virtua Metaverse has a planet(its first ever) called Virtua Prime; it is a hyper-realistic, immersive 3D world and a “world without limits”. The Virtua Prime houses the Cardano Island which is also the first Island launched on the planet. The Cardano Island comes with various hubs of activities with land plots, towers, spaces, games and amazing brands.

Should I buy TVK?

At the time of documentation, the Virtua(TVK) token price is at an average of $0.036 with a market cap of $27.751M; and by May 16, 2021, it reached an all-time high of $1.188.

Currently, it is listed on exchanges such as Binance, KuCoin, Kraken, Gate.io and Uniswap.

Is it a good project to invest in? Probably, if you are a huge fan and believer of Game-Fi and the metaverse, then that may be a nice fit for you. It could probably be a hidden gem that may be worth the wait in the next 2 – 5 years and be the next thing to Decentraland and Sandbox.

But before you go investing, please it is advised and highly recommended that you do your own research (DYOR). Good luck crypto fam! :)

- Anu

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