NFT Oasis Raise $4.4 million to Develop VR Creator's Economy
What is NFT Oasis?
The company created a VR hub for artists to gather, and showcase artwork by over 200 artists and musicians since April. There are events held each week in the virtual world to exhibits artwork streaming to the real world.
Virtual platform, Provenonce's NFT Oasis aims to decentralize the creative economy through NFTs (non-fungible tokens), virtua reality, and decentralized finance. This ecosystem would provide artists more financial success, business control, and creative freedom.
Despite VR is still on its way to reach the mass majority, artist can broadcast their activities and work outside of VR through social media.
Provenonce CEO, Will O'Brien says
“I believe this is a moment in time to change the world and radically disrupt an industry that has been exploitative to artists. We have a very big vision to launch the decentralized, and abundant, creator economy. NFTs are the wedge, VR is the stage, and blockchain is the infrastructure on which we will make this the reality.”
The goal of the company is to create personalized virtual worlds where artists can showcase their art to fans and potential buyers.
What does the NFT Movement mean for Virtual Reality?
O'Brien said that NFT Oasis opens up a whole new world of possibilities. Artists is capable to host art exhibitions and panel discussion with guest from all around the world. This is where collectors can feature their own collection galleries in the virtual world. Furthermore, developers and programmers can be hired to create virtual environments for creators, while other can works in a decentralize gig to assist support events and help creators to get more traction.
Microsoft owned AltspaceVR is social flagship social VR platform for the NFT Oasis. This is where all the best features of social VR are included such as customized avatars, real voice, and real interactions. Users can access the NFT Oasis via Oculus VR headset or PC VR. The event can be streamed live or records on any social media platform.
NFT Oasis is also a great opportunity for musicians to use this technology to bring their performances into the virtual world. Since it's inception, NFT Oasis have seen artist performance from the likes of Grammy-winner Imogen Heap, Greg Spero, and K-pop artist Aweek, Hayeon, and Lee Eun Bi, by bring concert events into the virtual world that can be attended by thousands of participants.
Artist have already started to utilize the blockchain technology for NFTs and decentralized identity. NFTs have been skyrockets in applications such as sports collectibles, artwork, and music. Digital collectible basketball card, NBA Top Shot, is a good example.
Built by Dapper Labs, NBA Top Shot made over $700 million in sales just a few month after the company went public. Recently, an NFT digital collage by Beeple sold for $69.3 million at Christie's.
Despite the hype of NFTs cooling down, NFTs are selling at a rate of $23 million a week.
O'Brien said that NFT Oasis will be launching a smart contract-based system for communities and creator to create a economy in the metaverse. In the future, creators in the NFT Oasis will be given Provenonce token which is the key to access the metaverse.