Hoxna, the property metaverse platform coming soon from TerraEarth, uses NFTs as a critical step to validating virtual ownership.
NFTs are mostly associated with an entrepreneurial, digital art market. Artists and art collectives, such as Bored Ape Yacht Club, have created digital artworks as NFTs, and via a “bubble” of demand, been able to drive up market prices into the millions of dollars. Such sales have attracted a range of critics from celebrities, to the media, established art market and more widely across tech specialist. This NFT “craze” has created a backlash and highlighted just one application for the tokens.
Go deeper, however, and NFTs have genuine utility value. They represent something very simple: they are essentially proof that a digital asset exists somewhere (usually on a blockchain). Take this definition into the real world and it becomes much clearer as to what NFTs could do: whatever you have bought online, an NFT can prove both proof of purchase as well as the authenticity of an asset.
At Hoxna, we are embracing NFTs as a record of asset sales, and our intention is to open access to this on a mass scale.
Hoxna launches its alpha phase in the Autumn and will make available a “digital twin” of the physical world around us, for adaptation and use by any metaverse, 3D world, or any other application that intends to use the data. Its NFT service, called Clay, will provide proof of ownership of assets in digital space, including any metaverse that links to Hoxna.
This means that you can certify that a virtual piece of land, or a virtual property, is yours. Hoxna’s “digital twin” philosophy means that the Clay NFT for your land or property is the equivalent of deeds in the real world.
Mark Flores Martin, CEO of the TerraEarth Foundation and Hoxna, said “Organisations are building metaverses and 3D worlds without considering the ownership implications of the assets within them. This could seriously backfire without a supporting mechanism that proves who owns what and where. Hoxna’s Clay NFT allows any organisation and any user to resolve this problem.”
“Web3 technologies have massive social and economic potential, but many of their legal aspects have yet to catch up. Through resolving ownership issues of digital assets on behalf of metaverse owners, developers, and users, Hoxna will offer a universal solution based on a proven technology – the Non-Fungible Token.”