Trace Network Labs aims to create a million BUDDY NFTs in the next one year in metaverse

Web3.0 company Trace Network Labs, which is into non-fungible tokens (NFT), aims to create a million BUDDY avatars in the next one year, Lokesh Rao, co-founder and CEO, Trace Network Labs, told FE Digital Currency. However, he declined to comment on both revenue and loss for FY23. “The fees for minting each BUDDY avatar NFT is $25, which can be paid in different currencies. We plan to reach the target of one million via various community onboarding initiatives and project awareness with global media support. These avatar NFTs enable people to login into different Web3.0 metaverses for various events or occasions,” he added. 

The company claims to have partnered with 35 brands to enable them launch their digital wearable collection NFTs. Further, these brands will launch their ‘Experience stores’ (virtual stores), where people can shop via their BUDDY (virtual) avatars. According to Rao, the company is targeting around 100 brands in the next one year to launch these experience stores, “These stores will return the brand-customer connection which got taken away with the advent of e-commerce,” he noted. 

The company plans to charge brands around $50,000 per store in the metaverse. “Our target is to sell around one million avatar NFTs, and also to conduct a sale of 70-100 experiential stores in the near future,” Rao said.

For Rao, these stores will provide almost a real store-like experience to users, where people can see products in detail, fitting, among others. “Brands will also roll-out digital wearable collection NFTs, digital collection NFTs (which will both be digital and physical), and physical product NFTs. Customers who buy a physical collection will be able to get it delivered to their place by the brand,” he added.

In an effort to market its product, the company plans to invest 20% of the fee received from selling tokens into advertising and promotion. “We want to inform people about the benefits around the Web3.0 space on metaverse, as well as an infrastructure for people to move around different metaverses,” he stated. Moreover, going forward, Rao claims that the firm will allow different businesses to convert their collections into NFTs.

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