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Jadu announced that it will launch thousands of avatars built with non-fungible tokens (NFTs) in preparation for the augmented reality metaverse.
Jadu CEO Asad J. Malik said in an interview with GamesBeat that the Los Angeles company will sell 11,111 avatars (AVAs) that can be uniquely owned thanks to authentication via blockchain at the end of August. I am planning.
NFT sales create an ecosystem with real-world AR gaming experiences and an ongoing narrative that takes players back to a place that blends animation and physical reality in a kind of mixed-reality storytelling. It is part of the larger goal of
Jadu has raised a significant amount of money to date, having raised $45 million to date, including a $36 million round led by Bain Capital Crypto. I have also sold various AR items. New avatars can use these items to manipulate the game world.
The 3D playable avatar is called the Jadu AVA and is central to the gameplay. In the story, Avatar is a robot who crash-lands on Earth through a mysterious portal from another world. Each AVA belongs to one of his five types: Blink, Lux, Disc, Eve, and Aura.
For NFT issuance, partners provide collections. These partners include FLUF, Meebits, VOID, Chibi Apes, CyberKongz and CryptoWalkers. Partners like this have helped the company build momentum for his AR items in the past.
In the past, the company partnered with Elton John to auction the one-of-a-kind Rocketman Jadu Hoverboard NFT for 75 ETH (Ethereum cryptocurrency). This was his largest NFT hoverboard sale to date, with all proceeds going to the Elton John AIDS Foundation. (EJAF).Also partnered with his seven-time F1 World Champion, Lewis Hamilton. Grimes; Snoop Dogg; visual artist Mimio Nuoha and his NFT curator Trippy on his NFT hoverboard.
Malik said later this month the company will use NFT sales to create an AVA community treasury that will use the funds on behalf of the community.
Avatars are made for AR, so they are designed to work in augmented reality. The game has different chapters of the story. Avatars can perform parkour operations. And little by little, the company launches an ecosystem.
“The community element is really important,” Malik said. “It’s like treating members and players as citizens.”
About $5 million could be made from the sale of NFT avatars, which the company will use to set up a community treasury where the community can discuss how to use the resource. Instead of focusing on games with millions of people, the company is now focused on getting 10,000 or 20,000 hardcore players from the start.
Malik moved to the US at age 18 for college, debuted an AR project at the Tribeca Film Festival, and founded Jadu about seven years ago. Malik’s mission is to reverse the trend of digital experiences dismantling our connection with the physical world.
The company has a full Pakistani team working on blockchain technology (they are paid in US dollars and are doing well despite the country’s instability). Jadu has also hired several people laid off at other tech companies during the current recession. The company has about 50 people.
“We are attracting people who want to build proper AR gameplay,” said Malik. “The core type of AR that we do is focused on gameplay. AR has always been a first-person medium playing with things. What we’re doing is turning it into a third-person game. So instead of you being the player, you have an avatar, you see that avatar in your room, and you control it with an on-screen joystick.”
He added: Your avatar can ride a hoverboard, ride a jet pack, or do a wall flip. Many forms of AR we build focus on avatars with different interactions. And our first step in this regard is actually launching a lot of the gameplay ourselves, and we’re currently building Season 1 of Our World. ”
Early on, Malik has been working on AR experiences for film festivals, and some of that work is taught in AR and Hologram courses at Massachusetts Institute of Technology and UC Berkeley. In 2019 he released a project for Magic Leap, creating holograms for musicians.
“We were playing with AR storytelling,” says Malik.
And now we are building an AR gaming platform. Over the past two-and-a-half years, the team founded Jadu, aiming to bring richer forms of AR technology and narrative storytelling to mobile games.
“Last year we pivoted to Web 3,” he said. “After releasing our own collection of jetpacks in AR, we released these hoverboards that work in AR. I thought.”
As NFTs started to take off last year, the company started focusing on AR gaming in the Web3 space. Players can play in his AR as his own 3D avatar. Jadu raised about $5 million through the sale of his NFTs, and about $30 million in secondary deals for jump bikes and hoverboards.
“We’ve been working on this issue for the last six months or so,” says Malik. “There are a lot of resources behind this.”
prepare for tough times
I asked if the company resisted selling NFTs. Malik said he agrees with the criticism of poorly behaved NFT companies, such as launching poor quality products or engaging in fraudulent practices.
“I fully agree with the gamer community’s criticism of NFTs,” he said. “We are not a traditional game company. We are basically an AR company and our mission has always been to bring people new forms of AR in a highly experiential and immersive way. We are building AR like never before.”
As for the crypto winter, Malik said the company has a runway for the next three years or so. This gives the company peace of mind knowing that it has time to develop its product properly and players have time to wait for him to embrace the AR multiplayer market.
For the most part, the company’s target audience is people who are already part of the crypto and NFT ecosystem. They are familiar with crypto wallets and early adopters of the technology.
“We’re about to reach an inflection point where this feels really good and ready for more mainstream audiences. ‘ said Malik.
Within the next 30 days, the company plans to roll out a tool that players can use to make suggestions to vote for others. Start chapter.
Malik said he hopes the movement to create interoperable NFTs and an open metaverse will progress, allowing the company’s own avatars to be used on more platforms and applications. But it may be farther in the future than it is now.
“In theory, that’s also our goal,” he said. “At the same time, I would like to say that there is no big priority. It is something that we ideologically align with. I’m not going to waste my time right now.”
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