Edmond Truong, founder of Dropp GG, said: “NFTs will soon replace transactions that require proof of authenticity. We believe the adoption of NFTs is inevitable.”
Solana-based augmented reality (AR) and NFT platform Dropp GG is developing geolocation-based NFT minting and metaverse-related "mixed reality events."
Founded in early 2021, the company has gradually rolled out several initiatives this year, including collaborative issuance of NFTs, location-based minting campaigns, AR-powered virtual land, and a metaverse platform that maps to the physical world.
Dropp recently closed an $8 million funding round, backed by top crypto and NFT firms including Animoca Brands, Alameda Research, DeFiance Capital, and Three Arrows Capital. The funding will be used for IP accumulation, partnerships and Metaverse/AR technology development.
One of Dropp's major initiatives will be the launch of geo-based NFT minting, which is expected to be tested later this quarter. This term refers to a specific series of NFTs that can only be minted by users located at the designated physical distribution location.
Introducing: DROPP Location-Based NFTs
A new era of NFT applications
— DROPP (@DROPPgg) January 16, 2022
The company bills the NFT as a new way for collaborating artists, celebrities and influencers to issue exclusive collectibles for their audiences, while the scarcity of unique, location-specific NFTs is designed to add value to collectors.
Dropp has been tight-lipped about other partnerships it has struck so far, but told Cointelegraph that the company will announce several “celebrities, models and artists” next month.
The company will also launch a metaverse platform called "Dropp Land," which will feature a virtual reality world mapped to the real world. As part of the project, users will be able to buy virtual land NFTs, use them to earn yield rewards or rent them out to others.
AR support for the Metaverse platform is also in the works, enabling users to experience "mixed reality activities" that feature digital representations of virtual land and other NFTs purchased at Dropp Land in the real world.
In an interview with Cointelegraph, Dropp founder Edmond Truong said the company aims to have 500,000 users join Dropp Land in the future and will focus on providing a bridge between the metaverse and the physical world, allowing users to work in both areas Interact with your own NFTs.
Truong said the NFT market is performing very differently than any other industry because the industry is able to attract a wide variety of people from “cryptocurrency enthusiasts” to gamers, artists, collectors and retail traders.
The founder expects NFT technology to be widely adopted once the industry develops to have more mainstream uses:
“People will utilize NFTs as digital art, digital tickets, digital documents, digital identities and digital wallets, which will be key in the near future.”
He added: “The concept of paper money started with transaction receipts, so NFTs will soon replace transactions that require proof of authenticity. We believe NFT adoption is inevitable.”
The company's first collaborative NFT collection will launch on the Soulshift NFT platform later this month and will feature 10,000 NFTs depicting famous streetwear designer Hiroshi Fujiwara and artist/skateboarder Mark Gonzales works of art.
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