LOCATION-BASED AR APP & NFT MARKETPLACE
TRUORIGIN is the first application to create true scarcity and provenance for digital art and media connected to NFTs.
The Problem
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Although NFTs have seen exponential growth, there are still fundamental issues in the way that artwork files attached to NFTs are used by collectors. Due to the cost of storing data on blockchains, media files that generate the art, song, video, or other asset cannot be stored in the NFT itself — they have all of the same characteristics of standard media files that can be found on any website. This means that, even if they are stored on a decentralized file system like IPFS, they can be copied, downloaded, and even lost if not properly maintained by the original artist or the owner.
Although each NFT is totally unique, the media files that are attached to NFTs lack the true experience of purchasing and owning a collectible with provenance and scarcity in the real world.
This debate has been growing after Jack Dorsey’s tweet was sold for $2.9m although the tweet referenced in the NFT could easily be deleted or removed from Twitter. Meanwhile on OpenSea, one of the largest NFT marketplaces, one artist replaced the image files of his artwork with images of Persian rugs after the tokens were minted on the Etherium blockchain.
When you purchase an NFT, you are essentially buying the certificate of authenticity without the art. Even for NFTs that use an IPFS to store and track the original file, owners of the file have no additional control over what happens to the file after it has been downloaded from the IPFS.
All discussions about the value of NFTs are meaningless as long as the token is not inseparable from the artwork itself. pic.twitter.com/iUKoUrWlat
— neitherconfirm (@neitherconfirm) March 9, 2021
The Solution
A LOCATION-BASED AR APP & NFT MARKETPLACE
Our location-based AR app and NFT marketplace solves this problem by giving NFT owners additional rights to choose how and where their digital art is displayed in the real world. Locations can be private, like in a home or office, or publicly discoverable in parks, galleries or other areas. This location is updated on the blockchain via a smart contract and read by our mobile app.
After the location is chosen, the art can only be viewed in the specific area where the owner has placed it. If the owner has chosen to display it publically, others can navigate to that location and view it in the real world using our AR app.
Our platform empowers owners to set the location of their NFT’s, giving them all of the same rights as owners of physical collectibles and works of art in the real world.
Leadership Team
Braden Katz
Cofounder
Braden is an entrepreneur and multidisciplinary designer that has started and currently runs two bootstrapped companies with 6-figure ARR. He has led the design and development of apps and websites in a wide range of industries from venture-backed startups in the telemedicine, fintech, and cryptocurrency space, to established construction, real estate, architecture firms, and Fortune 500 companies. His design work has received awards and nominations by well-known design organizations like Awwwards.com, and he currently holds a design patent for his work on new methods to display rating systems.
Bryce Katz
Cofounder
Bryce was one of the early pioneers of Augmented Reality technology, leveraging a custom AR system to create a top-performing, featured app on iTunes and Google Play prior to ARKit or ARCore being available. Bryce has 13 years of mobile app experience with over 11 million copies sold in 64 unique markets across the world garnering more than 123 million impressions across all intellectual properties. Past successes include four Top 5 mobile apps, successful sale of an early AR IP and currently serves as a technical product manager at a cloud-based company with a multi-billion dollar market cap.
Laxman Singh
Senior Blockchain Developer
Laxman is the founder and CEO of Lapits Technologies, a development company that was ranked in the top 20 blockchain companies in India by Clutch. He has led the development of a wide range of applications from ICOs, wallets , merchant payment systems, crypto exchanges, and solutions for supply chains. Laxman leads the architecture design and development of the TruOrigin Platform.
Competitive Advantages
True Scarcity = More Value
Scarcity increases the value of digital collectibles and will likely drive up the value of an already appreciating marketplace.
First to Market
We are the first application and marketplace to use location-based augmented reality to create scarcity for NFT objects.
Real Ownership
Right now people are buying the certificate without control of the digital art. Our app gives NFT owners all of the rights of owning a physical collectible in the real world.
New Features for Creators
Augmented reality will give NFT creators an entirely new medium to display their art and drive up engagement when it is publically displayed.
Built-in Network Effects
With the ability to place NFT art in public spaces that are discoverable, our app creates built-in network effects for NFT artwork to go viral.
Project Roadmap
Q4 2022
- Completed: Finalize development plan and sprints on the Solana blockchain.
- Completed: Create UI/UX for the marketplace and mobile app.
- Completed: Develop and launch an initial prototype and proof of concept for NFT marketplace and location-based augmented reality app.
Q1 2023
- Close seed funding for finalizing the development of the blockchain and mobile app.
- Begin marketplace development on the Solana blockchain.
- Resume mobile application development.
Q2 2023
- 2D NFT Integration.
- 3D NFT drops by eligible artists.
- Marketplace and mobile app open beta.
- Marketplace and mobile app launch at the end of Q2.
Fee Breakdown
Artists earn 90% and TruOrigin earns 10% of sales made directly on the marketplace.
Artists earn 10% of sales from secondary market transactions.
Investors & Partners
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