Written by Nezwan Helmy
As the NFT wave first struck the globe, it sparked a fresh wave of enthusiasm and excitement among investors both large and small, and has continued to maintain this sentiment ever since.
For the time being, there is no indication that the wave will decline, and it has continued to garner renewed market interest, particularly due to the unique phenomenon known as “metaverse.”
Many industry players in the technology and gaming industries have made inroads into the metaverse sector; metaverse spaces are usually utilized for socialising, shopping, and working, and incorporate real-world rewards and effects..
Whilst social media apps such as WeChat are arranging their own metaverse for their users, Facebook has also shown interest in transforming its social media platform into a metaverse platform.
Epic Games, a gaming platform, has relaunched itself as a metaverse platform rather than a game, in order to capitalise on the trend too.
RedFOX Labs Aim To Uncover Southeast Asian NFT Market
The metaverse competition expanded to include RedFOX Labs of Southeast Asia and its new platform, officially called ‘RFOX VALT’.
RFOX VALT is an augmented reality, retail experience that combines both gaming and NFT. VALT is a one-of-a-kind metaverse experience that incorporates the best of cryptography with real-world applications such as entertainment, gaming, and e-commerce, through NFT. All assets and spaces made available on the platform are non-financial entities which allow individuals to engage, create, and earn in a number of ways.
The new platform will also use augmented and virtual reality (AR & VR) and artificial intelligence (AI) technologies in order to enhance users’ experience. As well as providing digital commodities created via blockchain smart contracts and NFT, RFOX VALT has prepared a master plan to become an international online market for digital assets in the future.
CEO of RedFOX Labs, Ben Fairbank, said that he is very optimistic about the future his team is constructing.
“It’s a colossal and complicated concept with many components… We are pleased to bring not just the future of our ecosystem, but also what we think will revolutionise future digital inclusion, e-commerce, and immersive experiences,” he added.
Due to the growth of e-commerce in the digital world and the advancement of technology, RedFOX will establish specialised virtual venues in Southeast Asian nations where both digital and physical transactions may be conducted through the RFOX VALT platform.
About RedFOX Labs
RedFOX Labs is a Southeast Asian venture capital firm, focused on the discovery and development of novel business concepts for the region’s growing market. The project aims to uncover the true market value of Southeast Asia’s digital economy for high-demand services such as e-commerce, e-media, e-travel, and e-sports / e-gaming, as well as to add value to the digital economy via the development of blockchain technology.
Tell Us Your Thoughts!
In your opinion, can the experience of virtual shopping be enhanced through the use of NFTs, AI, and virtual reality? Let us know in the comments below.