Table of Contents

What is Trace Network Labs?

Table of Contents

Trace Network is a decentralized protocol enabling lifestyle for any multichain metaverse. They are building technologies that aim to transform the way people access ANY Metaverse or Metaverse Assets.

The Trace team is doing this by enabling people to become Metaverse residents by creating their real-looking “digital twins” a.k.a. “Avatars” and empower them to roam freely between multiple virtual worlds in different blockchain networks. This Avatar NFT will act as the new digital identity for the metaverse user and akin to a virtual passport to enter ANY metaverse.

Trace Network Labs is also enabling Lifestyle for these avatars in Metaverses powered by NFTs & Digital Fashion. We envision to be the de-facto gateway for lifestyle brands to launch their new sets of Limited-Edition lifestyle & fashion products made exclusively for the real-looking Avatars.

Problems

  • User onboarding – User onboarding on Metaverse is not simple currently. A user wanting to experience the metaverse will have to create multiple avatars – one for each metaverse they are on. Besides creating multiple avatars, the major challenge is that these avatars do not represent real people, which makes it difficult to recognize them in metaverses
  • Closed metaverses – All metaverse currently are closed ecosystems that do not allow avatars, NFTs or any other asset in possession of the avatar to move in or out of their ecosystem. And this simply means, the avatar or the lifestyle products you buy from these metaverses cannot be used in other metaverse, which make it useless beyond the boundaries of that respective metaverse.
  • Readiness towards experiences – Very few metaverses are equipped, ready to provide or cater to activities involving real world experiences for their residents. It means that the user’s avatar will have to live a dull life in the metaverse with limited  real-life experiences and engagement options even yet.
  • Limited Utility of NFTs – Majority of NFT projects which are either PFPs or any rare art NFTs are losing value after a certain point due to their limited utilities. The more ways a project allows NFT holders to use them, completely gives a new value and gratification to the users. 

What is Trace trying to achieve? 

Trace Network Labs has carefully outlined the following set of problems, amid the growing buzz around the Metaverse & NFTs, that they aim to solve.

  1. Residents, Not Just Users: The primary need for any metaverse to be what it aims to be is the presence of digital people. There is a clear distinction between being a user of a system and being a part of it. The current metaverses are creative systems for the “users” variety who just want to use a function in the metaverse or participate in a one-off activity in the digital realm. Trace Network believes that the Metaverse needs real-people who want to live there in a manner similar to the real-world. Hence, they have to be treated like “Residents” and not “users”. All systems Trace is building will live up to this ethos. 
  2. Emulating Real Lifestyles: The need for real people or residents in the metaverse calls for systems that will imitate the same world they live in currently, into the digital world. This also means that the person does not have to give up on their natural lifestyle that they follow / live currently. Trace Network hence is aiming to enable lifestyle for the metaverse for each and every resident.   
  3. Real Humans like looking Avatars: Most current avatars for the metaverse we see around are cartoons or caricatures of the real person, or just does not look like the actual person. Trace Network is working on and will soon release a product that will enable anyone to create an Avatar that looks just like them – a life-like, real-looking avatar. This is needed as it allows people to represent the real them in many different situations in the Metaverse, such as a meeting, a wedding, a dance party, attending education classes among many others, in a more immersive way.
  4. Free-to-travel Avatars: All Metaverse today are closed ecosystems that do not have the facility to move assets from one metaverse to the other. This applies to the residents as well. Once you are in a metaverse one cannot carry their Avatars out of that system. This will change, as Trace Network has created a technology that will allow the Avatar to move from one metaverse to the other without the hassle of changing any attribute. These metaverse agnostic digital twins of the real person will become sort of like a digital identity akin to a single sign-on for ANY metaverse. 
  5. NFTs that can be used: NFTs today are digital collectibles and may not have much use for the avatars in the metaverse, apart from a profit making asset. Trace Network aims to enable Wearable / Consumable NFTs that an Avatar can use in the Metaverse. The first type of NFTs will be fashion-wear or daily wear coming from fashion brands who produce special digital fashion collections. The same concept can be applied in giving additional values to existing NFT projects by enabling them to give digital wearable merchandise NFTs to its community.

Trace Network Products

The above problems have been addressed at Trace Network Labs and that has resulted in some path-breaking products that will solve the above issues. The main offerings of the platform are:

1. BUDDY– An exclusive & personal digital identity that is primarily a real-looking avatar for residents of the Metaverse. Trace Network Labs offers the residents the ability to create a metaverse-agnostic, real-looking avatar minted on blockchain, that will have the unique ability to move from one metaverse to the other — akin to a passport for virtual worlds. 

BUDDY will open up the limitless world in the metaverse for the people as they would be able to do everything which is possible in the real world. Atleast, distance won’t keep people stay disconnected as they would be able to connect and collaborate with people with real faces in the metaverses too. BUDDY will open up limitless opportunities for humans to create this new digital human civilization and support creators’ economies by giving them the option to easily move from one metaverse to others.

2. BLING – Limited-edition global marketplace for rare & exclusive NFTs of wearable luxury and lifestyle products & accessories. Trace will help luxury & lifestyle brands create, market & distribute exclusive NFTs to a global audience via Bling. The project aims to be the de-facto gateway for lifestyle brands, businesses, projects & consumers to the metaverse. Trace has already on-boarded many global fashion brands that are creating limited edition collections to dress up the BUDDY avatars for living in the metaverse.

Apart from this, Trace Network aims to enable fashion brands to build an experiential ecosystem that encompasses building virtual stores with their exclusive digital merchandise on display. These experiential stores provide for convenience and experience to the residents of the metaverse in their buying decisions. Every resident gets the option of trying a fashion wear on their digital avatar in the virtual experience store of a brand. Once a decision is made, the resident avatar not only gets to purchase the product but also has the option of getting it delivered in physical form. 

Bling will also help NFT projects that have been struggling to get their NFTs marketed, to create wearable merchandise for their users that can be airdrop on Bling. 

Trace Investors

Trace Network Labs’ vision & mission has been endorsed by many marquee investors from the blockchain & crypto world that includes some of the industry heavyweights as follows: 

AU21 Capital, NGC Ventures, OKEx Blockdream Fund Ventures, LD Capital, Spark Capital, Morningstar Ventures, Inclusion capital, Lotus Capital, Spark Digital Capital, Moon Rock capital, Blocksync Ventures, 18 Ventures, DAO Maker, Acheron, EthDesign, Genblock, Master Ventures, GBV Capital, Black Edge Capital, and Moonwhale Ventures, as well as many other reputed CeFi and DeFi angels.

Trace Native Token – $TRACE

TRACE is the governance token for Trace Network Labs that empowers network users with governance control over the protocol. The token also carries further utilities in community incentivization for rewarding the network participants through various incentivization mechanisms from time to time including staking and farming. The token is the fuel of the network and ecosystem to be used for various transactions & participation in protocol operations. TRACE tokens will also be used as a base token fuel to mint & acquire NFTs, and for the settlement of minted NFTs over Trace’s network and ecosystem.

The functionalities of the token include:

  • As a form of reward.
  • White label stablecoin collateral.
  • Interoperability & cross-chain settlement.
  • NFT minting & settlement.
  • Trade & commerce.

TRACE/INR is now available for trading on Bitbns!

Founders 

Lokesh Rao, CoFounder & CEO

Lokesh Rao, has a wide experience of over 12 years in the enterprise tech space helping global fashion companies acquire and implement technologies in more than 20 countries. Since 2017, Lokesh has been actively involved in building solutions for enterprises using DLT and Blockchain. With Trace network Labs, he is building a technology platform that will enable lifestyle brands to launch multichain & multiverse products, using NFTs, for the ‘digital twin’ a.k.a. Avatars of users in the metaverse.

LinkedIn | Twitter | Telegram

Sunil Arora, CoFounder

With over 37+ years advising and consulting with 1000+ Apparel & Fashion companies in 50+ countries, Sunil Arora, brings a plethora of experience to the Trace ecosystem. His speciality in Advising Global Fashion & Lifestyle Brands, Sourcing companies & Manufacturers, he is now bringing the Fashion frat closer to Digital Fashion & LifeStyle for the Metaverse. 

LinkedIn

Read More about them here: https://bit.ly/TraceNetwork-EntrepreneurFeb2022 

What next?

Was this post helpful?