The augmented reality game world, Jadu, is gearing up to sell 11,111 robot avatars, called AVAs, that will be used as playable characters on its upcoming mobile app. The company is betting that gamers want to spend and own their video game characters. These NFT characters will also come with commercial rights.
The avatar sale is the newest development in Jadu’s effort to create an AR gaming platform enabling users to explore the real world with their NFT avatars. The startup had recently raised a $36 million Series A round to invest some capital in the concept.
The idea of NFTs within the gaming industry has received some backlash. Several gamers and developers have judged the concept of NFTs in gaming as exploitative and unfair. Microsoft’s ‘Minecraft’ recently announced eliminating any NFT integrations with the game. Microsoft subsidiary Mojang explained NFTs as ‘digital ownership based on scarcity and exclusion.’
Jadu founder and CEO Asad J. Malik said he “completely agrees with the gamer community’s critique of NFTs.” But, he adds, “We are not a traditional gaming company.”
Jadu describes itself as an AR company aiming to bring new forms of AR to the people in innovation and experiential ways. The startup aims to develop AR applications that don’t exist in the market yet.
Jadu has been working on augmented reality (AR) smartphone application that syncs with users’ Ethereum (ETH) wallets and enables them to transform 3D animated NFTs into interactive avatars. Users can also add avatars from NFT collections like CyberKongz and FLUFs into the app.
Jadu has also experimented with selling avatar accessories like jetpacks and hoverboards as NFTs. The company had amassed more than $5 million from initial NFT sales. Moreover, it collects a 5% commission on the roughly $25 million in secondary sales the NFTs have done on platforms like OpenSea.
On August 30, the company will begin selling its avatars for 0.222 ETH, or around $365 at the time of this publication. The entire sum will go to a “community treasury” that it will use to augment Jadu’s intellectual property. The Jadu AVA holders-controlled treasury will provide funding for member activities and endeavors, including motion pictures and music videos featuring their NFT characters.
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