Theta Labs operator of the blockchain-based video streaming platform Theta is partnering with Japanese conglomerate Sony Electronics to introduce two types of 3D nonfungible tokens NFTs specially designed which are viewable on the Sony's Spatial Reality Display (SRD).

Sony and Theta have introduced NFTs that are viewable and manipulatable in mixed reality 3D on the SRD without eyewear. SRD is a tablet-like device that is a monitor that lets people view things in three-dimensional visuals in semi-physical augmented reality. It is not required to use traditional 3D accessories like glasses or other accessories. It tracks eye movement and adjusts the display as the viewer moves, giving users a 3D viewing experience. The Theta and Sony NFTs, only function on the Sony SRD. Future owners of these NFTs will need to repurchase 2D versions of the same NFTs from Theta if they want to display them in 2D on Twitter or their desktop. As per co-founder and CEO of Theta Labs, Mitch Liu, NFTs, and metaverse now have a “huge potential” for 3D visualization.

Sony and Theta will be releasing a 3D Tiki mask called “The Tiki Guy” which is one of the two SRD-enabled NFTs. This Tiki mask is a limited edition and only 10 of these NFTs will be minted. Though it is viewed for 3D viewing 2D versions will also be made available. Sony will send a free SRD to NFT owners with a U.S. shipping address. Currently, SRD sells for $5,000 per unit. On ThetaDrop which is the Theta Labs’ NFT marketplace where NFTs will be released. On ThetaDrop previously Katy Perry’s first NFT collection was released and promotional NFT collections for the World Poker Tour, singing competition “American Idol”, and the game show “The Price is Right.”

The Theta Labs CEO thinks that the “metaverse is already 3D.” This means that there is a need to enable users to “visualize and showcase their NFTs in a way that has a physical presence.” According to Nick Colsey, a Sony Electronics executive, NFT's release serves as a showcase of Sony's new Spatial Reality Display technology for NFT and metaverse enthusiasts. In 2022 NFT spending has almost surpassed last year's records as per a report from Chainalysis. Investing in smart contracts linked to NFT marketplaces and investors sent around $40 billion worth of crypto in 2021, according to a report. This year, the number has reached more than $37 billion.

Joyashree Dey

CBW - External Analyst

INDIA