Trace Network Labs takes a step towards connecting metaverse via Buddy

The company aims to register over a million Buddy users by the end of the year

Trace Network Labs takes a step towards connecting metaverse via Buddy
Trace Network Labs aims to have over 100 global brands as partners by the end of the calendar year.

As metaverse catches up with brands, with almost each entering the space, Trace Network Labs too has entered with its product Buddy – an avatar. “We believe that a user should have one identity across metaverse rather than create multiple digital avatars on multiple metaverses. Towards the end of FY22, we will launch Buddy – which creates a digital avatar, thereby allowing people to use their versions across different multiple metaverses,” Lokesh Rao, co-founder and CEO, Trace Network Labs, told BrandWagon Online.

It was estimated that the global metaverse market size stood at $38.85 billion dollar in 2021. In 2022, this is expected to rise to $47.48 billion, before surging to $678.8 billion by 2030, as per market research firm, Statista. 

Trace Network Labs aims to clock nearly a million users in the first year of roll-out. Minted on the blockchain, Buddy will be metaverse agnostic. For this, the company has collaborated with many metaverses, both open and closed. Currently, the company has created a buzz in the market via their own social media platforms as well as through social media influencers regarding Buddy. “We have already connected with more than 50 communities across geographies and have a direct reach with over a million people,” Rao explained. 

According to JP Morgan’s report, the economics of the metaverse – or metanomics – offers opportunities in almost every area and poses a market opportunity of $1 trillion in annual revenue. The company claims that it will roll-out another product named Bling. Going beyond creating an avatar, Bling is an NFT marketplace for luxury lifestyle and fashion for metaverses. Interestingly, the brands that TNL onboards will create limited edition line of digital products in the form of NFTs that will be launched exclusively on this marketplace. As of now, the company claims to have partnered with many brands including 883 Police, Asmara Group International, PALEM, among others. Trace Network Labs aims to have over 100 global brands as partners by the end of the calendar year.

With the company yet to execute a business model and zero revenue in the collection, TNL plans to run a subscription plan of $25 for Buddy, inclusive of its maintenance fee. A user will have to pay for any upgrades beyond the basic avatar they get. These upgrades can include location, background and clothing, among others. Another source of revenue for the company will be the platform fee the company will levy on brands on Bling. The platform fee, which is tentatively set at 20%, may range from brand to brand, depending on the sales.

While the company’s products are yet to hit the market, it hopes that eventually, it will pick up. To give perspective, Trace Network Labs received $1.6 million of funding last year in June and has no plans of raising any funding this year.

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