1.1 | Types Of Meta-Assets

NFT A non-fungible token that a user or brand owns outright on the ILLUSORR platform through a smart contract. The uniqueness of the NFT is what makes this a preferable option to users; since they are “non-fungible” ILLUSORR users can be assured that no other user can have or use these meta-assets. ILLUSORR’s policies will make sure that non-fungible meta-assets remain protected on the platform and are not plagiarized or stolen.

Fungible Asset An asset that is acquired, traded, or owned similar to an NFT, but is fungible; meaning that it replicable/interchangeable and multiple users can own an exact copy of the asset (i.e. branded wearables or vehicles). This option is also important in the metaverse because just like physical reality, not all assets have to be unique, while art pieces, architecture, and humans/avatars might be novel, clothes, gadgets, and cars usually are not. Users might prefer the exact assets they see a certain celebrity/influencer owning, or brands might prefer to only create one version of an asset and sell it as many times as possible.

Rentable Asset An asset that is owned by another user, brand, or ILLUSORR, but rented/leased for a duration by a user or brand. These are mainly assets that are harder to create, and may require a bigger budget, longer time period, and more resources, but the user/brand might only need it for a short time (i.e. a specific event). These assets could be auditoriums or gallery spaces that a brand or user can rent for a couple of hours, a day, or even a few weeks.

Co-owned Asset An asset that is purchased and/or owned by multiple users. This is one of the unique features and benefits of a smart contract. Multiple users can be part owners of a space, world, collectible or any other item that may be too expensive for a single individual to purchase or a project that could benefit a community of people.

OTHERS

Generated Asset An asset that can be generated through a selection of features and attributes which assemble through an automated system. These are very similar to the rented assets but allow more customization according to preferences, as opposed to a ready-made asset. These can also include spaces for specific types of functions, or even avatars that fit the user’s liking. Once these assets are generated the user or brand will then own them outright as an NFT.

Commissioned Asset An asset that is commissioned and designed by one of the Verified Creators on the ILLUSORR Platform. These are very similar to the Rentable Assets and Generated Assets, they can be fully customized to the users needs, and once done the user will own them outright as NFTs, and they can choose to rent them out if they wish, or even sell/trade them with other users. Users can commission any type of asset from avatars and wearables, to spaces and worlds, and these will be executed by the world’s best meta-architects, each individually approved by ILLUSORR.

All ILLUSORR meta-assets will be interoperable and can be used on other platforms in the metaverse, in line with the criteria of The Metaverse Standards Forum.