Trace Network Labs

Trace Network Labs: Unlocking the Power of the Metaverse

Where the boundaries of reality are redefined and the metaverse comes to life! Harnessing the power of Web 3.0 technologies, Trace Network Labs is revolutionizing the way we experience virtual worlds and bringing the metaverse to the masses.

Trace Network Labs believes that everyone should have the opportunity to explore and thrive in the metaverse. Their cutting-edge solutions leverage blockchain and NFTs to create immersive metaverse experiences that cater to the next billion users. With a vision set on onboarding users to virtual realms, Trace Network Labs is building a gateway that bridges the gap between lifestyle brands, businesses, projects, and consumers.

The Journey

• Trace Network Labs embarked on its remarkable journey in 2021 when Lokesh Rao and Sunil Arora joined forces to establish the company with a visionary mission. They sought to revolutionize the transition of individuals and businesses into the metaverse, aiming to create a groundbreaking protocol. 
• The lab's ambition and potential soon attracted significant attention, leading to a successful seed round in 2021 that raised an impressive $1.8 million. 
• Building upon their initial success, Trace Network Labs introduced "Buddy" in April 2022, a pioneering project focused on crafting lifelike doppelganger avatars. These avatars aimed to closely resemble real-life individuals, offering a seamless bridge between the physical and virtual worlds. 
• May 2022 marked another significant milestone for the company, as it launched its decentralized application (dApp) on the Polygon blockchain. This platform empowered individuals to mint their unique Buddy avatar Non-Fungible Tokens (NFTs), further amplifying the allure and individuality of these digital companions. 
• Recognizing the transformative potential of virtual shopping experiences within the metaverse, Trace Network Labs diligently worked on developing an advanced tech stack in 2022. 
• The co-founders firmly believed that shopping transcends the mere act of acquiring goods or services. As a result, the company made strides toward creating immersive shopping experiences for Buddy avatars. 
• In September 2022, Trace Network Labs proudly unveiled Trace Events and Fashion brand's experience stores, offering users an enticing blend of fashion, technology, and creativity within the metaverse. 
• Continuing their ambitious journey, the year 2023 witnessed the launch of the Pariz metaverse by Trace Network Labs. Just within 2 months the daily transactions on Pariz Metaverse have bypassed Sandbox and are near to Decentraland.

With Pariz, Trace Network Labs pushed the boundaries of what was possible within the metaverse, ensuring users could engage in seamless virtual interactions and explore a vibrant digital world where fashion and lifestyle converged harmoniously. As of June 15, it already had 7000 unique users.

Challenges faced

• Despite the rapid rise of the NFT-Metaverse sector, many people still overlook its potential.
• People fail to see the immediate benefits of owning NFTs due to the nascent stage of the metaverse and without tangible benefits, bringing investment in this industry was challenging for the company.
• Addressing the skepticism about the metaverse and the NFTs, was the biggest challenge that the company faced so far.

Future ahead

• Trace Network Labs aims to create an entire ecosystem of products that will help users build their digital identities and navigate the metaverse.
• After the Buddy launch, it plans to bring NFT marketplace BLING to life and has plans for enabling experiential zones for the fashion and lifestyle industry, where people will be able to shop with their BUDDY avatars along with their family and friends.
• Trace network labs intend to onboard over a billion users in the next 5 years and aim to make Buddy accessible to all the metaverses, and blockchains so that users don’t have to require multiple avatars to access multiple metaverses.
• At present, it had a team of 22 members and was planning to expand it in the coming months.