What Are Crypto Collectibles?

July 28, 2019

FrederikNielsen
49

What Are Crypto Collectibles?

In the simplest of terms, they are digital possessions.

They are different from common tokens that can be exchanged quickly and are equal to other tokens. They are non-fungible. It is because each possesses a distinct characteristic unlike the other. This makes them irreplaceable.

Like most collectable things, they too can be bought from someone without their permission if it includes a competitive edge.

Can You Make Money From Digital Antiques?

Yes, if you hold a unique or unusual collectable. Like jewellery, there are some rare collectibles with unique features that make them both desirable and legendary.

Suppose, you pay 1ETH for a very rare collectible via a platform. Once the antiques’ value reaches a certain high, say 100 ETH, you will only have to pay a few extra to the platform rather than paying double.

This is extremely profitable but only if bought from a platform early. When you sign up early, you only have to compete against a few contenders. But say, the platform gains popularity and more buyers come after your antiques, you will be at risk of investing more cash for tokens nobody desires.

Where Can You Save Your Antiques?

Collectibles are stored in crypto wallets. Crypto wallets comply with token requirements (ERC-721) that concern rare collectibles.

Where Does Blockchain Come In All Of This?

Blockchain prevents counterfeiting and allows easy tracking of the ownership. Even in the real world, those who collect rare art pieces or jewelry rely on security systems and traceable documentation to ensure credibility.

Blockchain assists avoid counterfeiting and make it possible for ownership to be tracked.

Blockchain has tamper evidence of whoever owned a collectible in the past.

ERC-721 token is a certified token which promotes non-divisibility. This eliminates the breaking down of the collectible in several pieces and keeps it intact.

Games that work on Antique Crypto

There have been several games in the past that offered unique collectibles as rewards. Few of these include:

  • 0xUniverse: The game features gamers who purchase planets and later build a spaceship using their resources. Once completed, they can use the spaceship to travel to other virtual galaxies and conquer new worlds as they go.
  • Blockchain Cuties: Blockchain Cuties is another example where players collect adorable animals. They can make them reproduce and use their skills in fights. With experience, they continue leveling up with more dream animals unlocking.
  • CryptoKitties: The pioneer of such a game, however, was the CryptoKitties. It featured unique kittens with unique features. By the end of 2017, the platform sold one of the rarest kitties for $120,000.

How Do I Get A Unique Collectible?

This comes down to the platform used.

This will depend upon the platform you’re using.

In Ether Quest, antiques gain more power when they win against each other in a virtual arena. It is a fantasy-based RPG where players compete for the best fighters who can then be trained and used to win battles.

A similar case can be seen with collectibles. They are ranked on features like efficiency. The better their efficiency, the higher the token rates. The higher the rates, the more valuable and unique a collectible gets.

Frederik Nielsen
Frederik Nielsen

I’m a freelance writer and full-time curious person. My main interests are philosophy, politics, art, culture, science, and how they’re all interlinked. When I’m not writing, I’m fronting a band, producing records, and making videos. I’m also currently working on launching a YouTube channel that will focus on culture and politics. I think blockchain technology is fascinating because of the huge potential it has to revolutionise not only the financial sector, but society as a whole.

49 Comments

Leave your thought here

X