NFT Intellect Info
Challenges, Progress and the Blockchain Technology
NFTs Explained
FAQ
NFTs for Collectibles and Trading Cards
Introduction
Collectible Tokenization is the issuing of blockchain-based non-fungible tokens to represent collectibles. There are millions of collectibles enthusiasts worldwide and blockchain technology is looking to get them involved in the new world of decentralization. Brands and businesses are adopting this method to sell a limited edition of cards and collectibles to fans and consumers worldwide.
Some of the Pros of Tokenising Collectibles
- Transparency has been improved as decentralization has once again given the power to the population rather than to a person or a group of people. Transactions are all recorded in the network and cannot be altered whatsoever and at the same time being available publicly. Buyers and sellers can now be confident that what they are buying or selling cannot be copied and are dealing with the original collectible.
- Real-time pricing has been achieved as tokenization is taking collectibles digital. Anytime there is a price change on an item, whether rise or fall, it is reflected on the network almost immediately. This will assure the buyer that the price they are buying for is the market value and that they are not being conned. Sellers can also sell at the market price and not be conned to sell for anything less.
- The value of collectibles is always rising as the market has been broadened. Anyone with interest can now purchase the items tokens without necessarily having to travel. Market growth means that the demand is definitely on the rise and thus the value. This is one main reason brands are tokenizing as they can get the maximum value of the item.
- Collectible holders and owners can now easily arrange and diversify their items on a page. Tokenization reduces everything to virtual therefore you can just hold everything on your PC or smartphone. One can also buy from anywhere around the globe and keep tabs on your items easily.
- Tokenization has reduced chances of fraud also contributed by the decentralized nature of the blockchain-based tokens. As much as they are publicly available, one can never make suspicious changes to the network keeping its integrity on the next level.
- By making collectibles easily represented by tokens or divisible shares, you can be amongst the owners of your favorite collectible even when you cannot make the amount needed to purchase it wholly. Businesses and brands can now sell shares of a collectible to more than one person at a go.
- Buyers or investors are assured of buying the authentic piece even before completing the transaction. This has been made possible through tokens created with metadata to allow tracking of ownership.
- Collectible tokens are backed by tangible items. This lowers the risks involved in blockchain technology such as the ever-volatile cryptos and ICO’s.
Tokenization is improving in all aspects of our lives, it is the next big thing. CryptoKitties, the first collectible tokens got blocked on the Ethereum network at its launch as there was a massive surge in users of the collectible games tokens. By tokenizing, brands and businesses can reach a wider market, and get the most out of a collectible. Any brand with a bright future will tokenize its collectibles. Furthermore, by creating NFTs, one can set and receive a royalty of all resales of their assets. Most marketplaces have embraced this practice and are driving the NFT uprising in the fact of recurring earnings.
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