Unique items have long been attracting collectors who are willing to pay top dollar to get them. Paintings, baseball cards, stamps, vintage cards and rare coins have all been sold at huge premiums to collectors in the past. Now, these items are moving into the digital realm, thanks to the use of blockchain technology.
These items are now represented on several different blockchain networks as “unique” digital assets known as nonfungible tokens. The use of blockchain technology means that authenticity and ownership are easily verifiable, especially in a world where scarcity plays a vital role in the valuation of an asset.
A piece of art originally created by the renowned street artist Banksy, was turned into an NFT version of the physical painting that was destroyed on purpose — later sold for nearly $400,000. Anita Moore, CEO at Blind Boxes, an NFT platform for digital artwork, told Cointelegraph, “By decentralizing the concepts of provenance and authenticity, NFTs are revolutionizing the way we think about ownership and value.”
What are NFT trading cards?
NFT trading cards are virtual representations of their physical underlying asset. By being represented on the blockchain, these cards are granted immutability and public verification of ownership. Even if the physical version is lost or destroyed, the NFT will endure and live on the blockchain for as long as the latter exists.
People can create a virtual representation of these cards by creating a token on Ethereum or other smart contract blockchains. These tokens are non-fungible and contain metadata about the card, especially its image. These can be stored, viewed and transferred via an NFT-enabled wallet.
There are many platforms where people can create, buy and sell these items. Some of the biggest are currently OpenSea and Hoard.exchange, among others.
Collectibles are growing as an investment
Trading cards, much like artwork, are unique items, and their move into the digital realm is growing at a pace…