Collecting antique items represents a billion-dollar global industry. After the introduction of the non-fungible tokens (NFT), the worldwide collectibles market shifted to a digital space. Now, collectibles are for everyone and not exclusive to high-net-worth individuals. You can mint your own NFT and offer it on an online collectibles platform for sale; it is that easy. All this was possible due to the blockchain technology and especially the Ethereum blockchain and ERC-721 standard.
What Are Digital Collectibles?
Digital collectibles represent any physical or digital art. It could also represent any curio items, antique products, collector’s merchandise, baseball cards, etc. Instead of dealing with the physical item or simply saving a JPEG art in your computer drive, you get NFTs that you can list in cryptocurrency marketplaces.
NFT or non-fungible tokens are blockchain-based cryptographic data that represents one unique item. These are not like Ether or Bitcoin that you can interchange just like currencies. NFTs are unique and mostly intended for collection.
Though a holder of the NFT may not have the tangible collector’s item, they own irrefutable ownership or partial ownership of the item. If the item is on auction for real-life currencies, then the NFT owners will also get a part of the proceedings.
Collectibles going digital means you can almost convert anything and everything into an NFT asset and list it on marketplaces like OpenSea or NFT Showroom for sale.
Why Are Investors Curious About Digital Collectibles?
Investors like NFT based digital collectibles a lot as authentication is genuine and online. Also, a painting owner can issue thousands of NFT with fractional ownership to every token owner, it becomes easier to invest in costly collectibles. It’s highly likely that if you get the chance to invest in a fractional NFT proceeding for the art Mona Lisa, you’ll ultimately gain profit out of it.
Investors also prefer NFTs as investments can be of smaller amounts so that you can invest in many NFTs than only one. NFTs increase the possibilities of diversification of investments.
Owning a digital collectible is hassle-free. You do not have to assign a third party that will create legal documents, verify the owner, test the authenticity of the collectible, etc. In simple words, you pay exactly for the item or its fractional ownership and not any unnecessary intermediary fees.
NFT owners can easily prove ownership over the collectible through blockchain-based systems. The decentralized ledger contains immutable transactions recorded of the investor purchasing the NFT from the owner or the NFT creator. Due to the same technology, there is virtually no possibility of an investor buying a fake NFT.
Why Are Collectors Showing More Interests?
Mostly you’ll see that curios of collector’s value scattered all over the world. With digital collectibles, you now do not have to go to the farthest corner of the earth to claim your prize. You can collect or invest in digital collectibles from the comfort of your home or work.
Another challenge that the collectors face is storing all of those antiques, especially those which are fragile or easily misplaced. Digital collectibles based on NFTs free the collectors from the fear of running out of storage places or misplacing a collectible.
The most important issue is the scarcity of physical collectibles. It could be highly possible that by the time you reach the owner, the item could be in your competitor’s ownership. With digital collectibles and NFTs, you can get periodic notifications to your inbox from the NFT marketplaces about the availability of certain NFTs. Then you can immediately own it through digital crypto wallets.
How Does Digital Collectible Benefit the Artists?
Similar to collectors and investors, artists or curio sellers also enjoy gains through NFTs. The most important benefit the artists enjoy is global exposure. Instead of local buyers, now the entire world is looking at their artwork. It increases the monetization opportunities of artwork NFTs.
Artists have to shell out a lot of money when they go through the auction or gallery route. Digital collectibles and NFTs remove any intermediaries in the supply chain. By owning NFTs, you are directly supporting your favorite artists.
During minting the NFT, artists can also include royalty fees into the digital collectibles. It will mean that whenever an NFT changes hands, the artist gets a commission as royalty.
Apart from earning through NFT trading, artists can earn an extra buck by offering services to the NFT holders. Experienced UX/UI designers, product designers, content writers, graphic designers, app developers, web developers, etc., are tokenizing their work and skills. When someone owns any of such NFTs, they also stand a chance to recruit the content developer for design projects.
What Are the Crypto Wallets That Support Digital Collectibles?
Almost any crypto wallets nowadays support the collecting, storing, and trading of digital collectibles. However, since it’s about investing in something that is online, it is good to research the app before going ahead. Followings are some of the best crypto wallets that you can try out:
If you want a hassle-free transaction in the crypto world, then Enjin is a must-try wallet. It also offers a fully developed marketplace for artists, collectors, and investors. Enjin helps you keep your NFTs safe in the wild internet.
You can also recover crypto resources like Enj crypto coins by dismantling any NFT (ERC-1155 standard) that you no longer want and also being unable to sell for a good price.
MetaMask is a fully developed iOS or Android app that you can install on any compatible mobile. The crypto wallet gives you access to a private key vault and many secure login alternatives.
MetaMask is the choice of crypto wallet when you want to take complete control over your NFTs and digital collectibles. It’s because the wallet does not link to any particular cryptocurrency marketplace.
3. Coinbase Wallet
It is the most suitable crypto wallet for storing and trading NFTs, digital collectibles, and other assets by the newbies. You can exchange digital collectibles through usernames rather than public wallet addresses.
It supports all of the popular crypto coins and assets. You can also store your own NFTs in this wallet which you may have minted through online ERC20 token generators.
4. Guarda Wallet
Guarda is another acclaimed crypto marketplace that provides a digital wallet when you sign up. It also lets you download your wallet’s private key. The private key file is a crucial key should you forget the password of the wallet or lose access to it.
It is compatible with more than 45 blockchains like Ethereum, Bitcoin, Dash, Monero XMR, etc. You can also store as many tokens as you like to collect NFTs of your own choice.
5. Trust Wallet
You can also try out this crypto wallet for all of your NFT and digital collectible transactions needs. The UI may seem bland to you. However, the wallet app is lightweight and truly fast when compared with other apps bearing similar functionalities.
What Are the Online Marketplaces for Digital Collectibles?
There are also online marketplaces where you can create accounts as an artist, investor, or collector. The followings are some best examples that you can visit and try:
OpenSea is the online marketplace giant for blockchain. You can find all sorts of NFT collectibles here. It was the first-ever blockchain-based token marketplace for peer-to-peer crypto transactions.
OpenSea is a global platform. You can collect, store, buy, sell, or trade different types of NFTs and digital collectibles on this platform. It currently has more than 4 million tokenized assets on its platform backed by blockchain.
The Los Angeles-based NFT collectibles platform offers the most successful brands and legendary individuals from sports, culture, and entertainment. The DraftKings Marketplace lists the NFTs from Autographs. The company mints the NFTs on the Ethereum-compatible Polygon blockchain.
Curio is another popular online NFT marketplace for graphic novels, movies, television shows, etc. The platform categorizes its digital collectibles as Common, Rare, Epic, Legendary, and Ultimate tiers. Users can trade their NFT collectibles on the Curio Exchange for crypto tokens. The platform also supports secondary marketplace trading.
VeVe showcases limited-edition digital collectibles. You can purchase, store, or trade these collectibles on the VeVe online platform as well as the mobile app.
You’ll find all sorts of popular digital collectibles here, like assets from gaming, film, TV, sports, pop culture, animation, etc. You can also collect NFTs from brands, like Marvel, Adventure Time, Batman, Monster Hunter, Star Trek, etc.
Grow Your Brand in the Digital Collectibles Space
Due to the diversification and free-to-use nature of the Ethereum blockchain, NFT minting artists and curio owners are growing in the online space. Therefore, more blockchain-based startups are exploring business opportunities by offering online or mobile-app-based NFT minting services as well as digital wallets for collectibles.
Dappros’s blockchain and NFT development platform can help your business outperform in the online market of NFTs and digital collectibles.