EZ Wallet 101: What are NFT Collectible Items/Trading Cards?
Welcome back to EZ Wallet 101, the all and everything Web3 and blockchain series of EZ Wallet. In this one, you will learn more about one of the cool features of the app and how it will become your best friend down on the crypto road.
NFT technology creates a new layer of verification for a variety of industries by using non-fungible tokens to represent a physical or digital asset, verified by the immutable nature of blockchain technology. Not only can this be used to verify art, which has dominated the NFT market, but can also be used for other types of collectibles as well.
Autographs, trading cards, and sports cards are a few collectible markets whose future value can be hard to predict, and even harder to verify. Yu-Gi-Oh!, Magic the Gathering, and Pokemon are just a few examples of trading card games whose valuations have skyrocketed over the years, with many top cards selling for thousands of dollars, with some reaching into the millions. Autographs are even harder to verify since they are the most easily replicable. The size and demand of many of these collectibles can make them great investments, but also incredibly risky. Logan Paul, a famous YouTuber, spent $3.5 million to get a case of first-edition Pokemon booster boxes, only to find out it was fake, even after the Baseball Card Exchange had verified the case.
⛔ NFT Prevent Counterfeiting
Anti-counterfeiting techniques can be costly and not effective in many of these cases, often leading buyers to trust sellers that their sealed box is actually an original plastic seal. Not a very effective way to increase trust in the marketplace. The risk of counterfeiting alone can impact the overall market of trading cards, and create distrust among traders, sellers, and buyers.
NFTs on the other hand are unique digital tokens that cannot be replicated or copied, and that are verifiable by the decentralized nature of a blockchain ledger. Blockchain technology allows for a trustless system, where no third party is needed to verify. This works in both non-fungible and fungible systems. Currently, around 19.07 million bitcoin have been mined, and since each coin is part of a trustless decentralized system, you cannot counterfeit a bitcoin since the provable chain of custody tracks the entire system. The same goes for NFT.
💸 Investing in NFT Trading Cards
NFT technology brings a whole new level of possibility when dealing with trading cards, while still preserving some of their core gaming functions. A trading card game is a type of card game that mixes strategic deck-building elements with features of trading cards. Axie Infinity, a popular NFT game, allows players to enhance their pet Axies skills using cards that enhance their skills. Could this be the future of many tabletop games such as Magic the Gathering or Yu-Gi-Oh?
Autograph.io is an NFT trading card company that focuses on athletes, with some top names like Tom Brady, Derek Jeter, Usain Bolt, Tiger Woods, and more. These “unique digital collections and experiences” often feature animations with special community privileges for owners, taking sports card collecting to the next level. These are just a few examples of how the trading card industry is continually adapting to work with blockchain technology to make the market safer for investors.
Investing in collectibles can be a risky investment, with many fakes circulating by highly skilled counterfeiters. NFT collectibles and trading cards reinstill trust in the market and thus increases value by removing bad faith sellers and investors completely. No longer do investors need to spend extra money to prove verification every time the item is resold, as just like any NFT, the sales history is easily trackable and contained within the NFT.
Additionally, NFT trading cards can reach larger markets since they are easily transferable and sellable on global NFT markets, whereas many collectibles have smaller niche markets that are inaccessible to those outside of those markets. NFT collectibles need to both be verifiable, but also provide the same gameplay experience. Ultimately the success of NFT trading cards and collectibles will rely on how well they can adapt to creating the same fun experiences, usability, and tradeability. Nevertheless, the immutable nature of the blockchain means this industry, which is ripe with scams, fakes, and counterfeits can bring the most value to its investors by removing the largest issue collectors fact through trustless verification to every owner.
📝 About EZ Wallet:
EZ Wallet is on the journey to make crypto more accessible and convenient for everyone, from the crypto newbie to the seasoned crypto vet. The EZ Wallet team is a diverse and dynamic team aiming to create a non-custodial wallet that makes everyone’s journey into the crypto world easier, with a more friendly interface that simplifies the Crypto process while simultaneously pushing the boundaries of what advanced features a digital wallet can provide.
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