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A Summary of

Cryptocollectibles are XLNT, but nobody knows what’s next

by
Matt Condon
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Cryptocollectibles are unique, non-fungible digital assets (NFTs) whose ownership is recorded on a blockchain.

Examples

  • Digital art – Rare Pepe, CryptoPunks
  • Trading card games – Rare Pepe, Spells of Genesis
  • In-game items – CryptoKitties

Why is digital art valuable?

  • Emotional value – the personal value of possessing something and showing it off.
  • Speculative value – the exclusivity and rarity of certain collectibles drives people to invest in cryptocollectibles anywhere from hundreds to millions of dollars.
  • Utility value – some elements, like in-game items or trading cards, have utility.

New Idea of Ownership

  • It is foreshadowed that as a result of the cultural shift that will take place in 5-10 years, the cryptocollectibles will have a real and undisputed value.
  • OpenDime, a “hardware wallet,” will help in this transition; it generates a code that is revealed only when the device is physically broken.

Challenges

  • Validation: it will be challenging to assess the collectibles’ quality, uniqueness, and whether the seller possesses the rights to the artwork.

Solutions

  • Curation is the default solution for this obstacle; since we are dealing with an open platform, it will be up to the users to control the value of the submissions.
  • Token-Curated Registries and other curation protocols will have an immense role to play in the future.
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