What is a Connected Collectible?
Put plainly, connected collectibles are authenticated physical items like graded sports cards and coins that are traded on the blockchain and can be redeemed for the real-world asset.
Are connected collectibles NFTs?
Yes! Connected collectibles are a type of non-fungible token (NFT). NFTs are often used to represent ownership of digital items such as art, PFP projects, and virtual land. Connected collectibles are a specific type of NFT that represent physical assets in digital form, like collectible cards, comics or coins. View connected collectibles on OpenSea
What are some examples of connected collectibles?
Some of the most exciting projects creating connected collectibles include:Trading cards
These are digital versions of physical trading cards that can be collected and traded online. The digital cards are authenticated on the blockchain, and can be traded or sold like traditional physical cards.Rare coins
These are physical figurines that have been authenticated on the blockchain, making them unique and verifiable. They may be limited in number, and can be collected and traded by fans and enthusiasts.Some examples of connected collectible projects include:● Adidas
In all of these examples, the connected collectible can be traded in to redeem the physical asset.
What’s the difference between connected collectibles, phygitals, and physically backed NFTs?
Absolutely nothing (besides the name of course)! Web3 is rapidly evolving and so is the terminology we use.Instagram and Reddit rebranded NFTs as Digital Collectibles in order to make them more accessible and appealing to a wider audience. By using more familiar and user-friendly language, these platforms were able to introduce their users to the concept of NFTs and encourage them to engage with the technology. It is possible that rebranding NFTs as Connected Collectibles could have a similar effect, by making the technology more approachable and understandable to those who are not familiar with it. This could potentially increase interest and adoption of NFTs and connected collectibles.Ultimately, it’s a new technology and the community is still trying to figure out the best name for it.
What utility do connected collectibles have?
Wen utility? The connected collectible is the utility. Connected collectibles can provide several potential benefits and uses, including:Authentication and verification
By using the blockchain to authenticate and verify collectibles, it is possible to create unique and verifiable items that can be easily tracked and authenticated. This can help to prevent fraud and counterfeiting, and can make collectibles more valuable and sought-after.Liquidity and trading
By making collectibles easy to buy and sell on the blockchain, it is possible to increase their liquidity and make them more easily tradeable. This can create new opportunities for collectors and investors, and can help to drive economic growth and innovation.Royalties and passive income
Some connected collectible companies reward their users for curating collectibles to bring on chain. For example, Courtyard automatically rewards collectors with a 1% payout each time their connected collectible is traded.Immersion and engagement
By using technology to enhance collectibles with features such as AR and VR, it is possible to create more immersive and engaging experiences for users. This can make collectibles more fun and interesting to collect and interact with, and can create new ways for fans and enthusiasts to connect with each other.Functionality and utility
By adding smart contract functionality to collectibles on the blockchain, it is possible to create new and innovative ways for them to be used and interacted with. For example, smart contracts could be used to automatically transfer ownership of a collectible when certain conditions are met, or to allow collectibles to be used as part of a wider ecosystem of digital assets. This can add new value and functionality to collectibles on the blockchain.
Can any physical item be a connected collectible?
Technically yes! Connected collectibles are best suited for items that are valuable to collectors. But if you really want to buy a random rock someone found on the side of the road, who are we to stop you? Beauty is in the eye of the beholder… after all these plain old jpeg NFTs are going for hundreds of thousands of dollars.
Current #EtherRock Price Floor: 169 Ether ($279,238)— EtherRock Price (@etherrockprice) November 5, 2022
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