Solana Sunday: How Collector is Aiming to Change the Collectibles Market

NFTs have the potential to serve a variety of different applications for holders. They can be used for provenance, gaming applications, to tokenize artistic code, and to provide musicians with a new way of releasing their music. However, one of the most talked about prospects of NFTs is how they are able to link a holder to an underlying asset that can be claimed at any time. 

Collector NFT

Collector, a Solana-based web3 business, is laying down the foundation to what they believe is an untapped area of NFT utility in the collectors market. They have devised a system that allows collectors to go online to trade tokens that are connected to their favorite trading cards related to Pokemon, Magic: The Gathering, and Baseball. 

The benefit here is that collectors do not have to risk damaging the collectibles which can happen during physical transaction and delivery. Instead, according to a video on their website, the actual trading cards are locked in a secure vault where they can remain in mint condition so that their value will not deteriorate from things like sun exposure and rain. 

Storing Underlying Assets in a Vault

Because the tokens are attached to the underlying collectible asset, collectors will be able to exchange their NFT for the physical collectibles stored within their vaults. This allows the collector to know that their tokens do not stop at the blockchain, but provide them the actual item it represents. 

Utilities like this allow collectors to benefit from the blockchain in a meaningful way. Avid fans and enthusiasts are no longer subject to location and distance which allows traders to research collectibles without having to carry the burden of travel expenses simply by accessing the blockchain from their computer. 

The Collector NFTs allow traders to exchange their collectibles with other enthusiasts from around the world, letting them buy and sell their way up to some of the most prized collectibles such as the Black Lotus or the original Charizard card that so many covet. 

Collectables Market

The market for collectibles is vast due to fanfare and loyalty created by certain products or brands. Companies like Disney use their IPs such as Star Wars and Mickey Mouse to produce toys and collectibles that generate large amounts of revenue due to the fan loyalty around those creative universes; and the market for collectibles doesn’t stop there either. 

Shows like Pawn Stars showcase just how valuable many different objects can be to collectors. Items such as vintage cars, historical artifacts, and musical memorabilia from different eras, all contain immense value to interested buyers. 

Proof-of-Ownership

This project by Collector is one of the leading examples of how NFTs can offer ownership to items instantly over the internet without physical barriers such as distance getting in the way. By owning these tokens, which are pegged to the monetary value of each asset, holders are able to safely exchange collectibles from their favorite IPs. 

While the misconception of “an expensive receipt” still exists to many people on Web2, this new utility of NFTs is helping to expand the Solana ecosystem with its combined proof-of-ownership and provenance. By doing so, traders will know exactly what they are buying with the confidence that there is a real asset involved which can be recalled at any time by the holder from the Collector’s vault.