Although digital collectibles have been available on the blockchain since 2015, their potential and usability has only recently become viable. Instead of creating platforms with no interoperability, the development of the ERC721 standard has become (as it’s name suggests) the standard for digital collectibles. Originally developed with the release of Cryptokitties, ERC721 has spawned over 100 variants since Q4 2017, in a new market whose potential is only just beginning to be realised.
How Do Digital Collectibles Work?
The first crypto-tokens, such as Bitcoin, were designed to be fungible. That is, each Bitcoin is identical, and the system was designed for the tokens to be interchangeable, and to hold the same unit of value.
Like traditional collectibles, the value of a digital collectible is in its ability to be distinguished, or unique. In order to do so, digital collectibles are created, identified, and transferred, as a unique token. They cannot be divided, and represent one unique asset in its entirety. These are called non-fungible tokens or NFT’s, and it is this protocol that was established with the ERC721 standard.
Thanks to the blockchain, and distributed ledger technology, the sale and movement of these NFT’s can be traced, verified and recorded on an immutable ledger. This means that their creation, unique identifiers, and ownership is not only traceable, but also verifiable. There can only ever be one owner of a NFT at any one time.
Why Are Collectibles Becoming Digital?
Although we’ve been living in a digital world for a long time, collectible items have been slow to come to the party. Up until now, it has been impossible to truly authenticate digital commodities. Not only has this become possible with the blockchain, but it has also led to a number of other practicalities that stand to revolutionise the collectible industry:
- Distribution is now possible, instantly, and on a global scale through platforms such as ECOMI Collect.
- Lower operating costs. As a physical product is no longer required to provide the same inherit value, creators and licensors of collectibles are able to increase their brand awareness on a grander scale, with less outlay.
- Digital collectibles, artworks and intellectual property are now fully protected, as each item can be traced to its origins. This means digital collectibles can be authenticated and verified, protecting both the creators and the owners from scams and fakes.
- The rarity of collectibles translates onto digital platforms. Thanks to NFTs it is possible to produce a limited number of tokens, with each being individually identifiable. This means character series and limited editions can be created, as well as opening the potential for signed digital artworks.
- Digital collectibles have returned property rights to the digital economy.
Own Your Own Digital Collectibles with ECOMI Collect
Up until now, interacting with the blockchain and digital collectibles has been a hard and confusing sequence, requiring new users to:
-Understand and purchase tokens
-Create wallets to store these tokens
-Use these native tokens to purchase collectibles, and then figure out how to store them
-Protect themselves from malicious attack
For digital collectibles to truly be adopted by mainstream audiences, the process has to be simplified to the point that new users don’t even realise the underlying technologies exist, let alone understand them.
ECOMI Collect is the first platform designed to fill this gap. This smartphone app brings all of the benefits of the blockchain (security, verifiable ownership, immutable ledgers etc…) to the user in a familiar and easy to use interface. Other key points of difference include:
- Marketing licensed and recognisable digital collectibles- a world first in the digital collectibles space.
- Allowing users to buy, swap and sell digital collectibles in a peer-to-peer marketplace.
- ECOMI Collect is designed to work in conjunction with the Secure Wallet and ECOMI Collect Digital Wallet. This adds an extra layer of protection by keeping your NFT’s in secure offline storage, whilst providing the convenience of portability and instant access.
- The platform even has an augmented reality function, so you can bring your collectibles to life, display them in your showroom, and share them with friends/socials!
ECOMI is a technology company based in Singapore and is leading the way in the emerging digital collectibles space. ECOMI offers a one-stop-shop for digital collectibles through the ECOMI Collect app bringing pop culture and entertainment into the 21st century.
The Collect app allows users to experience true ownership of premium digital collectibles. Through the app marketplace, users can obtain common, rare, or one-of-a-kind digital collectibles, share these across the social network service, and exchange them with the Collect community, all from the palm of their hand.
ECOMI sees digital collectibles as a new asset class which offers intellectual property owners the opportunity for new revenue streams in the digital landscape. Digital streaming, gaming, and in-app purchasing have become a multibillion-dollar market and the next to join this digital trend is the pop culture and collectibles industry.