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What are crypto collectibles?

Answered by Benomad Community, digital nomad community

My biggest discovery over the last few days was a deeper look into crypto collectibles.

People envisioned crypto to primarily serve for currency, and therefore the default standard tokens are entirely replaceable (e.g. one token is just as good as another). This is entrenched within accepted standards such as ERC-20 in Ethereum.

However, games like CryptoKitties have taken off big time, and a new token standard has been developing: unique tokens (the technical term for this is non-fungible) which can be used to represent and exchange unique items. This is already implemented in Ethereum with ERC-721 tokens.

There are people who believe this is going to gain a lot of traction for things like collector's items, games (RuneScape or World of Warcraft characters are already a huge market, and people think it could be made a lot more efficient if people were able to store their characters in terms of cryptocurrency assets), etc.

A pretty good short read on this (see all of the Twitter posts below - they are numbered).

Some people believe this might be huge for in-game commerce. People have also tried to apply this to artworks. And a marketplace for collectible items recently raised quite a bit of money.

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