While the digital collectibles market size is certainly currently nowhere near it yet, it’s believed that blockchain collectibles could end up becoming a $200 billion industry. Yes, you read that correctly: a two hundred billion dollar industry. Companies both new and old are pouring tens of millions of dollars into crypto collectibles ventures. One in particular, a tech startup called Verified Collection believed that they have discovered the key to unlocking a twelve-figure industry.
Unfortunately for Verified Collection, I can’t seem to find any sign of their continued existence except for a LinkedIn company page with their last post being 11 months ago. Of course, many startups fail, but it’s not because they didn’t have a good idea. Their concept was to build a community around verified digital asset collections. Because blockchain and crypto aren’t yet quite mainstream, it seems that they weren’t able to keep going.
Verified Collection’s idea, however, of simplifying crypto to the point that everyday people can get into it, was the correct one. In fact, with mainstream companies such as Major League Baseball (MLB) and the National Basketball Association (NBA) introducing their own crypto collectibles, Verified Collection may have just become a startup a bit too early.
The blockchain collectibles market is certainly growing rapidly. It’s not just about collecting cute crypto kitties and other cuties anymore. MLB has proven there’s real interest in blockchain bobbleheads, especially those that can be used in a fantasy sports game. In fact, many people seem to believe that blockchain gaming is the key to bringing crypto collectibles into the mainstream.
Of course, who doesn’t want to own collectibles that are not only able to be used in a game, but can be traded or sold outside of the app or game? For me, that’s the primary appeal and what Verified Collection seemed to be doing. They were looking to create a place where people can organize and verify their blockchain collectibles collection, which would be extremely useful.
As it stands right now, it seems like Enjin Wallet is the best option to store crypto collectibles (along with Ethereum and Bitcoin). They are the same Enjin that created the Enjin Coin which is the token that Unity game developers can use to create blockchain collectibles that can be used in games. What’s so cool about this is that not only can you use the collectibles, but these collectibles can gain experience and “level up” as well. What traditional collectible can do that?
It’s only a matter of time before we see a big-time community website like what Verified Collection was trying to do emerge to bring blockchain collectibles into the mainstream. They’re already getting close, like I said with MLB. There are many decentralized crypto collectible marketplaces such as OpenSea and RareBits already. The Ethereum blockchain doesn’t appear to be going anywhere, and yes, BitCoin is still very much around. There may be other blockchains that come and go, but it seems to me (and the crypto community seems to believe this as well) that we’re finally reaching the point where digital collectibles will soon be dominated by the blockchain. It’s only a matter of time.
Do you want to be part of a $200 billion industry? That number may be years out, but it’s growing strong and pretty soon, pretty much everyone is going to own some kind of crypto collectible. Why not own a portfolio of blockchain collectibles? Most are still pretty cheap and they’re easy to move.
What do you think about the future of blockchain collectibles? It’s a fascinating development, but it’s hard to say what the landscape of digital-only collectible items will inevitably look like in the long run.
A version of this article originally posted on the now defunct Digital Collectibles Journal