28 February 2020
A crypto collectible is a unique cryptographically and a non-fungible digital asset. A crypto collectible is limited, unlike cryptocurrency in which all the tokens are identical meaning no two crypto collectible will ever be the same making it irreplaceable. It is visualized as a real-world object of any avatar whose feature is essentially interchangeable.
Crypto-collectible is categorized, however, there are possibilities that some of the crypto-collectible could be distinctive and that would make them rare.
Also one can make money out of crypto-collectible such as selling of the collectible to the other user and if it's rare you could earn quite the amount! But it is important to understand that the trading platform should be paid due diligence, should be a known platform and of course popular otherwise you are just going to be investing money on a token that ain’t having any return and will just remain with you like a piece of art.
A crypto-collectible is stored in a wallet. Also, it can be known to be treated as an artifact and with that, a lot of care needs to be taken with its authenticity, while blockchain plays a vital role with crypto-collectible as it also plays a role to hold a track of records and it is tamper-proof thus creating security for the user.
There are various blockchain a crypto-collectible can be platformed on, such as:
The Ethereum Blockchain:
Crypto-collectible and smart contract was first pioneered by the Ethereum Blockchain. It consists of the most smart contracts, the most developers and major develops, and has the most crypto-collectible companies.
However, the only drawback would be that it is expensive and the other cons that consist of Blockchain generally such as the potential to be hacked or be slow.
The first project that used Ethereum’s ERC-721 was CryptoKitties.
The Steem Blockchain:
Steem Blockchain was created in the C++ language. It is scalable and has an amazing performance activity. It consists of many popular crypto-collectible games such as the Splinterlands. This platform is fast and cost-efficient hence leading to buying, selling and trading crypto-collectibles effective.
However, the drawback it has is that it consists of fewer tools availability and has a limited development community if compared to other platforms. Hence, steem blockchain is mainly utilized for crypto games and on social platforms.
The NEO Blockchain:
NEO Blockchain is a non-profit community blockchain-based project, it states to lay out smart contracts on a transaction that is as fastest as VISA with a lesser fee. NEO Blockchain uses languages that are known leading it to their smart contract easier to write and it utilizes PoS.
However, the drawback of NEO Blockchain would be its low rate of activity of smart contracts and crypto-collectible.
Also Read: 10 Ways to Spend Bitcoin
Here is a list of few Crypto-Collectibles:
CryptoKitties: It is a game based on an Ethereum platform that consists of purchasing, selling, breeding and collecting the adorable kitties. Each CryptoKitties is a 100% unique meaning it cannot be replicated or destroyed.
Its Website link: https://www.cryptokitties.co/
Ether Quest: It consists of a fantasy role-playing game for desktop browsers in which unique fighters are collected, trained and battled. In this game, the new warriors are mined by something called ‘summoning ritual’.
BlockchainCuties: It is the first multi-blockchain collectible game that consists of puppies, bears cubs, lizards and other such creatures. In this too every creature is 100% unique and consists of collecting, breeding, testing skills, arming and leveling them.
Its Website link: https://blockchaincuties.com/
Blockchain technology has an immense amount of opportunities in-stored which would take a gradual growth, saying this, Crypto-Collectible has proven to be a different approach too.
As said by the Fintech, “These are the golden days of Crypto Collectibles.”