Trading cards are nothing new. They have been collected for decades, from Michael Jordan rookie cards to Pokemon cards, enthusiasts are spending thousands on these items. But now trading cards are evolving into something better. NFT trading cards.
They are the next logical step in this increasingly digital world. NFT trading cards are unique assets traded using blockchain technology. Gone are the days of fakes and fraud, this technology is completely open and transparent. It is simply fascinating. That is why in this article, I will be explaining what NFT trading cards are and much more. So without further ado, let’s jump right in.
What are NFT Trading cards?
NFT trading cards work like any other NFT. They utilize blockchain technology which is essentially an online database. Each NFT has unique contract details with specific metadata. This is completely transparent so anyone can verify it on the blockchain. Not to mention, it is also permissionless which means that anyone can trade NFT trading cards without an intermediary. Like traditional trading cards, the inherent value is based on rarity.
What are the benefits of NFT trading cards?
Thanks to the underlying technology NFTs trading cards have several key benefits. These include:
Guaranteed Authenticity – the number one problem which plagues the traditional collectible world are fakes. However, this is not a problem with NFT trading cards as they are completely transparent. Anyone can verify the information on the blockchain. This highlights any malicious activity and provides a near 100% guarantee of authenticity. Gone are the days of fake and plagiarized trading cards.
Royalties – royalties present a unique opportunity for dealers. They can be hard-coded into the smart contract. This allows them to receive consistent residuals for each secondary sale. As the popularity of the trading card collection grows so will their returns. Want to learn more about royalties? read my previous article.
Efficiency – the improved efficiency is outstanding. Traditionally, trading cards went through an arduous grading process. Now authenticity is simply verified on the blockchain. This saves on a ton of paperwork and streamlines the whole process. Not to mention, the middlemen are cut out. Now trading is done peer to peer.
Community – NFT trading cards have changed the relationship between fans and artists. Now fans can be rewarded with exclusive cards sent directly to their wallets. This ultimately creates a more active community. Rare cards become status symbols being shown with pride. Artists can also assign utility to the cards. For instance, The NFTs can act as proof of ownership. If you hold a specific NFT it may grant you access to an exclusive concert or event. Being digital the risk of losing the card is minimal.
Avoids physical depreciation – as NFT trading cards are digital they don’t decay over time. Collectors don’t have to worry about creases and stains. Not to mention, this makes the grading process redundant.
Fractional ownership – this process splits the NFTs allowing shared ownership. When fractionalized, the original NFT is locked and then a smart contract splits the asset into tokens. Each token represents percentage ownership, all of which can be traded on the open market. This lowers the barrier to entry. This is especially relevant to trading cards with astronomical prices. Now every day people can get a piece of the pie. If you want to learn more about fractional NFTs, click here.
Where to buy NFT trading cards?
Fans can buy NFT trading cards on any of the major marketplaces. This includes:
OpenSea – this is the number one NFT marketplace and for good reason. Founded in 2017 by Devin Finzer and Alex Atallah, OpenSea has a strong reputation in the industry. The design is intuitive and it supports more than 140 different payments. Setting up an account is free and it supports several wallets including Metamask and Coinbase. It also has a dedicated trading card section so finding your card is quick and easy. From NFL cards to sci-fi cards there is a collectible for anyone.
Magic Eden – this is the second most popular NFT platform with over 21 million unique user sessions per month. The main benefit of Magic Eden is the low transaction fees at just 2%. Thanks to the Solana blockchain, trading is cheap and fast. The marketplace also has a launchpad that facilitates the selling of trading cards by artists.
Final Thoughts
As you can see, the technology that NFTs bring to trading cards is unparalleled. In an industry notorious for fakes this is welcomed with open arms. The utility is also unmatched. From royalties to fractionalization, this novel technology is providing new ways to value collectibles and as our world becomes more digital they will only become more common.
Want to learn about music NFTs? click here to read my previous article.
