The NFT craze has seen digital art pieces sell for thousands, even millions, of dollars over the past months. Some question if this is a bubble or if NFTs are here to stay. Opinions may differ on this but a deciding factor may allude if NFTs will overtake the popularity of traditional trading cards.
Nothing ever beats going into my local hobby shop and buying a fresh new pack of Pokemon cards, hoping to pull a nice holographic rare. I recall doing this throughout my childhood and even up till now in my adult life. I also have several family members and friends with a history of collecting sports cards for many years.
Collecting trading cards is almost a tradition for many around the world. Most individuals have had some sort of experience shoving these paperback cards into a binder and gawking at their collections. With NFTs snowballing in popularity, is this centuries-old practice in danger?
NBA Top Shot is an online seller of NBA basketball NFTs. They recently received over $300m in funding from the likes of Michael Jordan and other major NBA stars. The NFTs sold by Top Shot (owned by Dapper Labs) feature video clips of popular basketball players in “highlight-reel” moments. These designs bring a new wave of eye-catching visuals to online collectibles.
Hobby stores have been in danger and now due to COVID-19 regulations, it’s no surprise many of these businesses are struggling. The popularity (demand) for collectible cards often influences supply for these stores. Sports cards often stand the test of time and strategy games, such as Pokemon and YuGiOh, experience speculative trends in popularity. Between a damaged economy and unsteady demand mixed with various costs to keep a business running, physical products and businesses are having a hard time.
Now, with online platforms allowing anyone to set up virtual NFT storefronts, has trading cards finally entered a total digital era? Sure, there are virtual versions of all sorts of trading cards that you can collect online, but owning an NFT actually proves that the item is yours.
After purchasing an NFT the individual becomes the official owner of the piece. The difference here between owning an NFT collectible and other digital collectibles is that YOU are the owner, not the company or platform.
Characteristics such as high-resolution art and video designs, the actual ownership of the art piece, and being completely digital, fuel the threat of NFTs within the trading card realm.
They aren’t stopping online with the trading card industry either. Video games may also jump aboard the NFT bandwagon as more games offer token-based items in-game.
An increasing number of individuals, businesses, and organizations have begun issuing NFTs in numerous types of promotions. It appears that this craze is just getting started and we’re sure to see what can really transpire from it.
Do you feel NFTs will replace trading cards? Which industries do you believe will be changed by the NFT craze?