This platform eliminates the fraud and high fees associated with traditional collector marketplaces
San Francisco, California, United States, 13th Sep 2022 – Collector Crypt has developed a collector marketplace vault aggregator to help collectors tackle fraud and other major issues endemic to online collectibles trading. By acting as a digital bridge across traditional collector marketplaces, Collector Crypt has created one global platform built for collectors by collectors. Thanks to Collector Crypt, collectors can digitize their collectibles, trade them, and even convert them into collateral for loans.
Trading collectibles online is risky business. Apart from the ever-present risk of fraud, the days – and even weeks – that valuable items often spend in transit are nerve wracking. Even if an item is insured in the post, the disappointment of receiving damaged or counterfeit goods – or not receiving the package at all – can be heartbreaking. If a collectible finally arrives in one piece, humidity, temperature and home disasters can cause irreparable damage to valuable collections.
Trading collectibles is also a time sink. For sellers, photographing an item, listing it, packaging it for shipment, and finally arranging the shipment itself can be arduous. This lengthy process needs to be repeated for each item that is sold. In illiquid and geographically isolated markets, even finding a buyer can be close to impossible.
“These days most online collectible transactions happen on marketplaces like eBay and TCGplayer,” says Collector Crypt Co-founder and CMO Micky Irons. “For simply facilitating a peer-to-peer sale, these marketplaces can charge fees of more than 10%, a haircut many collectors simply can’t afford. Additionally, platforms like eBay depend on a single vault located in the US, failing to solve the collectible problem on a global scale.”
“Earlier this year, eBay announced plans to construct a 31,000-square-foot vaulting facility capable of housing millions of collectibles. The massive building – situated on the east coast of the United States – is eBay’s response to the concerns everyday collectors are raising about the risks involved with trading collectibles online. While eBay has taken a step in the right direction, its approach and recent acquisitions are directed at further consolidating power away from the end user,” says Micky Irons. “Collector, on the other hand, plans to be community owned and governed in a few years’ time, with the community itself benefiting from our innovative business model.”
Collector Crypt has taken a different path to solving the problems faced by collectors by forming a partnership network with vaults around the world. Using Collector Crypt, collectors can ship their valuable collectibles to a nearby vault and tap into the global market. Collector also offers some of the lowest fees available – as little as 0.5% when users spend the platform’s native token, $COLL, on transaction fees.
Collector stores physical collectibles in industry-leading vaults around the world. In turn, collectors receive highly secure, decentralized physical NFTs (pNFTs) minted on the Solana blockchain as proof of ownership over a collectible. With these pNFTs, collectors can start trading in minutes while enjoying ultra-low trading fees, insurance coverage and access to DeFi derivatives. Moreover, a collector can redeem their pNFT at any time and have their collectible delivered straight to their doorstep.
Since Collector Crypt uses pNFTs, existing blockchain applications can interact with the collectibles by default. For example, since third-party platforms that enable fractionalization are already common for NFTs, many services will also be available to NFTs minted through Collector. While eBay is still planning to move into collectible derivatives like fractionalization, Collector’s users will be able to access these features from day one. Collector’s own collateralized lending platform will also focus exclusively on collectible cards to offer the most flexible and efficient way to borrow against these assets globally.
Given that Collector-issued NFTs are transferable and composable, collectors have more options when it comes to their vaulted collections. Traditionally, vaulted cards remain in one place – the collector owns the asset, but that’s about it. With pNFTs, collectors can trade off-market, create digital galleries, explore third-party applications, and even participate in virtual meetups and tournaments, all while the underlying collectible remains safely vaulted.
Thanks to blockchain-based payment rails, Collector also eliminates the problems that come with cross-border sales, further increasing market liquidity. Transactions can be settled in fiat or any major cryptocurrency, and the seller can choose how they want to withdraw the funds. While services already exist that can facilitate these types of transfers, it’s always at a higher cost than what is available today on the blockchain.
One of the most powerful aspects of the Solana blockchain is that app developers can build platforms that interact with each other autonomously. Collector has leveraged this feature of the blockchain to break down barriers between vaulting partners, brands, graders, and marketplaces to build a powerful network between them. In this way, the platform has created an integrated and transparent portfolio of solutions serving collectors across the globe.
The rise of NFTs has demonstrated that there is a better way to transact collectibles online. Rather than using the Internet to simply facilitate sales, NFTs have opened the door to a hybrid physical-digital asset class. This asset class offers further benefits in addition to already-valuable collectible assets.
As eBay’s plans have demonstrated, secure vaults with derivative products are a natural evolution for the collecting hobby in the 21st century. Collector is building a platform from the ground up to meet these needs, leveraging the latest in blockchain technology to deliver a stronger foundation for the future.
Collector is currently seeking testers for their upcoming beta. To try the platform and get your hands on early-access perks, register here today. Collectors can also join the Collector Crypt community on Twitter.
About Collector Crypt
Collector Crypt functions as a digital bridge between real-world collectibles with a network of vaults, brands, graders and marketplaces around the world. By drawing on Web 3.0 technology, Collector Crypt has connected trillions of dollars’ worth of physical collectibles to the blockchain. Collector Crypt aims to unite the fragmented and illiquid collector marketplaces of today while helping collectors digitize, trade and collateralize their physical collectibles seamlessly.
Organization: Collector Crypt
Contact Person: Micky Irons
Email: Send Email
City: SAN FRANCISCO
Country: United States
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