Blockchain Collectible Games

CoinExpert

CoinExpert

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Jun 17, 2018
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There are plenty of computer games providing blockchain gaming experience which mainly offer three ways of using crypto — as a payment reward, as a gimmicky promotional tool, and as a genuine gameplay modifier. Today we will consider one of the variants of the third category of games — crypto collectible games, to better understand how they work and what is the value of a crypto collectible.

So, what is a crypto collectible? The answer is simple — a crypto collectible is nothing else than a digital asset. There are a lot of things that can be collected — cats, planets, politicians, celebrities, etc. As no two crypto collectible are the same — every collectible is unique — hence they are usually irreplaceable. In fact, uniqueness is their main difference from tokens, which are identical and can be easily exchanged — crypto collectibles are non-fungible tokens, which can be swapped between players within gaming environments.

How to Make Money from Digital Collectibles

The owners of particularly rare, ‘legendary’ or desirable crypto collectibles can make money from ones. Typically, collectibles are classified — there are quite common items while others have distinctive attributes which make them rare and increase their value. Some games have a price escalation feature. Let’s say you paid 1 ETH for a coveted collectible, than someone could pay 2 ETH and buy it off you without your consent. As a result, you get most of the profits, and the platform charge a fee. The next person would pay 4 ETH, the person after 8 ETH, and so on. After the collectible’s value hits a certain amount — say 100 ETH, for example, the price may rise by 20 percent instead of doubling.

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Thus, collectibles can bring the profit. However, there’s a tricky dilemma — the earliest platform users get the rarest collectibles, but on the other hand they are at risk when investing in tokens that nobody wants if the platform would be anything but popular.

Collectibles are usually stored in crypto wallets, which must to be able to store ERC-721 compliant tokens.

What is the Role of Blockchain?

Blockchain enables both ownership to be tracked and to prevent counterfeiting. It is obvious that a lot of due diligence is required to ensure real world collectibles authenticity, such as art, antiquities, or jewelry.

Blockchain makes it possible to dispense with a lot part of this work, as there is a tamper proof record of all previous owners of the collectible. To ensure assets remain whole, unique and non-divisible ERC-721 compliant tokens are increasingly being used to ensure collectible integrity.

ERC-20 compliant tokens are also used, but their divisibility remains a weakness. Theoretically it would be possible to sell 25% of your KryptoKitty, if it was on an ERC-20 token.

What should I do to Get Crypto Collectibles?

The collectibles play an important role as determinants of the type of game.
For example, Blockchain Cuties enables players to collected adorable animals and fantasy creatures for breeding and putting to the test in battles. The more experience they gain, the more they ‘level up.’


0xUniverse's players collect planets and build a spaceship to explore the virtual galaxy and conquering new planets. The rare planets are collected by building higher-tier spaceships with powerful engines and radar systems.

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CryptoKitties game offers collectible digital kittens which are used for breeding and their value is determined based on how precious or unique the digital cat is. In September 2018, anonymous buyer purchased CryptoKitty Dragon for $172,000, or the equivalent of 600 ETH in cryptocurrency.

MyCryptons enables users to buy digital collectibles of public figures, such as Donald Trump or Oprah Winfrey. Each Crypton comes with a cartoon image of the celebrity. Humorous or satirical “gaglines” can be added underneath and shared on social media.
 
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