FRIGATE BAY, St. Kitts – Crypto collectibles, a new business catching up with other cryptocurrencies, are huge these days. However, these projects lacking websites will remain worthless.
Crypto collectibles recently appeared and are making noise in cryptocurrency world. This happened after CryptoKitties raised a whopping $12.5 million in capital. They have a decentralized system, and if they keep doing this, these digital assets will remain worthless. The recent collapse of Crypto Celebs is a living proof of this.
It has been recently reported that ERC271 has been labeled as the successor of ERC20 tokens for Ethereum. It is the most common asset used to fund crypto collectibles. They are selling the idea of owning a digital asset in a wallet of which only you have the key. But in reality, what you’re getting is a digit assigned to your address by a smart agreement.
The idea of blockchain was defined as a ball sport where the ball is the website itself. Without it, no one can play. This is exactly what happened to Crypto Celebrities.
They tried to pump up their game by assigning pictures of celebrity to each ERC271, but this Ethereum trading card game was short-lived. Crypto All Stars share the same idea as Twitter cryptocurrency traders also did not last long. These incidents only solidify the downside of non-fungible token (NFT).
If you buy an Ethereum (ETH) from Coinbase (broker) and in the long run they decided to leave the business, the worth of your ETH remains the same. Applying the same situation with CryptoKitties and all those charming little cats would definitely cease to exist. However, there are some people who are enthusiastic to use several ETH for a cute or rare collectible, but without the image it is nothing but a unique token.
Ethmoji has presented the idea to allow people to create their own avatar from composite parts. Last week they opened a virtual world called “Decentraland” where NFT can be traded for each plot of land. The centralized plan of CryptoKitties and Decentraland is dependent upon a single point of failure. And in the event it goes down, the value of these crypto collectibles will become zero.