Why are projects like this different in the Metaverse?
The answer is in the property and the security.
On the physical plane, the collections They belong to the person who owns and protects them.. Some collections have invoices or certificates. This does not make them immune to being stolen. Any collection can pass into other hands, if they are not properly cared for, it does not matter if the owner has in his possession the papers that prove his ownership.
In web 2.0, the internet that we all know, it is possible to collect various digital assets; photos on facebook, tweets, objects within a game, cards, etc. If a collection is stolen, the owner can contact the company where he has it. If you certify that it is yours, will have her back without any problem.
The dilemma with this type of collection is that are not really ours. They are only provided by the companies where they are “stored”. Twitter can, for example, delete your account, thereby deleting your collection of tweets and followers. The FIFA video game can discontinue one of its games and with that all the achievements you have collected, with hours of effort in front of the console, are lost.
In the Metaverse, with the NFTs, your collections are safe and truly yours. When you obtain an item that is backed by an NFT, it is stored in your wallet. You you can sell it, give it away or transfer it to whoever you want. The company that created it cannot stop you from doing it or remove it at will. Even if the project you are a part of disappears, that NFT will always be yours.
These NFTs, while they are in your wallet, are totally safe. No one can steal your assets. Of course, you must take care of the keys of these wallets so that no one can access them. But other than that, you won’t have any problems.
One of the most interesting collectible projects within the Metaverse is Bored Ape Yacht Club. It is about 10 thousand boring monkeys in NFT format, on the Ethereum network.
Owning a Bored Ape gives you access to exclusive benefits such as events, merchandising, access to “the bathroom” (a table where people who are part of the club can “paint”), etc.
As of May 5, 2022, the collection was worth one million four hundred fifty thousand ethers, or three billion nine hundred million dollars, being the collection with the highest market capitalization until that moment.
Not all collections are that valuable, most of the collections that exist have very little value, or none at all. The value of these collections depends on several factors. The two main ones are, the project behind the collection (including its creators), and its community.
Do you plan to make a collection? Great! Without at doubt it is a great idea. I recommend you consult experts on this subject, so you can make sure that your project is a success.
Do you have any comments about this text? May I help you? Write me. It will be a pleasure to talk with you.
Alberto Arroyo
LinkedIn Alberto Arroyo