Cryptocurrencies, utility tokens, digital assets, we’ve heard it all! But have you ever heard of tokenizing ever-so-popular rare Pokémon cards? Don’t worry, today, we will educate you on tokenizing Pokémon cards with NFTs.
In a fast-paced world moving towards blockchain technology and cryptographic assets, there is no surprise that heavy emphasis is being devoted to investing in such currencies. There is, without a doubt, a trend of investing in the unexplored horizons of blockchain technology that promise great results.
What are NFTs?
Non-fungible tokens, or better known as NFTs, are a special type of cryptographic token that represents anything unique, giving it the property of not being interchangeable. Contrary to its fungible crypto counterparts, such as bitcoins, non-fungible tokens each hold a separate, significant value, contrasting it amongst the other.
How NFTs work
While the protocols to creating sustainable non-fungible tokens are still being developed, the idea has been very successful, leading to the integration of NFTs in various digital assets. The best part about NFTs is that you can add detailed attributes to the tokens, giving them rich metadata and identity, allowing investors to truly ponder over the potency of the tokens. Such attributes allow the tokens to become a part of the digital currency world’s progression.
With each NFT not easily replaced or substituted by the other, the cryptographic token is a great way of allocating a specific value to a given asset, ensuring that there is a little changeover. Let’s take an example of the ever-famous Pokémon card, Pikachu. The character is absolutely not divisible; hence, leaving no room for swapping the card with another that holds the same value. This is precisely why Pokémon cards can be successfully tokenized as a non-fungible token.
Tokenizing Pokémon Cards as NFTs
Each Pokémon is different, almost unique in its own way, as it has different strengths, weaknesses, and attributes. A typical Pokémon card is made up of the character’s name, health points, type, abilities, attacks, resistances, and retreat costs. Nintendo could print digital tokens, one of a kind or limited run digital assets, uniquely able to easily verify their authenticity.
Anyone can tokenize a Pokémon. When you create a token against a card, a digital twin of the card, representing its value as an asset. While the token itself has no significant value, it draws on the value from the good it represents. Value is bestowed on the token when parties agree that verified ownership of the token bestows ownership of the card itself. If you regularly trade in Pokémon cards, the cost of shipping them globally and the risk of damaging the cards can be costly. The Pokémon card, or an entire Pokémon collection for that matter, could be sitting in a safe deposit box in the Cayman Islands while the token(s) are traded from one owner’s digital wallet to another all over the world with much faster processing times and less expensive transaction fees.
For an easier understanding of how and why Pokémon can be easily tokenized, let’s start with the crown jewel, Charizard, a well-known creature in the Pokémon universe.
Charizard is a level 76 fire type Pokémon, channeling HP of 150. The Pokémon’s main ability is energy burn, which allows it to attack via a fire spin using 4 fire energies. Although this Pokémon is known to be the king of the playground, it is exceptionally vulnerable to water, routing a retreat cost of 3.
These characteristics of the Pokémon help it stand out in the crowd, making it unique and different from other Pokémon, for example, much different than the water-type Pokémon Lapras. Hence, adding unique value to the trading cards themselves and making them the perfect candidate for tokenized NFTs
Digital Assets: Complete Portability and Convenience
Your digital wallet can contain digital assets, contacts, and your profile, but also your NFT assets, which can definitely include tokenized Pokémon.
So, if you are planning on trading your Pokémon with complete ease, it’s best to tokenize them using NFTs, making your physical collection go virtual. Such extensive portability allows players to make the most out of their Pokémon collection in no time.
Don’t wait too long and start tokenizing your grand collection to become even finer.