NFT hunters suddenly rediscover these forgotten antique collections
Love them or hate them, blockchain collectibles have a moment.
This is a good art. This is bad art. This is good and bad art. People are flipping apes, robots and pixelpunks. Tweets (arguably unowned) are worth millions of dollars for the right buyer.Literally children-we are talking about people who were not alive at the time Satoshi Nakamoto releases Bitcoin white paper -Suddenly become a whale, it feels like everyone is the same, but you get rich overnight on irreplaceable JPEG funds.
Of course, we have something to say about the relationship between the provenance of an item and its value. For example, CryptoPunks-often erroneously referred to as the “first” irreplaceable token, or NFT, series-is a well-known example of an ancient, long-dead project that enjoys finance and society The revival of values. A year ago, no one cared. You can buy one for a few hundred dollars. Today, that club is only suitable for millionaires.
So why are many crypto collectibles on Counterparty earlier than Cryptopunk (Or even the entire Ethereum ecosystem) experienced the same degree of enthusiasm?
Times they are changing
According to blockchain pioneer and CEO of software company EverdreamSoft, Shaban Shaame, it comes down to accessibility-and times are changing.
“They are on older blockchains and are not particularly easy to obtain,” Shaame said in an interview with Cointelegraph. Counterparty (XCP) is the early contract layer of the Bitcoin blockchain, allowing creators to mint and distribute their own tokens. However, with the rise in Bitcoin fees and the soaring popularity of Ethereum, the token and contract features provided by Counterparty have largely become obsolete.
Today, this is a ghost town. “A lot of people don’t know how to use Counterparty at all,” Shaame confirmed.
“They are looking for these antiquities, but they have been hitting a wall because they are so used to using OpenSea.”
pause. Let us temporarily enter our time machine and go back to 2015. It is September. The price of Bitcoin is $236. The genesis block of Ethereum is less than two months old. Smart contracts, because they will exist in the future, are just a dream. Shaame just launched a token sale for the first ever blockchain-based mobile game Spells of Genesis.
The main attraction of the project is a series of digital trading cards designed to be integrated into the game at launch. Each card proves to be rare, and the fantasy-themed artwork is based on moments and characters from the early blockchain history. The most coveted card in the game depicts a purple-robed, druid-styled Satoshi Nakamoto making a Bitcoin blockchain. Its version has only 200 cards.
NFT does not exist yet
These are not NFTs in any modern sense, because they simply don’t exist. Each card design is not a verifiable 1-of-1 (non-fungible), but a limited edition of interchangeable (fungible) tokens on the Bitcoin blockchain. After successful fundraising, the game continued to issue dozens of trading cards with different version sizes and rarity.
Fast forward six years and the completed Spells of Genesis mobile game is gathering dust in your favorite app store. Although this game was very popular within a year or two before and after the initial coin release boom, it was eventually replaced by irreplaceable items such as CryptoKitties, and its collectibles became more or less obscured.
According to Shaame, until recently:
“In the past few weeks, our team suddenly became overwhelmed by the demand for Genesis Spell Cards. Two weeks before that, people started going crazy about the rare Pepeka. One of them was sold for $300,000.”
Pepe is also very attractive
He relayed that many long-dead NFTs, such as Rare Pepe, Force of Will and Mafia Wars, suddenly began to arouse new interest among collectors. A collector and businessman named Pkeane4osu told Cointelegraph that the rise started in February, but it really started to rise in early July. Now he flips 20-25 Counterparty collections every day-some up to 4.5 Bitcoins:
“The increase in sales to new buyers is unreal. Many people have never used Counterparty, and some have never used Bitcoin. In general, the interest is higher than I have ever seen.”
He also pointed out that the shift in pricing is particularly shocking, because before this sudden resurrection, the counterparty blockchain was “close to three years of stagnation.” “Many people who were once very active in the community have just washed their hands from Counterparty,” he explained. Today, however, even more popular collectibles the size of dust have meaningful value to the right buyer. Pkeane4osu said: “About two weeks ago, I sold 0.1 Satoshi Nakamoto cards for 5 ETH-1/10 of a card.”
Part of the reason for this quiet but growing interest recovery seems to be a third-party solution called Emblem, which allows people to package Counterparty tokens as ERC-721 assets (NFT token standard) and pass the Ethereum zone Blockchain for transactions. Other websites, such as auction front-end Digirare, have also begun to appear as a way to obtain these obscure items.
— Kingkai (@kingkaidev) March 13, 2021
Although for accessibility reasons, every packaged asset from Emblem exists on the Ethereum blockchain, they can still be offloaded to its original blockchain. Shaame thinks this is a good thing:
“People want to start collecting our original NFT in 2015, not a brand new asset released on Ethereum. They see more value in the original token.”
He also admitted that EverdreamSoft is developing its own multi-chain tool to help Spells of Genesis owners easily move their cards between any blockchains they want:
“We want to allow users to hold our tokens on any chain they want. They should be able to move cards between Ethereum, counterparties, and all these alternative chains.”
Whether you think they represent the modern gold rush or are destined to be as obscure as the peasy babies of the past, it is hard to deny that NFTs may become the ideal long-tail value project. Their edges will never turn yellow, never turn yellow or fade, but age may still make them scarce and therefore difficult to obtain. According to Shaame, this scarcity is not enough to make them valuable:
“This is also the emotional connection they created. Think of your childhood toys. They are of no use, usually just sitting there to collect dust. However, it is very difficult to throw them away. Using blockchain, we can easily save us Things collected in life. They may even become one of the ways we define ourselves online.”
Appropriately close to nostalgia, maybe anything can become valuable. Even tokenized debris in our lives can provide a verifiable way to prove: I am there. I am a part of that moment.
For NFT archaeologists hoping to dig those forgotten wells of nostalgia for profit, time is running out. After all, there are only so many relics on the chain to be discovered.