Buying and selling collectibles can be serious business or just enjoyment for collectors. The popularity of some items and the vulnerabilities of some buyers allows for fakes and scams in the market.
We have a put together a list of marketplace types with their level of risk of the transaction going sour.
1. Non-fungible token Marketplace - (risk: low). Essentially, you are buying the NFT on the blockchain that is paired to a collectible. The NFT is proof of ownership since it has digital images and the serial number of the item. Transfer of payment and ownership is instant when you make the purchase. The seller then ships the item to you. Sprunger Originals sells on OpenSea and subjects NFT creation to a screening process that includes photo id and proof of item possession.
Related: What is an NFT?
2. Verified Seller Token - (risk: low). Items for sale that don't have an NFT can be sold by a trusted seller who has their own non-fungible token with a certificate that proves they are legitimate. It's 'coining' and 'vouching' using the blockchain. A VST can be presented on any marketplace platform.
3. Auction sites - (risk: low to high). Most online auction sites that specialize in collectibles have a long history of trust and success of selling higher value items. Nuts to bolts sites don't have enough safeguards to prevent scammers from posting collectibles for sale that they either don't have in their possession, are fakes or have been altered.
4. Dealers and events - (risk: low to medium). Retail dealers have a reputation to uphold and will have safeguards in place to protect the buyer. Pop-up sellers at events may not have done due diligence to verify the authenticity of an item for sale. They can be hard to find afterwards if you are not satisfied with the item purchased.
5. Social media groups - (risk: medium to high). While many transactions go smoothly, many fail. Sellers regularly post a fake item or don't ship an item and change their profile often to repeat the scam. Vouches and coining don't offer solid buyer protection like other platform safeguards do.
In a few years, buyers will be accustomed to asking sellers for the NFT of an item. They will know that the item is real, authentic and transfer of ownership is instant.
Old industry standard
Possession = ownership = value
Sell your item on traditional risky marketplaces. Ask for vouches to feel safe about doing a transaction with someone.
New industry standard
Here’s the industry shift or disruption: Ownership is transferred from possession and a non-existent or central registry to the NFT. The value is in the ownership of the NFT.
NFT = ownership = value
Sprunger Originals is on OpenSea. Items for sale require photo id and proof of possession prior to creating an NFT. We also issue Verified Seller Tokens to sellers who want to build buyer trust on any marketplace platform.
Here's our services to help you manage your collectibles:
- Sprunger NFT official blockchain twin of your items.
- Sprunger Marketplace purchase items and your NFT will be minted.
- Sprunger Evaluation service to help find valuable and popular cards in your collection.
- Sprunger Grading for card condition and print quality.
- Sprunger Verified Seller Tokens for coining using the blockchain.