Solana is launching a new project called Collector, which aims to save online collectors billions of dollars by transforming how they transact with each other and with their collectibles. Collector is transforming the industry by integrating physical ownership of collectibles with Web3-powered digital marketplaces that are built on Solana.
For collectors, transacting online sometimes becomes a nail-biting experience due to shipping risks, potential for fraud and the high costs involved in the sales, and this is something that has held the collectibles market from experiencing real growth. Now Solana is launching Collector which it hopes is going to plug the leak in the system. The Collector’s digital marketplace will be leveraging blockchain technologies to create a flexible global network of vaulting and grading partners.
Collector has promised to cut the fees by as much as 95%, something that will greatly reduce the trading risks involved when you are trading online. This is indeed great news especially for those investors who are quite familiar with the world of cryptocurrencies as this new way of trading will be more enticing.
Collector is doing this by creating a Solana-based system that will integrate physical vaults from around the world into one decentralized token-based marketplace. This will also give you an almost instant settlement of the transaction. Collector is also developing a physical-to-digital bridge in the form of an NFT they have dubbed pNFT based on their physical-to-digital nature. This is because each token is linked to the physical item that it represents. They are also launching a native digital asset, COLL, with some cool features like animated pNFTs and great fee discounts where you can save anything from 0.5%-95% compared to what eBay will charge you.
Orion Depp, managing partner at Master Ventures Investment Management, commended Collector on being one of very few NFT projects who have figured out how to accrue value for their tokens. This token-incentivised system is very empowering for the community as it gives them control over the future of the platform. And the best news of all? Less risk, less fees and less time than what investors are currently experiencing globally.