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Ever since they were introduced in the 1860s as an advertising method, trading cards have remained one of the most popular collectibles. Now, trading cardsare a whole ecosystem of their own, existing both in the physical and digital realm across different genres. Many NFT projects have tried to merge this ecosystem with blockchain but have fallen short. Now, OnlyGems is working on revolutionizing the trading card collecting niche, partnering with celebrities like Chevy Chase to do so.
There seem to be two types of trading card projects in the blockchain space these days: Games using NFT to represent digital cards, and collections of NFT trading cards with no interactivity. While both of these certainly have value and have contributed to the ecosystem’s growth, a lot of potential has been lost. This is especially true when it comes to captivating traditional card collectors.
OnlyGems is a blockchain project looking to harvest the potential of NFT by bringing the traditional trading card collecting space and blockchain together. The startup behind it is doing this by taking physical custody of authenticated and graded trading cards before tokenizing them using a 1/1 NFT. Once tokenized, the new NFT can be traded, sold, or bought freely on the blockchain by collectors. If they choose, any NFT they own can be later redeemed to receive the underlying card, no matter where they are.
This approach means that friction is not only removed but collectors all around the globe can easily participate in the trading of the assets. This can be done by buying, selling, or trading them, as well as keeping them under OnlyGems custody for safekeeping. The startup possesses a secure and fully insured vault which ensures the safety of the collectibles under its care.
The team has only developed a system by the name of “Gem Pass”, which grants priority access to new features, raffles, and perks, as well as a claim on GEMZ coins. This approach results in a self-sustaining ecosystem that can also generate earnings for users in ways similar to traditional DeFi platforms.
OnlyGems is also launching collections of its own by partnering with other projects and celebrities. The most recent collection is the result of a partnership with Chevy Chase, one of the most prolific actors, writers, and producers in the United States. Professional Sports Authenticator (PSA) will also make part of the partnership by grading and authenticating all cards in the ChevyChase Legend Card Collection.
The cards in the collection will represent one of the 122 pages of Caddyshack’s original script, which the Tampa-based startup acquired. To add further value to these pages, each of them was autographed by Chevy himself. Once the collection is airdropped, holders will be able to interact with them just like any other NFT on the platform.