- Collecting rare and valuable assets is one of the world’s oldest hobbies.
- One particular innovation that has disrupted the modern collectibles market in recent years is NFT.
- Jupiter Exchange aims to make rare collectibles accessible to anyone, regardless of status.
Collecting rare and valuable assets is one of the world’s oldest hobbies. The global collectible market size was estimated at $412 billion in 2020 and is expected to reach $628 billion by 2031. Digital NFT Market Collectibles is the fastest-growing segment with a CAGR of 14.2% during the forecast period.
From original Picassos to rare Pokemon cards for $360k to a $352k pair of Louis Vuitton and Nike Air Force 1 sneakers by Virgil Abloh, there’s a market for just about anything. However, these collectibles aren’t accessible to the general public due to their inherent exclusivity.
One particular innovation that has disrupted the modern collectibles market in recent years is NFT. At the start of 2021, non-fungible tokens were a buzzword many were still wrapping their heads around. Since then, auction houses like Sotheby’s and Christie’s have been making headlines for unprecedented sales, some as high as $69 million, for a singular piece of digital art. In addition, celebrities like Elon Musk, Paris Hilton, and Shawn Mendes sell these digital assets.
NFTs have disrupted the collectibles market, making digital ownership a new reality for everyday users. When users buy NFTs, the digital ledger acts as a certificate of the digital file that tracks who has ownership of it. If anyone copies the NFT, just like copies of famous artworks, they won’t be the original. However, the artist still has copyright and reproduction rights. The popularity of NFTs lies in the status of ownership of the art, not the original quality. Like your limited-edition pair of sneakers, the appeal increases rarity and exclusivity.
Although rare collectibles are highly sought after, their price point tends to exclude the majority of people. However, a newcomer to the collectibles market, Jupiter Exchange, wants to change this.
Instead, the Jupiter marketplace fulfills collectors’ wishes by creating NFTs of real-life collectibles that are fractionalized into several ownership tokens of equal worth. “The majority of people who are most passionate about collectibles and iconic products have traditionally been unable to access the usual market for these iconic items” the company highlights.
The marketplace aims to curate the “most exclusive objects worldwide.” To buy an NFT, users must first acquire ownership tokens, which are listed for sale on the Jupiter Marketplace, where anyone can purchase them. When they’re sold out, the object moves to the Jupiter Exchange, where any ownership token can be bought and sold with real-time price discovery.
By dividing digital ownership of these real-world assets, the platform aims to allow users to “own the things they’ve always wanted—the iconic objects that reflect their most passionate interests.” Imagine owning a piece of an iconic painting or one-of-a-kind sneakers? This is now a reality thanks to Jupiter’s technology.
The company has recently raised $5M in seed funding, showing strong support from investors, and is set for a strong launch. To keep up to date with this new platform that aims to make collectibles investment accessible by all, users can sign up for a waitlist.