The new service will use ERC-721 compliant tokens to ensure rare and desirable assets are sold as a whole rather than in parts.
An established crypto wallet provider is developing a service where users can store collectibles – ranging from rare digital pets to desirable fighters.
Lumi says its service will allow users to swipe through their collection at ease – and it is currently invited interested crypto holders to sign up via email.
The company says it wants to help crypto holders bring all of their “unique collectible characters in one place” – including CryptoKitties, CryptoCuties, CryptoAlpaca, CryptoFighters and CryptoCelebrities. It hopes to support thousands more upon launch.
Most of these assets drive from games where players can breed and collect rare characters. In the case of CryptoKitties, “adorable creatures” cannot be replicated, removed or destroyed – meaning that unique creations retain their value. Given the immense value in the collectibles market, blockchain also helps ensure that ownership of these prized animals is tracked securely.
ERC-721 compatible tokens are going to be used by the Lumi Wallet for collectibles. The company says this is because rare collectibles such as Crypto Kitty have attributes such as color, age or breed which make them extremely desirable. In one case, it claims a particularly rare cat was traded for $110,000 through the platform.
The company adds that these tokens also ensure that assets are sold as a whole, rather than in parts. Although ERC-20 compliant tokens enable assets to be divided into small amounts when a sale is taking place, Lumi argues that this approach is incompatible with the collectibles industry – and it would be absolutely unheard of in the real world.
A thriving app
Lumi already offers an ERC20 standard-compatible wallet which is available through Apple’s App Store and Google Play, the marketplace for Android devices. The company also has a web version of its interface, and says it “never sits still” and is always offering new services to customers.
Its crypto wallet allows Bitcoin and Ethereum to be sent and received securely, and any account can be recovered through a 12-word backup phrase in the event that devices are lost or stolen. At a glance, it provides a clear indicator of how much assets – such as cryptocurrencies and collectibles – are worth in BTC, ETH and US dollars, with price graphs indicating any fluctuation in value during recent trading sessions. PIN codes and Face ID technology also helps guarantee that funds are protected.
When funds are being transferred, Lumi offers four different tiers of fees based on how long transactions will take to complete – meaning there are options for crypto holders on all budgets.
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