Capcom, the video game developer, which is the latest pop culture brand to enter the crypto-collectibles space, has launched a series of Street Fighter II-inspired NFTs on the WAX blockchain on February 18.
It has been reported that the digital trading cards feature renderings of characters from the ever-popular arcade game, first released 30 years ago in 1991.
However, digital packs containing 10 and 60 Street Fighter II cards will be available for purchase through credit card only. Cards are released from packs in an “unpacking” process that simulates the opening of a physical trading card pack, and can also be “crafted” to form other NFTs. Unopened packs of cards frequently sell on secondary markets for much higher prices.
The report said that the sale started on February 18 at 12:00 PM EST and lasted for 24 hours, during which time an unlimited number of packs had been sold. Unpacking and crafting abilities were enabled immediately upon the conclusion of the sale.
It has been analyzed that digital collectibles have been on a tear in 2021, with more than $133 million in NFT sales in the last 30 days.
Lee Jenkins, the Product Manager at WAX, said that he believes blockchain technology means now is “the first time that digital ownership is truly comparable to physical ownership of an item.”
“Collectors can now own a digital item forever. They can collect, buy, sell and trade, and items are easily verifiable as authentic, with verifiable scarcity and rarity.”
He further said:
“For those companies that understand blockchain, they realize that digital collectibles (NFTs) are blockchain’s killer app, allowing them to offer products and services that were never before possible without blockchain technology.”
Also, Jenkins believes that such factors allow WAX’s secondary markets to service the business of individual collectors. He points to statistics showing the average secondary market sale on WAX to be $3.66, whereas this same statistic for competitors is $1,608 on OpenSea and $533 on Rarible.
Cryptoslam.io stated that WAX-based projects account for 17 of the top 30 NFT producers by secondary sales volume, although Ethereum-based projects still comprise the majority of total sales.
Thus, with slightly over $1.3 million in sales on the secondary market, WAX’s best-selling NFT brand is Topps’ Garbage Pail Kids, their most recent release being a caricature series based on a meme-worthy pose by US senator Bernie Sanders.