Non-fungible token (NFT) technology enabled by the blockchain has made numerous applications possible. This includes the introduction of online assets which users can exclusively and uniquely own. Among these initiatives include Kollect, a protocol that seeks to provide users with a lucrative option to gain and trade digital collectibles.
Kollect is an NFT platform developed by art, business, and cryptocurrency experts who seek to provide a unique and rewarding experience for users who want to obtain more digital collectibles. Its founder, Vincenzo Lee, is a known intellectual property and game expert who is also a director of Skyberry Entertainment, and former vice president of Global Mobile Business unit at YD Online.
What is Kollect?
Kollect is a blockchain-based card collection game enabled by NFT technologies. The aim of the project is to tap the billion-dollar digital collectible card market. Through a gamified mechanism, users can also be incentivized and rewarded by collecting different cards.
Kollect has a native card marketplace where users can trade amongst each other. These cards can also have different attributes that can affect their price, as well as their rarity. Also, note that these digital collectibles remain exclusive only to those who are using Kollect.
Kollect allows its users not just to trade with other collectors, but also to synthesize their existing cards to acquire new cards which will have a higher rarity and value. As users play, they also earn more in rewards which they can take advantage of to get rare card slots. This gives them the chance to complete their collection of books.
Beyond these mentioned steps, users can also burn multiple cards if they want to get a card with a higher rarity. These cards can have a higher value than more common cards available on the platform.
There are two types of collection books that users can access through the platform.
Public Collection Books
Public collection books are available to all users, allowing them to compete in claiming the available slots of the book. There are also secret recipes that users can tap in order to mint hidden cards that can be added to the collection book, including necessary enhancements and the synthesis of their existing cards.
Private Collection Books
Private collection books are available only to the owner. Users who have completed their collection books can be rewarded with more tokens as well.
Features of the Collection Incentive System
First off, users are rewarded by the platform for their participation through card collection. These rewards come in the form of the protocol’s native token. Collectors also have the option to purchase card packs that they will need in order to complete their collection books.
Card packs can be opened by users and once they do so, these cards become their own. NFT technology enables these cards to be unique and exclusive only to the owner of the card. They can add these cards to existing collection books, either public or private, in order to contribute to the ecosystem.
These contributions are then assessed and rewarded accordingly. From there, users can resume their collection once more and continue contributing to collection books for rewards.
KOL token is the platform’s native token. It can be used for several purposes, such as being a medium of exchange, payment for protocol transaction fees, and staking, among others.
KOL token is required for users to participate in the platform’s governance functions. This allows them to participate in voting mechanisms that let them take part in community decision making. These are on matters relevant to protocol parameters, such as intellectual property collaborations, collection book themes, and real-world redemption assets, among others.
Staking and platform activities
KOL token can be used to stake on a particular card, giving them more opportunity to earn rewards in return for maintaining their collection. Activities such as opening new packs, trading collectibles, burning cards, and synthesizing owned digital collectibles, also require the user to own KOL tokens.
KOL token gives holders the privilege to access exclusive and early access benefits on the platform. These are perks such as early unlocks, lucky draws, and obtaining exclusive Kollect cards.
The vision of the protocol developers covers a unique and rewarding experience for users who participate in card collection, book completion, trading, and community governance. The platform is not yet completely finished and there are still more to come for new users. The team behind Kollect is working on the introduction of more games, its own AR/VR library showroom, and a metaverse.
Right now, the platform is planning on launching a Telegram community group where interested users can ask more about the plans and existing programs of the team. Recent introductions to the platform are card packs such as the Power Ranger: Dinosaur Squadron Beast Ranger series, but there will be more in the future.
If you want to look at how the platform works, the Kollect Beta teaser is already out for the public to use. This gives users the opportunity to see how they can contribute to the NFT ecosystem globally.
There are a lot of digital collectible applications in the blockchain space today. This is a benefit brought to the market by NFTs. However, the question for many of these applications is about how they can tap a wider market than their competitors as well as their exclusive value for users. Kollect is fairly new and still currently under development. There is still a lot more we have to know about the project but the mechanics behind the work of the team is solid.
The outlook for the project is positive because it aims to reach the interest of those who are already curious about how they can earn more from the NFT space. One of the advantageous attributes of the platform which might attract beginners is their focus on intellectual property rights, ensuring that they rightfully own NFTs which can also appreciate more in value in the future.