Non-Fungible Tokens (NFT) have changed the way people think about ownership over the past years, becoming the hottest thing in the collectible, art, and gaming space. However, NFTs have also been highly criticized due to their digital nature, which many believe makes them worthless. Due Dilly is looking to change this via asset-backed NFTs.
Due Dilly is an NFT project focused on bringing the worlds of traditional and digital collectibles together, providing NFTs with inherent value by backing them up with a physical counterpart. This is possible by making use of computer vision to authenticate physical collectibles and then vaulting it, ensuring every NFT goes beyond providing “bragging rights” to its holder.
Projects like NBA Top Shot are expected to be worth about $1 billion over the next year. However, the United States Sports trading card market alone was estimated to be worth $4 billion back in 2019 and is expected to be worth $62 billion by 2027. While the NFT craze has been able to capitalize on an increasing interest in digital assets, it has created a division among collectors and hobbyists by forcing them to focus their efforts on a specific ecosystem.
The use of computer vision to verify the authenticity and condition of the physical collectibles will also go beyond the minting of an NFT, as it allows collectors to have their cards graded in a more accessible manner, driving the value of their collectibles up at a time when grading firms haven’t been able to keep with the increasing demand.
This potential has resulted in major players like Dapper Labs, Tribe Capital, co-founder of the Sandbox Sebastien Borget, Toy Ventures, executives from Animoca Brands, Ace Cap, Red Beard Ventures, Eric Ries, and village Global investing in the project.
By providing a means to effectively transform a physical collectible into an NFT, Due Dilly is bringing both ecosystems together and allowing collectors who have been working on their collections for decades to fully take advantage of the benefits of NFTs. The result could be an increase in the legitimacy of the NFT and collectible ecosystems, while also driving more investment to them.