A digital image of Buffalo Bills quarterback Josh Allen with a green background in the form of a 1,000 driver’s license will sell for $ 100 when it hits the market Thursday morning.
If you need images with a platinum background (only 400 of them), expect to pay $ 200. Also, if you need one of the 50 black backgrounds, the starting price is $ 2,000.
The price of these NFTs, or non-fungible tokens, is the price you can expect to pay on Thursday morning. This afternoon? Next week? next year? It is determined by interest.
Welcome to the Metaverse era souvenir market where fans and collectors are trading virtual images in ways they might have bought and sold baseball cards a generation ago.
Joseph DePerio, co-founder and CEO of Morristown-based Metabilia, is convinced that it is the way to the future.
Reason: All NFTs are digital collections held on the public blockchain, so they are numbered and described. And while you can’t physically hold them, you can be confident that they will never lose their shape.
Moreover, they are not limited to photography.
“It doesn’t matter what the digital collection is,” DePerio said. “It could be artwork. It could be a highlight. It could be a picture of an athlete. It could be a picture of an athlete’s baseball bat.”
All of these are easy to buy and sell.
“The blockchain, which is the basis on which cryptocurrencies are traded, also provides unlicensed support for records,” he said. “Therefore, if X trades something to Y, there is no need for a third party to wait on either side of the transaction. It is simply transferred and the public blockchain keeps the record.”
Deperio and co-founder Nicole Johnson, a resident of Morristown, the company’s chief operating officer will come to Buffalo Thursday morning to begin an exclusive deal with NFL’s rising star Allen.
Or, at least, they want him to continue.
“We have created an NFT program or ecosystem that allows users to participate in the benefits of an athlete’s career,” says DePerio.
Allen is the latest athlete to join the Metabilia player NFT platform, but is the first NFL quarterback. De Perio said he expects quarterbacks to be the right players to lead the company’s football offering, giving fans a record of Allen’s career and access to exclusive souvenirs. Said that it would be.
De Perio finds it very valuable. Anyone who owns a member NFT can hold an event where they can drop an NFT in the air to commemorate the achievements of a particular player. In the Thursday release, it means Josh Allen.
“If anyone thinks Josh Allen is a future Hall of Fame quarterback, I want to allow that individual to express that feeling through the purchase of NFTs,” he said. “Then Josh has done great things throughout his career, and I hope the individual will be rewarded for his foresight.”
Johnson is fully committed to that idea.
She originally started a souvenir company, where she established relationships within the NFL. From there, Metabilia, a technology company operating at the intersection of physical and digital memorabilia, and the intersection of collection and investment, was launched in 2019.
With a financial and experience background as a partner in Wall Street hedge funds, DePerio feels that this concept is based on an established market.
That’s why he feels that Metabilia’s NFTs are doing well when the crypto market has plummeted.
“What I can’t really impress is that there is a lot of interest in NFTs because they are backed by the physical assets of the team,” he said. “In other words, not only do you own an NFT, it’s actually an expression, a certificate that gives you ownership of the underlying physical asset, and just a means to transfer it.”