RareMint announces the successful beta launch of its marketplace for sports collectibles, with two unique Michael Jordan and Lou Gehrig asset-backed NFTs selling out and additional memorabilia and collectibles including the FIFA World Cup being listed for fans and enthusiasts. RareMint uses NFTs to access provenance, unique asset experiences, asset revenue beyond just appreciation, and content opportunities that haven’t previously been available to users through a single, secure ownership solution. Investors backing the company include Arca, Gatecap Ventures, Sana Sano Capital, BKCoin Capital, Crescent City Capital, and Commerce Ventures.
Following the beta launch on March 17, RareMint released two historical asset-backed NFTs to high-profile investors. The first category of Ultra Rare NFTs included a 1989-1990 game-worn Michael Jordan jersey. The second was a 1930 Lou Gehrig home run ball signed by Lou Gehrig and Babe Ruth, which was purchased by BKCoin Capital.
The size of the sports collectible market was recently estimated at $5.4B and is expected to rise at a rate of 9.7% between 2022 to 2031. Additionally, the NFT market surpassed $40B in 2021. However, buyers and sellers are still faced with trading barriers like high fees and minimum buy-ins, questionable authentication and provenance, poor discoverability, and lack of recurring revenue. RareMint has strategic plans to tackle these issues all while providing innovative opportunities at the intersection of traditional collectible markets and the financialization of NFTs.
“The future of sports collectibles is digital and we’re only scratching the surface of our asset-backed NFTs. I’m very excited about the potential of unlocking increased liquidity and additional financial value for these valuable rare assets through DeFi mechanics such as collateralized lending. We are passionate about creating opportunities for athletes to monetize their own collections and connect with the next generation of fans through RareMint. Every asset has an origin story so we create timeless preservation of provenance, authenticity, and legendary stories from these assets”, said Brett Calapp, Co-Founder and CEO of RareMint. Calapp’s background includes nearly two decades of experience in online real money and social gaming. He is the sole director of the largest tribal branded online sportsbook in Arizona, advisor to NFT fight game Taunt Battleworld, and is on the board of directors of a sports and gambling acquisition company NASDAQ: BPAC, among others.
Every Ultra Rare NFT on RareMint is backed by a physical asset, ensuring that the owner of the NFT is also the owner of the real sports collectibles held in custody in RareMint’s secure vault. To demonstrate the team’s commitment to transparency as trusted custodians of each customer’s collection, every 90 days, a third party audits the vault(s). All assets are authenticated by industry-standard service providers such as PSA, JSA, or Beckett as well as RareMint’s internal authentication process that includes documentation of the asset as it is digitized in their studio. Some assets include multiple authentication pieces, photo matching, and letters of provenance. Images of Certificate of Authenticity are available for preview and fully accessible on the platform for the asset owner.
BKCoin Ventures is BKCoin’s Capital inaugural venture fund focused on crypto-native investments. The BKCoin team identified a unique opportunity in owning asset-backed NFTs and became one of the first collectors and supporters of RareMint by purchasing Lou Gehrig’s Ultra Rare NFT, the original asset secured in Raremint’s vault. “With rare sports collectible NFTs, there is a fixed supply since Lou Gehrig is not hitting any more home run balls and Michael Jordan is not dropping any more game winning shots. Asset-backed NFTs make for a solid alternative investment in an otherwise volatile market that has no cap in supply,” said Carlos Betancourt, Founding Principal of BKCoin Capital.
RareMint enables collectors at all levels to participate as fans through the creation of commemorative editions at price points accessible to everyone. Since there is only one Ultra Rare collectible of each asset on offer – RareMint makes available 25 Limited Editions in any given drop, each representing a foundational piece to completing a RareMint Registry Set. By purchasing additional drops and to build collections of NFTs, fans participate in the ultimate set building competition; accompanied by a generous rewards system.
Each set journey begins with a single purchase of a RareMint Limited Edition NFT. By completing sets, collectors earn numerous rewards such as:
- MINTS tokens (coming in the summer of 2022)
- Top Leaderboard Ranking
- Early access to future NFT drops
- Exclusive NFT airdrops for near complete sets
- Access to compete in cross set challenges
- Invitations to exclusive RareMint Registry events
“Our product offering will consist of many variations of ways fans can connect with their favorite historical athletes and assets by distributing ERC-721 tokens on Ethereum and layer 2 networks such as Polygon and Arbitrum. We are working with partners to facilitate a custodial solution where the everyday fan can have a lower barrier to entry without having to set up and manage their keys in a wallet if they choose not to”, stated Niko Hosn, Co-Founder and CTO of RareMint. Hosn is a hands-on and dedicated blockchain architect and engineer with a stellar record in building technology-based solutions to deliver the company’s blockchain vision, including Citibank, SifChain, and Lumedic.
The team is thrilled to have successfully launched the platform in Beta and looks forward to all future platform developments and fan engagements opportunities. Various asset-backed NFTs will be dropped on the platform every week, allowing collectors to access millions of dollars worth of collectibles on a regular basis.
For more information, please visit www.raremint.com.