Arcade classic Street Fighter II launches NFTs on WAX blockchain

Video game developer Capcom is the latest pop culture brand to enter the cryptocurrency space, launching a Street Fighter II-inspired series of NFTs on the WAX ​​blockchain on February 18.

Digital Trading Cards feature displays of characters from the popular arcade game, which first released in 30 years in 1991.

Digital Packs containing 10 and 60 Street Fighter II cards will only be available for purchase by credit card. Cards are released from packets in a “unpacking” process that simulates opening an actual trading card package, and can also be “fabricated” to form other NFTs. Unopened packs of cards are often sold in the secondary markets at much higher prices.

Sale will begin on February 18 at 12:00 PM EST and will last for 24 hours, during which an unlimited number of packages will be sold. Unloading and crafting capabilities will be enabled once the sale ends.

Digital acquisitions have been in tatters in 2021, with more than $ 133 million in NFT sales in the past 30 days. More than half of that – 54% to be exact – was created by NBA Top Shot group, which recently launched a blockchain asset-centric cryptocurrency by Dapper Labs.

Lee Jenkins, product manager at WAX, told Cointelegraph that he believes blockchain technology now means “the first time that digital ownership is truly comparable to physical ownership of an object.”

“Collectors can now have a digital item forever,” Jenkins said. “They can collect, buy, sell and trade in items, and they can easily be verified as authentic, with verifiable scarcity and scarcity.”

“For those companies that understand blockchain, they realize that digital acquisitions (NFTs) are a killer application in the blockchain, allowing them to offer products and services that would not have been possible before without blockchain technology.”

The market for WAX-based cryptocurrency holdings is booming, thanks in part to WAX’s lower transaction costs. Jenkins believes that factors like these allow the WAX ​​secondary markets to serve the business of individual collectors. It points to stats showing that the average secondary market sale on WAX is $ 3.66, while that same statistic for competitors is $ 1,608 in OpenSea and $ 533 on Rarible.

According to the NFT data collector, WAX-based projects represent 17 of the top 30 NFT products by secondary sales volume – although Ethereum-based ventures still make up the majority of the total sales. With sales of just over $ 1.3 million in the secondary market, WAX’s best-selling NFT brand is Topps’ Garbage Pail Kids, and its latest release was a meme-worthy cartoon series by US Senator Bernie Sanders.

Other commercial releases on WAX include series written by Atari, William Shatner, and Deadmau5. There are also a growing number of original art collections that in some cases prove equal or more popular, such as the KOGS series, Bitcoin Origins, and Blockchain Heroes.

Capcom itself is no stranger to the blockchain. Digital collectibles maker ECOMI, home to CBS, Warner Brothers and the Cartoon Network, has also licensed the intellectual property rights to Capcom. ECOMI are the creators of VeVe, a virtual marketplace and showroom for high-end digital acquisitions.