What are digital collectibles?
Sweet has developed technology which can be used by artists, teams and brands to create unique, one-of-a-kind digital collectibles for fans and consumers. Digital collectibles can take on any form: a piece of art, a unique pin, token card or image, an embedded video, audio or animation.
A digital collectible is similar to a physical collectible, but in digital format. Like a physical collectible, a digital collectible is distinguished and unique. To ensure each digital collectible’s unique authenticity, Sweet uses blockchain technology to demonstrate rights ownership and authenticity. This is similar to receiving a "certificate of authenticity" with unique physical merchandise like a signed baseball card.
What makes digital collectibles different from physical collectibles?
Physical and digital collectibles have many similar traits, such as strong fan affinity and pride of ownership (otherwise known as “bragging rights” as you show off your collections). However, digital collectibles have many advantages over physical collectibles. This helps to explain the transformation of the collectible space over time and the rapid growth of digital collectibles.
The advantages that digital collectibles have over physical collectibles include:
- Prevention of Counterfeits - A digital collectible’s authenticity is more reliable and easier to manage. It can be tied to a Non-fungible Token (NFT), which is the digital equivalent of a certificate of authenticity, and solves a lot of issues around fraud that can occur in the physical world.
- Better Storage and Shipping - A digital collectible is easier to store and ship without wear and tear that can occur with physical collectibles.
- Better Sharing - A digital collectible has vastly better sharing options if you want to show your collectible or collection to friends, family or the public. You can do so over text, email or a public showcase. You can also present your digital collectible online or in an offline frame that has storage and display capability.
A fan or user can have the same thrill, affinity and enjoyment from owning a digital collectible as owning a physical one, plus all the conveniences of better authenticity, shipping, storage, and sharing.
Tell me more. What are other benefits of my digital collectibles?
In addition to owning your digital collectibles and displaying and sharing them as you want (enjoy the bragging rights!) there are lots of other benefits. Some artists, teams, and brands offer personalized benefits, such as VIP access to a concert or event, or access to unique content. Have fun and be creative and in some cases you may be able to add on-to, customize, or enhance your digital collectible. But you should note that any such changes will be layered enhancements, and will not change the underlying NFT.
Are my collectibles unique?
Every digital collectible from Sweet or any of Sweet partners or clients is unique, individually-numbered, and trackable on the public blockchain with records of authenticity. It might be unique with only one created, or it might be individually numbered and part of a limited series. Sweet creates each collectible series on the public blockchain, including the total number available. Once created, the series cannot be edited or changed by any party, including Sweet, its partners, or clients. The public blockchain also stores a permanent record of who created it, and every owner.
How can I display my digital collectibles?
You can choose how to display your digital collectibles for your own use and enjoyment and how you want to share them for others to view and enjoy. You can share just one collectible or your full collection. Users can optionally add narrative and other data to each digital collectible, explaining how they obtained the digital collectible and why it’s special to them.
Can I trade or sell my digital collectible?
Digital collectibles by their very nature are intended to be used, displayed and enjoyed. You own the digital collectible and if you want to give it away, gift it, or sell it for whatever reason you can. Exchanging digital collectibles is a great way to engage with others who have the same affinity for the talents and brands that you do.
To trade a collectible that you own, open the details view of your collectible and select the “Trade on Sweet” button. From there you’ll be able to request a trade with other users. Alternatively, you can trade for a sold-out collectible by visiting the collectibles “Store” (far left tab) and choosing “Collect this Coin/Card.” Each trade request remains open for 24 hours and will expire if no owners accept the trade. You can also gift or send your collectible to a friend, family member, or someone else, and they can receive it using the Sweet mobile application.
Sweet will be providing further details here on how to sell your digital collectibles.
What is the value of my digital collectible?
A digital collectible’s value is personal, based on your connection with the item you are collecting and how it fits with all your other collectibles both digital and physical. One person might love to have a digital collectible from a specific artist, talent, place or team and have a real affinity, while someone else might not have the same affinity and see no reason to get it, just like with collectibles in the physical world!
You should collect, purchase or trade for a digital collectible for your own personal use and enjoyment. You should not purchase a digital collectible with the expectation of making any profit from its resale as there is no guarantee that you will be able to find a buyer for it or that, even if you are able to find a buyer for it, you will be able to get the same or higher value which you paid for it. Neither Sweet nor any of the talent or brands represented by the digital collectible are undertaking any obligation to support or encourage any price appreciation of any digital collectible.
There are many factors that influence what someone will trade or purchase your digital collectible for, and these are outside of the control of Sweet or any of Sweet’s partners or clients represented on the digital collectible. Examples of factors that influence a buyer’s decision include a potential buyer’s own personal connection or affinity with your unique digital collectible, the general interest in the talent or brand associated with the digital collectible at any given time, the general interest in collectibles overall (both physical and digital), and many other factors.
I’ve heard of NFTs. What are they and how are they similar to or different from Bitcoin?
A Non-fungible Token (NFT) is a type of cryptographic token which represents something unique. Non-fungible tokens are not mutually interchangeable and can’t be divided into smaller parts. NFTs can therefore be used as unique digital collectibles. Each NFT has its own unique "immutable data," such as total inventory, artwork, audio files, and other information which can never be changed. In some cases, you may be able to add to, customize, or enhance your digital collectible, but any such changes will be additional enhancements and not change the underlying NFT or digital collectible.
By contrast a Fungible Token like Bitcoin is very different, in that it is divisible into any number of smaller units and it does not matter which unit you own. Each unit is uniform and interchangeable with any other like amount of Bitcoin. This makes fungible tokens useful as a currency.
What blockchain does Sweet use?
Sweet’s platform enables brands to create NFT collectibles on multiple NFT compatible chains. We currently support the SLP standard for NFTs, and the Ethereum ERC721 standard, and will be adding additional NFT compatible blockchains as the digital collectibles marketplace evolves. All of our NFT implementations, regardless of the underlying blockchain standard, will support the same features and user experience, and provide the same benefits of a blockchain-based digital collectible. There are however differences in economics between standards. Our SLP-based collectibles for example have a carbon footprint that is roughly 500 times smaller than Ethereum based collectibles, offering a green option for brands that wish to publish a large number of collectibles.
Is the Sweet App a blockchain wallet?
Yes. Among other things, the Sweet app serves as a blockchain wallet for a user to manage their digital collectibles. The sweet app and wallet are however specifically designed for digital collectibles. Sweet is not a blockchain wallet that is available for general blockchain tokens like Bitcoin and should not be confused with companies like Coinbase or wallets like blockchain.com that hold all types of crypto blockchain tokens like Bitcoin.
The center “Wallet” tab in the Sweet app displays all of the collectibles you own. You can also view your collectibles from a public blockchain explorer website. Clicking on the “Authenticity” link below any owned collectible will display the public blockchain open ledger view of your collectible, so you can be sure you have the real thing! The Sweet app can support NFTs from multiple NFT compatible blockchains.
How are digital assets like images or videos associated with an NFT?
A digital collectible will have one or more assets associated with it, such as an MP4, or a JPEG image. We cryptographically sign each of these assets, and commit a signature of the digital collectible to the blockchain when we create it. This allows the holder of an NFT to prove that a particular image or media file belongs to the NFT. Many NFT publishers only use URLs to define the digital collectible, and this prevents NFT holders from proving whether a media file is associated with the NFT. We have solved this problem by incorporating cryptographic hashes during collectible creation.
What rights do NFT owners have for the digital collectible?
Each Digital Collectible definition has a link to terms and conditions, which determine exactly what rights you have to copy, transfer, display, or otherwise use the various media files that compose the digital collectible. Many NFT publishers don’t take this step and it is unclear what rights an NFT confers on a user if the publisher has not also committed terms and conditions to the blockchain.
Does the holder of a Digital Collectible “own" the artwork or media files?
No. Along with rights information, we also include a copyright notice with our NFTs, and this information along with the terms and conditions is verifiable through the blockchain record. Sweet or our Clients retain the copyright, but the NFT owner is granted certain rights per our Terms and Conditions.
Who is hosting the digital collectible, and what happens 100 years from now if Sweet is not around?
We currently host the digital collectibles publically on an Amazon Web Services Content Delivery Network (CDN). However, this is not the only way they can be hosted, and the NFT definition and chain of authenticity is designed to survive Sweet. The NFT document describes all of the digital assets, and the terms of their use. The document also provides a cryptographic hash that an NFT owner can use to prove a particular set of digital assets is associated with their NFT. Because of the chain of hashes used to associate content with an NFT, the existence of Sweet’s CDN is not necessary, and copies of the collectibles index can be made that still allow proof of ownership via the blockchain. This allows the Digital Collectibles to survive independent of Sweet or the Amazon CDN. Our Terms and Conditions are designed to cover this scenario, and ensure that the person in possession of the NFT can continue to make use of it.
Using the Sweet App
What do digital collectables look like?
Some digital collectibles are cards and coins which you might see in the physical collectibles market, but digital collectibles can go so much further and provide even richer experiences. A digital collectible can take any form and is only limited by the creativity of its creator. Unique collectables (or Non-fungible Tokens) offered by Sweet and our partners and clients can have embedded images, audio or video and other animations. We partner with artists and consumer brands to make truly one-of-a-kind collectibles for your enjoyment.
How do I complete a collectible set?
To complete a collectible set you must collect all the cards and coins in the set. You can do that by purchasing the collectibles in the store or reserving them in online “drops”! To see which cards or coins are part of a set, you can visit the “Sets” tab (second from the left).
There are benefits to completing digital collectible sets, just like with physical collectibles. You can show off your set to your friends as a superfan and Sweet along with some artists and brands offer some fun rewards to set owners.
How do I access my digital collectibles collection?
To access your digital collectibles collection, visit the Sweet App “Wallet” (the center tab on the bottom). From there you can view all your digital collectibles.
Can I access my collectibles outside of the Sweet app? How do I transfer collectibles outside of the Sweet App to my own blockchain wallet?
Please follow instructions in the Sweet app to submit your information to be eligible to transfer collectibles outside of the Sweet App to your own blockchain wallet. Please note, Sweet partners may restrict transfers of some collectibles.
How do I earn more digital collectibles?
You can earn digital collectibles like cards and coins in a few ways. In the collectibles store, some cards and coins can be redeemed by listening to a song by the artist, while others can be purchased outright. You can also trade for collectibles within the Sweet app!
What are the Sweet rarity categories?
Collectibles are sorted into “tiers” which reflect their level of rarity.
- Tier 1: Higher availability unique digital collectibles
- Tier 2: Slightly less common unique digital collectibles
- Tier 3: Harder to acquire one-of-a-kind digital collectibles
- Tier 4: Rare one-of-a-kind digital collectibles
- Tier 5: Uber rare one-of-a-kind digital collectibles
Are artists involved in their collections?
Yes, of course. Artists decide what their digital collectible will be, and each digital collectible is unique and very much represents the brand, team or artist.
I reserved a card/coin from an artist online, but I don’t see it in my Sweet account. Why is this happening?
You can reserve a special edition digital collectible like a coin or card directly from an artist by entering your email address or phone number online. If you don’t have a Sweet account, you can register for an account using that same phone number or email and you will find your reserved collectible in your wallet. If you do have a Sweet account attached to that phone number or email, all you have to do is login to see that collectible in your wallet!
If you have a Sweet account, but used a mobile number or email not associated with your account, you can edit your mobile number or email in your profile, and the collectible will be added to your wallet within 24 hours.
Does my digital collectible give me any ownership rights in Sweet or any other entity?
No, owning a digital collectible does not give you any rights to equity or other ownership in Sweet or any Sweet-affiliated clients or partners.