Wallet To Accept Collectibles Such As Crypto Kitties And Fighters As Functionality Expands

An established crypto wallet provider is developing a service where users can store collectibles - ranging from rare digital pets to desirable fighters.

The company says it wants to help crypto holders bring all of their "Unique collectible characters in one place" - including CryptoKitties, CryptoCuties, CryptoAlpaca, CryptoFighters and CryptoCelebrities.

Given the immense value in the collectibles market, blockchain also helps ensure that ownership of these prized animals is tracked securely.

ERC-721 compatible tokens are going to be used by the Lumi Wallet for collectibles.

The company says this is because rare collectibles such as Crypto Kitty have attributes such as color, age or breed which make them extremely desirable.

Although ERC-20 compliant tokens enable assets to be divided into small amounts when a sale is taking place, Lumi argues that this approach is incompatible with the collectibles industry - and it would be absolutely unheard of in the real world.

Lumi already offers an ERC20 standard-compatible wallet which is available through Apple's App Store and Google Play, the marketplace for Android devices.

Its crypto wallet allows Bitcoin and Ethereum to be sent and received securely, and any account can be recovered through a 12-word backup phrase in the event that devices are lost or stolen.

At a glance, it provides a clear indicator of how much assets - such as cryptocurrencies and collectibles - are worth in BTC, ETH and US dollars, with price graphs indicating any fluctuation in value during recent trading sessions.

When funds are being transferred, Lumi offers four different tiers of fees based on how long transactions will take to complete - meaning there are options for crypto holders on all budgets.