Detroit, Michigan–(Newsfile Corp. – March 9, 2023) – Neustreet announces the creation of a Collectech Consortium to address the growing needs of modern collectibles markets. Over the last few years, markets for physical and digital collectibles such as sneakers, trading cards, and NFTs have experienced rapid growth.
As the number of companies in the collectibles space continues to increase, this intersection of culture and finance called “Collectech” will experience further growth. A primary force driving new developments in collectibles comes from technology innovation. Companies in the Collectech space range from marketplace platforms to collector tools to data providers. Over the last few years, the combined market cap of collectibles companies has reached several billion dollars. The broader collectibles industry has been estimated at $402 Billion1 globally in 2021.
In the past, collectibles markets like sports cards have experienced periods such as the “Junk Wax Era,” where overproduction led to an excess supply of cards, causing a market crash and a decline in sports cards interest. To mitigate similar risks across physical and digital, the Collectech Consortium is a newly formed non-profit organization looking to gather key stakeholders to aim to ensure the right conditions for market success.
Eric Witschen, founder and CEO of Neustreet, “As a lifelong collector and financial technologist, my own experience has allowed me to observe both the similarities and differences between collectibles markets and traditional financial markets. A coordinated effort between supply side, demand side, and service providers will help bring more transparency, infrastructure, and data to collectibles. That leads to more substantial and sustainable industry growth.” Neustreet is building a data and media platform for collectibles – starting with sneakers, trading cards, and NFTs.
Industry leaders or institutions interested in getting involved with the Collectech Consortium, please email [email protected]. The team is searching for a diverse representation of leaders from organizations across the collectibles space with a passion for collecting and a dedication to the long term success of the industry.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/155313