Facebook Veterans Launches Blockchain-Based Social App Following US$1.5M Seed Funding
Vault.io, Inc., a New York-based startup headed by former Facebook veterans, has announced the launch of Editional, an Ethereum-based social platform that allows users to create, claim, and trade unique collectibles online. The startup has secured US$1.5 million in seed funding from notable investors, including ConsenSys Ventures, Digital Currency Group, and CoinFund, it said on Tuesday.
The Editional app, now live on the App Store for iOS devices, allows creators and curators to tokenize, collect and monetize digital works of art using blockchain technology. According to the company, Editional makes creating collectibles “as easily as you create any other kind of content: with your phone’s camera or phone album.”
“I’ve been really excited to see the growing interest in digital collectibles and the power this new medium grants to creators – the barriers to entry have historically been too high for most people to get involved,” said John Egan, CEO at Editional and former product manager at Facebook.
On Editional, content creators upload imageries or any other type of digital art, assign a set number of editions to be released, and then present their work to the community. In parallel, collectors can acquire editions which they can later resell, as well as interact with creators. Editional provides each user with a personal Ethereum wallet address to store all of their collectibles at no cost.
The platform leverages blockchain technology to allow each piece of work to be truly unique, with embedded provable ownership and transaction history, and prevent fraud and the unfair reproduction and reselling of unique work.
“Editional allows for relationships to be built around the content on the platform, so we are incredibly excited to watch the community take shape. It has an exclusive feel mixed with the rush of competition to claim the best collectibles before they’re gone or to create the next thing that everyone wants,” said Egan. “Creators and collectors can retain the element of prestige and bragging rights with the content they own, and either hold their best pieces, or trade them at later dates when the demand merits, or the right offer comes along.”
The Editional platform is integrated with other blockchain decentralized applications (DApps) including OpenSea, a digital marketplace for non-fungible crypto collectibles, enabling owners on Editional to easily resell their collectibles.
Blockchain-powered crypto collectibles and non-fungible tokens (NFTs) rose to fame in 2017 when CryptoKitties, an Ethereum-based virtual game that lets users buy, sell, collect, breed and exchange unique cats, went vital with some rare kitties going for well over US$100,000 each.
NFT is a special type of cryptographic token which represents something unique. These tokens are used to create verifiable digital scarcity and in specific applications that require unique digital items like crypto collectibles and crypto gaming.