A New ETH-Based Digital Collectibles App Launched by Facebook Veterans

02. May 2019 Posted by Akolkar B on News

Popular decentralized applications (Dapps) like CryptoKitties have created a new rage for the digital collectible apps in the crypto community. Recently, a New York-based startup dubbed “Editional” and founded by Facebook veterans has unveiled a ETH-powered social media app which supports the trading and creation of different digital collectibles.

The Ethereum blockchain network has been home to the creation of new Dapps and it looks like the new generation startups still trust the platform. The startup “Editional” has secured $1.5 million worth funds in a seed round backed with some of the very high-profile investors like the Digital Currency Group, ConsenSys Venture, and the CoinFund.

The Editional blockchain app is already available on iOS and the Android platforms. The app will allow creative users to upload their digital art or create it directly using the their phone. Later, users can pitch it to the entire community as a unique, collectible asset.

Digital art creators will then be able to create a particular number of editions to their work and later monetize it in the form of collectible non-fungible tokens. These tokens can be later traded on online and open digital marketplaces like the blockchain decentralized application OpenSea.

The Editional founders also talked about the usefulness of the blockchain technology to create and trade unique digital collectibles. It notes: “Blockchain verification allows each piece of work to be truly unique, with embedded provable ownership and transaction history, as well as preventing fraud and the unfair reproduction and reselling of unique work.”

Besides putting the emphasis on digital art creation, collection and sale, the blockchain-based social media app also helps the community members to engage with each other through its chat feature.

App developers are slowly moving towards adoption the next generation blockchain technology as they offer the users a better control on their personal data. Moreover, blockchain provides the additional benefits of transparency and better security over and above the existing platforms.

Even big organizations like Facebook and others are considering to implement blockchain-based features on their platform in the future.