Former Facebook Insiders Out Of New York Release Editional, A Blockchain Crypto Collectible App
New York Startup Launches ETH-Based Mobile Social App For Trading Digital Collectibles
Facebook has been rumored to be working on their own cryptocurrency lately, which is believed to be a stablecoin for WhatsApp, but the social media empire has yet to confirm anything. However, a few of their veterans have decided to take action. In New York, the group decided to start an ETH-powered social app for smartphones, allowing users to create and trade unique digital collectibles. The press release for this launch was announced on CoinTelegraph on April 30th.
Editional, the startup, has already secured $1.5 million in a seed round with multiple investors. Some of those investors include ConsenSys Ventures, Digital Currency Group, and CoinFund. The app will be available through the iTunes store on April 30th. From the app, creators will have the ability to upload existing digital art, or design it on their phone, and allow it to be pitched as a collectible, unique asset for the community.
There is a setting that creates a limit on how many editions of the work can be issued, once monetized. The monetized version will be available in non-fungible tokens, and those tokens can be traded by online collectors on digital market places where Editional has already been integrated.
During the press release, the company comments on the helpful use case of blockchain technology for collectibles, saying that it ensures that all of the work is “truly unique” and that the ownership and transaction history of each piece is trackable. With no potential for fraud or reproduction, the unique work can be resold with its authenticity already verified. The app also has a chat function and the ability to “follow” creators, which will hopefully help with the development of a loyal online community.
Last fall, CoinTelegraph issued an article to explain the difference between non-fungible tokens and other crypto assets.
No information is available about launching a version of the app that is meant for Android devices.