Authenticity Guaranteed: Ethereum DApp Preserves Uniqueness On Blockchain
The team, led by Facebook veterans, raised $1.5M in a seed sale.
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A team of former Facebook managers has launched a new Ethereum-powered social dApp for iOS devices.
Editional, which allows users to create and trade unique collectable items, announced the official launch of its mobile application this morning. The idea is that any user, regardless of technical ability, can upload an image – a work of art, for instance – and assign a set number of limited editions which can become available to other users.
Editional operates as a dApp on the Ethereum network. Each edition is assigned a unique number, based on the non-fungible ERC-721 token standard. This token standard allows users to easily verify individual ownership of each item on the blockchain itself, as Crypto Briefing has previously reported.
The mobile app, which launches today, will become available on the App Store, becoming one of the first blockchain products available to iOS devices. Editional has also integrated with the peer-to-peer collectibles marketplace OpenSea, allowing users to sell their unique items on a global platform.
The world of online unique collectables is a new, but rapidly expanding market, according to CEO John Egan. Although that world was once exclusive, Egan argues that blockchain makes it much more accessible to anyone.
“I’ve been really excited to see the growing interest in digital collectables and the power this new medium grants to creators – the barriers to entry have historically been too high for most people to get involved,” Egan said in a press release.
“With Editional, anyone can discover and create next-generation art and creative digital content right on their phone, without having to learn about blockchain technology.”
Many of the team which co-founded and worked on Editional originally came from Facebook.
Egan, who was previously a product manager at the tech giant, explained some of them brought their experiences as well as valuable lessons about the nature of social media. “At Facebook, we saw first hand the power of connecting people to the content they care about and the importance of making a product that’s accessible to everyone in the world,” he wrote in an email to Crypto Briefing.
Although there are no formal integration or partnership plans between Editional and Facebook, users can share their collectables on the platform via a ‘Facebook’ button on the app.
The project raised more than $1.5M in a seed round which included names like Joe Lubin’s ConsenSys, Digital Currency Group, as well as CoinFund, the private blockchain investment fund that includes data source Messari in its portfolio.
CoinFund founder Jake Brukman says that Editional overhauls the way in which art and other valuable items can be created and distributed, bring buyers and sellers from all across the world closer together.
“We hope this is a glimpse into the possibility of art markets of the future,” he added.