Editional, a start-up based out of New York and founded by old employees of social media major Facebook, has come out with a new mobile social application based on the Ethereum platform. This app will be powered by ETH tokens and will be meant for users to create and trade on unique digital collectibles.
The sterling pedigree of the development team has landed the project funding support from deep-pocketed big shots such as the ConsenSys Ventures, CoinFund, and the Digital Currency Group. All these major investors participated in the $1.5 million seed round of the new app before its launch.
The Editional blockchain app, meant for use by the end consumers, is supposed to be available on the iTunes store, for all iOs devices on the 30th of April, 2019.Using the app, users will be able to upload their design or digital art from their phones, or similar devices, so that this unique upload may then be used for a pitch to the social media community, for being built as a collectible asset.
Those who create collectible tokens will then be able to decide how many tokens they want to issue and monetize, usually in the form of a collectible non-fungible token. In addition, these can be traded by collectors over the internet, over existing digital marketplaces. One such open marketplace is the OpenSea, a blockchain dApp (decentralized application) that the Editional startup is associated with.
The press release, shared via a crypto media outlet, focuses on how the benefits of blockchain can be harnessed to create and trade interesting, and unique crypto collectibles. To quote the release:
“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.”
The app has been built to emphasize on the social side that exists to the process of creating and selling art. With a chat option, and a creator functionality, this app will be able to encourage the growth of an online community.