Whether you’re a crypto cat person or a doge fan, at some point you’re going to want to give crypto collectables a try. A new app called Editional by former Facebook employees John Egan and Zac Morris wants to create a place where you can create – and even sell – your first one.
The app basically allows you to create and distribute non-fungible token-based crypto collectibles. To use the app you create a work of art – like this picture of a picture – and set a limited number. Users can grab and keep your art and even resell it. One recent work sold for $300.
Each NFT exists can only be passed from user to user and cannot be copied. In short, when you grab a piece of art you own it.
“Every collectible created, traded, or owned on Editional is written to a custom, self-funded NFT contract on the Ethereum blockchain, guaranteeing provable ownership, provenance, and portability,” said Egan. “We’re by far the easiest experience out there for NFTs today. Other solutions are web based, require you to have a third party browser extension installed, and require you to purchase cryptocurrency first to be part of the community.”
The company raised $1.5 million from ConsenSys, FirstMark, DCG, CoinFund, Unusual, and Raptor.
Egan and his team saw that the market was still wide open for crypto collectables.
“We had previously built a mobile wallet called Vault that had basic support for NFTs purchased from dApps and from that we quickly learned that people were really excited about these collectible things,” said Egan. “They were fun to own and trade and all our friends who were creators wanted to make some themselves but the barrier to entry was too high for most of them to get involved.”
Given the ease with which I created and gave away my art, it’s clear that this might be a better way to manage these sorts of collectables. Egan envisions a time when artists can sell their art online and require gallery visitors to own a piece…