Facebook Veterans Set to Launch ETH-Based Digital Collectible App with ConsenSys Ventures Support

by Albert Kim
Facebook Veterans Set to Launch ETH-Based Digital Collectible App with ConsenSys Ventures Support

A group of Facebook veterans based in New York city is set to launch an Ethereum (ETH) based mobile app that will revolutionize the development and sale of digital collectibles. According to an April press release, the startup; Editional, will ride on the blockchain technology.

Along with the breaking the news, the team says it has secured a $1.5million seed round with the support of reputable crypto investors including ConsenSys Ventures, CoinFund and Digital Currency Group.

The app hits the ground running and will be available live on iTunes store and is compatible with iOS systems starting 30 April. This is a consumer level app that allows participants to create and upload their digital art using their iOS-powered devices.

The popularity of each digital art piece will be pegged on its uniqueness and originality. Simply put, online creativity and originality have been given a new lifeline. The creator uploads will become the community’s collectible digital assets.

Taking Control over your Digital Art

As a digital art developer, you will be able to put a cap on the number of editions of your d4signs. However, according to the team, the digital tokens are non-fungible and can only be traded by participating collectors in decentralized marketplaces such as OpenSea which has already integrated the Editional app.

The press release goes on to front for the blockchain usefulness which will act as the enabler for the development of the one of a kind collectible marketplace by saying:

“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.”

Editional Additional Features

The uniqueness of the Editional app does not stop at designing and creation of digital art; it integrates the social aspect in the art creation, collecting and selling. Participants also have a chat feature where members can communicate freely.

What’s more; you can build connections and support your favorite art creators through the following feature. Building strong followership means exposing your creation to a wide range of the app user base and giving your artwork additional visibility.

Facebook Crypto Ad Ban

Since the time Facebook banned crypto ads in2018, a lot of realignments have been witnessed. However, the leading social network has backtracked on the ban is planning to launch a fiat backed stablecoin.

The giant social network is using the native coin to woo its users and targets WhatsApp, Instagram and Messenger platforms which it owns. However, concerns have been raised as to whether Facebook will be able to safeguard user data privacy after breaches being reported on the platform.

Related Posts