Editional, a New York startup founded by a group of Facebook veterans launches an ether (ETH)-powered mobile social app to support the creation and trading of unique digital collectibles, as revealed by Cointelegraph on April 30.
As per the press release shared to the publication, Editional has reportedly sealed a $1.5 million seed round with backing from high-profile crypto investors including ConsenSys Ventures, Digital Currency Group, and CoinFund. Further, the consumer-grade Editional blockchain app is live on the iTunes store for iOS devices from April 30.
The app enables users to upload their digital art or design directly using their phone and pitch the same as a unique, collectible asset to the community. Creators will issue a set number of editions of their work and monetize them as collectible non-fungible tokens. The creation can then be later traded by online collectors on open digital marketplaces such as blockchain decentralized application OpenSea, with which Editional is integrated.
The press release notes the features of blockchain technology that will aid in creating and trading of unique collectibles, the publication quotes:
“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.”
Moreover, to enable the online community to grow, the app also places an emphasis on the social aspects of art creation, sale and collection, supporting a chat and a follow creator functionality.
Image Source – Stock Photo Secrets