Former Facebook Engineers have established a tech company based out of New York which has launched an Ethereum (ETH) based collectible app.
The startup named “Editional” has already launched an iOS app which allows users to create and own unique digital collectibles. Editional has raised $1.5 Million in funding by prominent Crypto investors such as Consensys, Digital Currency Group, and CoinFund.
The Ethereum Blockchain supports NFTs which is defined by editional as “an extension of existing media formats that permit digital ownership.” The app allows users to convert any media type such as photos and videos into NFTs so that the user can actually own the digital collectible. In addition, the app also allows creators to set a number of editions of their work and sell it in open marketplaces such as OpenSea.
Egan, co-founder of Vault and Editional CEO, said:
“Editional lets you create new collectibles as easily as you create any other kind of content: with your phone’s camera or photo album. The twist is that, since these are ownable items, you get to set how many editions of your collectible will be made available to other Editional users. The default is 5, but it can be as many as 99 or as few as 2.”
The best part about the app is that the users are not required to own any Cryptocurrencies or even know about Blockchain technology to use the application.
The company justifies the use of Blockchain technology 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.”
We're very excited today to announce that @editionalapp is now available in the iOS App Store! Editional is the easiest way for anyone to create, discover, and claim digital collectibles! Check it out today at https://t.co/UxG7hK862j #nft #ios #launch #blockchain pic.twitter.com/jg1TVUFpYT
— editionalapp (@editionalapp) April 30, 2019
Many Ethereum enthusiasts believe that the next wave of mass adoption is possible by adopting Blockchain technology in gaming by providing digital ownership and marketplaces. Ethereum based Collectibles like CryptoKitties were successful in 2017 but have since faded away, but the concept of non-fungible tokens is certainly worth paying attention.
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