Revel Raises $7.8 Million To Become A Social Network And A NFT Marketplace
Revel, a platform that allows for NFT or “social collectibles”, raised $7.8M in seed funding under Dragonfly Capital. Adi Sideman, the CEO, spoke exclusively to TechCrunch:
“Revel” can be described as a mix of Robinhood and Instagram, with social game economics.
While Robinhood is well-known as an investment and trading platform, Instagram is known as a social media platform. Sideman says that Revel combines both, helping customers to create portfolios of the material and the people who collect it. It is intended to be a simple trade platform with gamification that allows users to collect photos and videos. It’s not clear if the idea will be popular with both regular consumers and smaller creators.
“Followers have a stake and that is a powerful experience. It’s nuanced but it’s still powerful.
The platform uses social economics to control supply and demand as well as inflation. Revel’s economy is built around a gameplay idea. It regulates supply and asset publication to maintain sustainable inflation levels.
“We call it Proof of Demand Minting. This means that anyone can make their first collection, but only those who have collected more can make additional collections. Gamification helps to simplify and obscure economic complexities. People are trading on a marketplace and contributing to efficient economies. This is achieved by playing a collectibles games.
Sideman stated that the network has attracted content producers such as Cyrus Dobre who has approximately 10 million TikTok fans and sells his artwork there frequently. Sideman stated that some marketplaces, like OpenSea and Magic Eden, aren’t social while collecting platforms, such as Sorare or NBA Top Shot, don’t focus on social networking. Sideman stated:
“What isn’t here yet and is unavoidable is that all media published on social media by users, personal media will all be collectible and ownable. This creates a new type of service, which is part social networks, part marketplaces, and part social games.
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