Blockchain technology has a myriad of uses, or so it’s frequently claimed. Yet, often, blockchain-backed products are lodged deep in the worlds of cybersecurity and high finance.
A newly launched NYC-based startup, Editional, is finally bringing blockchain to the masses with, as the company puts it, “one of the first consumer-grade applications using blockchain.”
Editional, which is powered by the cryptocurrency Ethereum, is a mobile-based platform that allows creators to upload their digital art to the platform, where it can be “claimed” and shared as part of a user’s virtual collection.
The platform was designed by a trio of former Facebook product managers and engineers, and is intended to operate much like a social media platform for artists and digital creators, encouraging interaction between artists and art lovers.
Editional’s blockchain backing also helps ensure that artist’s creations are protected, and marked with embedded ownership that helps avoid the all-too-common bane of digital art thievery.
Blockchain is the first technology that really enables unassailable digital ownership, which is critical to creating a collectible economy.”
“Blockchain is the first technology that really enables unassailable digital ownership which is critical to creating a collectible economy,” explained CEO John Egan. “People need to trust that the things they own won’t disappear, and the NFT standard built on Ethereum’s blockchain makes this work in a way that doesn’t require people to trust Editional — they can have confidence in the worldwide network of blockchain nodes to secure their ownership.”
Each Editional user is given a secure Ethereum wallet in which to store their collectibles. The app also offers integrations with other blockchain platforms like OpenSea, where collectors can sell and trade their collectibles.
In addition to Editional’s product launch, the company is also announcing the closure of a $1.5 million seed round, with some impressive contributors: ConsenSys Ventures, Digital Currency Group and CoinFund all participated in the round, which will be used to kickstart operations at Editional HQ.
“We’re using this round to build the app and spread awareness about digital collectibles so as many people as possible can participate in the community,” said Egan. “We’re also hiring others who share our passion for this new technology both locally here in NYC and also around the world.”
Investors are looking to Editional as a potential future model for the relationship between technology and art. In a statement on the funding, CoinFund founder Jake Brukhman explained his firm’s position, stating, “Editional allows creators and curators to tokenize, collect, and monetize digital works of art like never before using blockchain technology. We hope this is a glimpse into the possibility of art markets of the future.”
Editional allows for relationships to be built around the content on the platform, so we are incredibly excited to watch the community take shape.”
Egan envisions and equitable, yet vibrant creative community.
“I’ve been really excited to see the growing interest in digital collectibles and the power this new medium grants to creators — the barriers to entry have historically been too high for most people to get involved,” he explained in a statement.
“Editional has a different value proposition to the giant social platforms we are all used to,” he continued. “Editional allows for relationships to be built around the content on the platform, so we are incredibly excited to watch the community take shape. It has an exclusive feel mixed with the rush of competition to claim the best collectibles before they’re gone or to create the next thing that everyone wants.”
There’s no denying the hype spawned by collectible merchandise like Yeezy sneakers and Supreme t-shirts. Can Editional succeed in replicating this phenomenon in the digital world? We’ll soon find out.
