Quick take:
- Revel has raised $7.8 million in a seed round led by Dragonfly Capital.
- The company is building a socialised collectibles platform that blends features of Instagram and Robinhood.
- The platform allows users to create NFTs for their followers and community.
Revel has announced a $7.8 million funding round led by Dragonfly Capital. The company is building a socialised NFT marketplace that will enable users to create non-fungible tokens for their followers and communities.
Speaking to TechCrunch, Revel CEO, Adi Sideman described the platform as a cross between the social media platform, Instagram and investment trading platform Robinhood, “wrapped in social game economics.”
According to Sideman, the platform allows people to own editions of media they like and follow. Users can create NFTs for their users and communities, something to what Instagram does. Revel leverages elements of web3 technology to allow followers to claim ownership in the communities they belong to.
“I am talking about the emotional stake, the community stake, the status, the new paradigm in which people become partners of other people’s personal brands,” he said, emphasizing that it’s not just about financial ownership.
This adds an interesting perspective to the platform’s social game economy. As a side note, one of the biggest drawbacks of web3 games has been that they are focused on the financial side of things, rather than the fun and sense of belonging.
Revel will use social game economics to control supply and demand, as well as, inflation among other drawbacks that blockchain gaming platforms face. According to Sideman, Revel’s gameplay keeps supply and asset publishing at “healthy inflation levels”.
“We call it ‘Proof of Demand Minting,’ whereby anyone can mint their first collection, but only people who get collected can mint more,” Sideman told TechCrunch. “We gamify it to simplify it and obfuscate economic complexities. The results are that people are trading in a marketplace, contributing to managing efficient economies, by playing a collectibles game.”
Union Square Ventures, Sfermion, 6th Man Ventures, Gaingels, Wagmi Ventures, Alumni Ventures, Global Impact Ventures, Hansa Labs and Polygon, among others also backed revel’s latest fundraising. The company said it will use the funds to expand the platform’s interoperability with web3 platforms, as well as, beef up social features and the generative AI functionality.
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