Revel Raises $7.8 Million To Become A Social Network And A NFT Marketplace

Revel, a platform for NFT or “social collectibles,” raised $7.8 million in seed funding under the direction of Dragonfly Capital.

Adi Sideman, the CEO of the startup, exclusively told TechCrunch:

“One way to describe Revel is a cross between Instagram and Robinhood, wrapped in social game economics.”

There are currently other projects in the market that are focused on individual creators; one of them is generating a lot of buzz; however, if the genre of digital collectibles can expand despite a generally underwhelming NFT market, Revel may be onto something worthwhile: a real use case for the blockchain.

While Robinhood is renowned as an investment and trading site, Instagram is regarded as a social media platform. Revel combines the two, according to Sideman, assisting customers in creating portfolios of both the material and the people they collect.

Revel is a hybrid of a social network and an online store. It is intended to be a straightforward trade platform with gamification features that enables users to mint photographs and videos as collectibles. But it’s still unclear whether the idea will catch on with regular consumers and smaller creators.

According to Sideman, Revel’s marketplace enables users to produce NFTs for their fans, friends, or community members and also enables users to purchase versions of the media they enjoy and follow.

“Followers have a stake in the community they participate in and that is a powerful new experience. It’s nuanced, but it’s powerful.”

The platform uses social game economics to control, among other things, supply and demand, inflation, and other economic principles. The gameplay idea at the heart of Revel’s economy regulates supply and asset publishing to sustainable 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. 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.”

The network has also drawn content producers like Cyrus Dobre, who has roughly 10 million TikTok followers and frequently sells his artwork there, Sideman stated.

Union Square Ventures, Sfermion, 6th Man Ventures, Gaingels, Wagmi Ventures, Alumni Ventures, Global Impact Ventures, Hansa Labs, and Polygon were a few of the investors in the fundraising.

The funding will be utilized to increase Revel’s web3 compatibility, generative and collaborative AI capacity, and social features.

There is currently no developed social media collectible ecosystem. According to Sideman, some marketplaces, such as OpenSea or Magic Eden, aren’t particularly social, while platforms for collecting, such as Sorare and NBA Top Shot, aren’t centered on social networking. Sideman said:

“What is not here yet, and is inevitable, is that the media published on social media, by users, personal media, will all be ownable and collectible. This triggers a new breed of services, services that are part social networks, part marketplaces and part social games.”

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