Revel, an NFT ‘Social Collectible’ platform, has raised $7.8 million in a seed funding round led by Dragonfly Capital. NFTs are digital collectibles that cannot be copied.
The business is developing a socialized NFT marketplace where users can design non-fungible tokens for their groups and followers.
Dragonfly is primarily in charge of the seed funding round; additional investors in the fundraising round include USV, Sfermion, 6th Man Ventures, Gaingels, Wagmi Venture, Alumni Ventures, Global Impact Venture, Hansa Labs, and many others.
On September 14, 2022, Revel.xyz released its app on the Apple Store and Google PlayStore, and on December 13, 2022, it was upgraded.
🚀 New Product Added Today:@RevelXyz (NFT Trading)
Revel is a social platform that allows users to create and trade collectibles and NFT made out of their personal media, such as photos and videos pic.twitter.com/hBQeur4Bwd— Tools For Crypto – Discover New Tools (@toolforcrypto) December 16, 2022
Users can develop their collectibles, acquire those of others, exchange them, and make money. From content creation through content discovery, sharing, and trade, Revel offers a complete platform for producers and collectors.
Revel is an amalgamation of Instagram and Robinhood
According to the startup, Revel is the ideal fusion of Instagram and the trading and investing platform Robinhood.
Adi Sideman, the Chief Executive Officer of Revel, said, “Think of Revel.xyz as a cross between Instagram and Robinhood, wrapped in social game economics. Personal media asset ownership, shared between creators and their followers, will drive the next generation of social networks; People connect with people by collecting their digital media.”
Among other issues that blockchain gaming platforms confront, the NFT startup will employ social game economics to govern supply, demand, and inflation. Sideman claims that Revel’s gameplay maintains “healthy inflation levels” in supply and asset publication.
This gives the platform’s social game economy an intriguing new angle. As a side note, one of the most significant issues with web3 games has been their emphasis on the business end of things as opposed to the enjoyment and sense of community.
Haseeb Qureshi, the managing partner of Dragonfly, said, “Dragonfly is excited to support Revel. Today digital collectibles are primarily issued in controlled rollouts by artists and brands. But what happens when you allow ordinary people to issue digital collectibles and to become collectors of the smaller creators they love?”
