Editional is Ethereum-based, using blockchain to verify the ownership of each collectible. That makes it among the first consumer apps on the App Store to use blockchain, according to the startup. Editional says that the blockchain basis also helps prevent fraud and unfair reproduction of the artwork. Users have a personal Ethereum wallet that stores their collectibles.
While Editional is free to claim any available editions, the app will also use third-party platforms to allow artists to sell their artwork on the platform, like OpenSea.
“Editional has a different value proposition to the giant social platforms we are all used to,” Editional CEO John Egan said in a statement. “We think it’s time to give power back to creators. 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. Creators and collectors can retain the element of prestige and bragging rights with the content they own, and either hold their best pieces, or trade them at later dates when the demand merits, or the right offer comes along.”
The app was built by Egan, a former Facebook product manager, along with a previous Facebook engineer Cole Potrocky, and a former Facebook security team member Zac Morris. The new app is CoinFund secured and backed by $1.5 million in seed funding from investors.
Editional is available for iOS devices on the App Store.
