Revel raises $7.8M to become the Instagram and Robinhood of NFT platforms

According to the CEO of the startup, Adi Sideman, the startup raised $ 7.8 million in seed funding.

Sideman said that it's a cross between social game economics and photo sharing websites.

There are two platforms that are known as a social media platform and an investment platform. Combining them helps consumers build aportfolio of media and people they collect. It was announced earlier this month that creators on its platform will soon be able to create their own NFTs and sell them directly to fans.

Sideman said that the marketplace allows users to create NFTs for their followers, friends or community, as well as allowing people to own editions of the media they like.

Sideman said that followers have a stake in the community they are involved in. It's powerful but nuanced.

He said it was not just a financial stake. There is a new paradigm in which people become partners of other people's personal brands.

Sideman said that the platform uses game design and simple rules to manage economic concepts like supply and demand. He said that the core of the economy is a game that restricts supply and asset publishing.

Anyone can mint their first collection, but only people who collect can mint more. We gamify it to make it simpler and less complex. People are trading in a marketplace by playing a collectibles game.

People who have more time to engage with new platforms and figure out new games are the early adopters of the platform. Cyrus Dobre, who has nearly 10 million TikTok followers, is one of the content creators that the platform has attracted.

The investors in the raise were from Union Square, Sfermion, 6th Man, Gaingels, Alumni, Global Impact and Hansa Labs. Sideman said that the capital would be used to expand the social features.

There isn't a robust social media collectibleecosystem. Sideman said that some marketplaces aren't very social, like OpenSea or MagicEden, and collectible platforms aren't social media focused.

Sideman said that the media published on social media will be ownable and collectible. There is a new breed of services that include social networks, marketplaces and social games.

There is a social network and a marketplace. It is supposed to be a simple trading platform that allows people to make money by minting photos and videos. It's not yet known if the concept will pick up among small creators and average people.

The everyday person won't buy your photo, but it's more nuanced than that. We have created a free economy that most people won't open their wallet for. They can exchange three of them for one of the others. It's a media game. Sideman said that some people can offer assets and money to get a trade done.

There are other projects centered around individual creators in the market today, one new entrant is making particular noise, but if the genre of digital collectibles can grow, it may be onto something interesting.