Author : Mark
Date : Dec 20,2022
The platform uses "social game economics" to control, among other things, supply and demand, inflation
According to Adi Sideman, CEO of Revel, an NFT or "social collectibles" platform, the company raised $7.8 million in venture funding from Dragonfly Capital.
Revel can be compared as a hybrid of Instagram and Robinhood with social game economics, according to Sideman.
While Robinhood is renowned as an investment and trading site, Instagram is regarded as a social media platform. Revel combines the two, enabling users to create a "portfolio of material [and] of the people they collect," according to Sideman. (As an aside, Instagram revealed earlier this month that users will soon have the ability to make their own NFTs and sell them directly to fans both on and off the visual social network.)
According to Sideman, Revel's marketplace enables users to produce NFTs for their followers, friends, or community members and also enables users to purchase versions of the media they enjoy and follow.
Having a stake in the community one participates in gives followers a tremendous new experience, according to Sideman. "It's subtle, yet it's strong."
Additionally, there are other factors at play, he said. I'm referring to the emotional stake, the stake for the community, the status, and the new paradigm in which individuals work together to build one other's personal brands.
According to Sideman, 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," he continued.
Anyone can mint their first collection, but only those who are collected can mint more, according to a process known as "Proof of Demand Minting," Sideman said. "We make it game-like to make economic intricacies simpler. As a result, by participating in a collectibles game, players are engaging in market trading and helping to manage effective economies.
People who are familiar with web3 and young people "who have more time to engage with new platforms and figure out new games" are the platform's early adopters, according to Sideman. Additionally, the network has drawn content producers like Cyrus Dobre, who, according to Sideman, "frequently mints his art" on the market and has roughly 10 million TikTok followers.
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. According to Sideman, 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.
What hasn't happened yet but will undoubtedly happen is that users' personal media on social media will all be able to buy and gather them, according to Sideman. This leads to the emergence of a new class of services that combine elements of social networks, marketplaces, and social games.
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.
The average individual won't want to "purchase" your photo, but the situation is more complicated than that, according to Sideman. "The creator economy's tail is getting longer, and we've built a free economy that we anticipate most people won't participate in financially. Give me three of these for one of those, they can offer in a barter exchange. It resembles a media game in many respects. Some people have the ability to offer just assets or assets and money in exchange for a deal, Sideman continued.
Although the average person won't want to "buy" your photo, Sideman claims that the situation is more complicated than that. We've created a free economy that we anticipate most people won't participate in financially, and the creative economy's tail is getting longer. They can trade three of these for one of those in a barter arrangement. It has many aspects in common with a video game. According to Sideman, some people are able to provide only assets or both assets and money in exchange for a contract.