This week, a side platform to Rare Bits called Fan Bits launched to the public. Rare Bits often calls itself the “eBay for crypto art,” and raised $6 million USD (over $7.7 million CAD at press time) in its Series A funding last month. Now, the team is launching Fan Bits with the hopes of letting the public leverage an easy-to-use platform to create their own digital collectibles that cannot be forged.
The idea behind Fan Bits and similar digital collectible projects operating in the space is to invite the public to participate in the blockchain ecosystem in some way. Users can leverage these platforms to create assets that can hold intrinsic value as blockchain technology prevents these collectibles from fraud or duplication.
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“As a company building a new crypto marketplace, we’re really excited about getting more compelling inventory onto the blockchain,” said co-founder Danny Lee, in a statement to Coinsquare News. “Fan Bits allows creators of all kinds to tokenize their great content and help on-board many first time users into this emerging ecosystem around user-owned digital assets.”This is a sentiment often mirrored by proponents of platforms like CryptoKitties. After supporting CryptoKitties in its $12 million dollar funding wave, VC Fred Wilson called crypto collectibles “one of the first, if not the first, big consumer use cases for blockchain technologies.”
“We already know creators and their fans have a unique connection on community-based platforms like YouTube, Twitch, etc. We think crypto collectibles will be a great addition to those existing relationships,” added Lee. “With Fan Bits, creators can mint their own set of limited edition collectibles that are provably rare, and can get a cut of both primary and secondary sales in perpetuity.”Further, the team stated that blockchain technology allows people to hold digital assets that are meaningful. With this technological platform, the authenticity of items is easy to validate through both internal and external systems. Like any new platform, however, Fan Bits has many obstacles ahead of it. Cultivating users and continuing the growth of both Rare Bits and Fan Bits is sure to be a priority for the team in the months following this launch. Looking back on its successful funding earlier this year, the team stated it will continue to “heavily invest” in these two platforms, aiming to both grow inventory and build innovative new features moving forward.Image credit: Fanbits logo
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