A new NFT marketplace for digital collectibles, called Tibles (emphasis on collectibles), will soon be launching on the Flow blockchain. Today, Tibles announced that it has raised $1.14 million in a seed round led by Dapper Labs, with participation from Multicoin Capital, Warburg Serres Investments, and CoinFund. This was much more than the team had anticipated or initially planned for, which was between $500,000 to $750,000.
Erich Wood, the founder and CEO of Tibles, has previously launched major digital collectibles projects such as Topps and Quidd, and has a thorough knowledge of the industry. Tibles has signed licenses with two brands so far (yet to be revealed), and plans to launch private beta apps in the next few weeks, followed by public versions in July.
The Tibles platform will prioritise selling pop culture and “geek-style” collectibles rather than sports NFTs or CryptoArt. According to Wood, the licenses for sports league NFTs are more expensive and are not ideal for the app’s early stages and profits.
Another key aspect of the platform is its focus on building a community around the social nature of collecting. The app will not have a secondary marketplace right away in order to encourage people to communicate and trade with each other in a barter-style system.
In a statement to Forbes, Wood explains that “Being social is a big part of (Tibles) and our trading component is barter-style trading. It’s not just putting something up in a marketplace and an anonymous person buys it. It’s more like, ‘I have three of these things and you have something I want so let’s swap.’ That helps build relationships and social capital and stickiness.”
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Ivelina is an NFT and Blockchain lover. She has a knack for putting complex concepts into simple words.