Rare Bits Launches Fan Bits, a DIY Marketplace for Crypto Collectibles
Rare Bits, an online auction-style marketplace for buying, selling and trading crypto-based goods, has officially launched a new DIY platform designed to simplify the process of rare crypto asset tokenization. Called Fan Bits, the new platform enables content creators, such as photographers, influencers, and streamers, too build and sell their own non-fungible crypto assets, like art and collectibles, on the blockchain.
According to the announcement, Fan Bits provides each creator with their own shareable profile and other tools to create, promote, manage, and track their collectibles. The entire process is self-serve and requires no technical understanding. If a creator is able to sell one of their assets, or even if those assets are traded in secondary markets, the creator is automatically paid a cut in Ethereum.
Fan Bits currently only supports image tokenization but plans to soon support videos and audio as well in the near future.
Interestingly, Fan Bits has already received some fairly significant influencer traction, with names like Justin Kan, the founder of Twitch, listing digital assets for sale on the platform. Ultimately, Rare Bits could function as a next-generation social network platform that enables more engaging interactions between creators and followers. This sort of system works to more fairly compensate the value that creators provide, and likely could become a useful tool for advertisers.
In April, Rare Bits announced that it had raised $6 million in venture funding led by Nabeel Hyatt at Spark Capital and joined by First Round Capital, David Sacks’ Craft Ventures and SV Angel. Rare Bits has over 500,000 digital assets listed from Ethereuem decentralized applications (DApps) like CryptoKitties, CryptoPunks, CryptoBots, CryptoSaga and Mythereum.
With the addition of Fan Bits, the young startup will undoubtedly look to build out its community ecosystem and bring new digital collectibles to the masses.