Amazon Backs NFT Trading Card Marketplace Dibbs
According to latest reports, Amazon has acquired a staken in Dibbs, a fractional sports trading card marketplace. Users may acquire and trade portions of valuable trading cards using the site, which is developed on the Wax blockchain.
Notably, the financial parameters of Amazon’s investment in Dibbs have not been published. Non-fungible token (NFT) assets and digital collectibles have been getting a lot of attention in 2021, and it looks like major players are also interested in grabbing a share of the billion-dollar market.
Recent stories revealed that Amazon’s online marketplace has acquired a stake in trading-card platform Dibbs. “We’re delighted to announce that Amazon has joined the collectibles industry with an investment in [Dibbs.io],” the Wax blockchain’s official Twitter account wrote on December 8. “[Dibbs] is a real-time fractional card market powered by Wax vIRL non-volatile memory technology.”
Dibbs was formed in 2020 and enables users to sell collectable trade cards and mint them into non-fungible tokens (NFTs), which can subsequently be fractionalized. While Amazon’s investment was not disclosed, the business had secured $16 million in a Series A funding round conducted in July. Athletes such as Chris Paul, Channing Frye, DeAndre Hopkins, Kevin Love, Kris Bryant, and Skylar Diggins-Smith were among the Series A Dibb investors.
Additionally, Foundry Group and Tusk Venture Partners participated in the Series A in July. The business has launched a platform called “Sell with Dibbs” that enables owners to sell their treasures while also pricing and fractionalizing them. Evan Vandenberg, creator and CEO of Dibbs, says that NFTs and digital collectibles make the collectibles industry more accessible in general.
“For far too long, the collectibles market has been plagued by entrance hurdles that make it inaccessible and inequitable,” Vandenberg said this week in a statement. “Traditional ownership has constraints that the new metaverse overcomes,” the Dibbs CEO said. Transferring these valuables, which accurately reflect an individual’s online profile, to the digital realm is critical for the future of ownership and identification.”
Additionally, the Dibbs CEO said that his business is not just focused on cards and that the company is exploring expanding into other areas. “Cards are one of the things we do,” Vandenberg observed. “This has the potential to be far larger than cards.”
Apart from the Dibbs approach, fractionalizing nonlinear partial differential equations has become a key trend with exponential development. Otis, Unicly, Fractional, and Daofi are just a few of the blockchain startups making inroads with fractionalized NFTs.
Along with the renowned Doge NFT, cryptopunk items have been fractionalized. The Ross Ulbricht Genesis NFT Collection garnered almost $6 million at auction this week, and the collection will be fragmented and distributed to members of a decentralized autonomous organization (DAO).