NFT Startup Revel Raised $7.8M In Seed Funding

NFT trademark application filing increased approximately 3x in October 2022 compared to 2021.
NFTs are digital collectibles that can not be copied.

Revel is an NFT startup or “Social Collectible” platform. It recently raised $7.8 million in a seed funding round led by Dragonfly Capital, the CEO of Revel told a news outlet.

Revel.xyz launched its application on the Apple store and Google PlayStore on September 14, 2022, and later updated it on December 13, 2022.

The seed funding round is mainly led under the supervision of Dragonfly; the fundraising round includes several other investors like USV, Sfermion,6th Man Ventures, Gaingels, Wagmi Venture, Alumni Ventures, Global Impact Venture, Hansa Labs and many more.

As per Medium, Revel.xyz allows users to create their collectibles, collect others’, trade and earn. Revel brings to market an end-to-end platform for creators and collectors, serving people from creation to discovering, sharing and trading content.

The company claims that Revel is the perfect blend of Instagram and Robinhood, an investing and trading platform.

In the same blog post, Haseeb Qureshi, the managing partner of Dragonfly, quoted, “Dragonfly is excited to support Revel. Today digital collectibles are primarily issued in controlled rollouts by artists and brands. But what happens when you allow ordinary people to issue digital collectibles and to become collectors of the smaller creators they love?”

Haseeb also said, “The team brings years of experience in both consumer media and blockchain realms and a proven ability to scale to tens of millions of users.”

The managing partner concluded, “The next crop of winning companies will be those who successfully bridged web2 users into web3. We are excited to work with Adi and his team to chart new frontiers in what media will look like when consumers own it directly.”

The Chief Executive Officer of Revel stated, “Think of Revel.xyz as a cross between Instagram and Robinhood, wrapped in social game economics. Personal media asset ownership, shared between creators and their followers, will drive the next generation of social networks; People connect with people by collecting their digital media.”

Sideman also thinks, “That is a very powerful construct and opens the door for new value propositions, not only for creators, but for their followers, who now have a stake in the communities they participate in.”

Major Investments of Dragonfly

Dragonfly has actively invested in major crypto products, including DeFi, CeFi, Infrasture, NFTs and L1, L2, and some the popular among these are Amber Group, Aptos, Ava Labs, Coin Metrics, Celo, BYBIT, Castle Finance, Animoca Brands, Crypto Slam and Hyperspace.

According to Crunchbase, Dragonfly has invested in more than 105 companies and is a leading investor in around 40 companies.

Dragonfly’s latest investment is Utorg, a fintech company developed in October 2020 that aims to offer a modern on/off-ramp and Web3 consumer infrastructure to deliver a unique user experience.