INSUBCONTINENT EXCLUSIVE:
Now a team of former Zynga staffers is building out the Rare Bits crypto-collectible auction and commerce site with a $6 million round led
any extra fees on its marketplace, compared to paying 1 percent to 4 percent on other marketplaces like Open Sea and Wyvern Exchange
transaction.Rare Bits lists more than 500,000 items from a dozen games, including CryptoPunks, Ether Tulips, CryptoBots, CryptoFighters,
Mythereum and CryptoCelebrities
Users get the benefit of having all their crypto-collectibles in a single wallet
The collectors can also see related items rather than transacting in a vacuum
Lee, Payom Dousti, Dave Pekar and Amitt MahajanMahajan, Danny Lee and Dave Pekar all met after selling their gaming startups to Zynga
analytics startup numberFire to FanDuel
blockchain-based games ourselves, but ultimately decided that there was a larger opportunity in focusing on crypto-based property as a
another digital trading card
As scaling issues threaten to prevent the Bitcoin and Ethereum blockchains from supporting micropayments and mainstream commerce, new use
cases like crypto-collectibles are taking the spotlight.Now with the $6 million Series A, Rare Bits is bringing in some heavyweight angels
That includes Emmet Shear and Justin Kan, the co-founders of Twitch
Former Dropbox execs and married couple Ruchi Sanghvi and Aditya Agrawal are also in the round, alongside Greenoaks Captial MD Neil Mehta
collectibles for the blockchain that have a home on Rare Bits
the inherent scaling troubles of the Ethereum blockchain it operates on
Those range from a few cents to a few dollars, depending on network congestion
Rare Bits benefits from getting to follow the trend to whatever crypto-collectible is in vogue, and just has to hope the whole concept
But the founders will probably be okay regardless
