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Retail giant Amazon has invested in sports trading card marketplace Dibbs powered by the WAX blockchain. Dibbs uses the WAX blockchain platform for NFTs as well as its vIRL technology. WAX’s vIRL technology is particularly pertinent to how Dibbs works as Dibbs is a spot market for trading fractional interests in collectibles.
Amazon Invests in Dibbs Collectible Platform
On Wednesday, WAX blockchain announced that its collectible marketplace Dibbs has taken Amazon on as an investor. However, the financial terms of Amazon’s involvement weren’t disclosed. The platform had previously raised about $16 million from venture firms Foundry Group, Tusk Venture Partners, Courtside Ventures, and Founder Collective. It also has a group of athlete investors, including the NBA’s Chris Paul and Kevin Love.
While Collectibles hasn’t been an area of focus for Amazon, E-commerce rival eBay is a longtime leader in the sector with more than $2 billion worth of trading cards sold on the site in the first six months of the year. Perhaps Amazon wants to change with its latest investment in Dibbs.
Best of Trading Cards and Crypto
Dibbs continues to have its name alongside trading cards and crypto. A prime example of this is Topps collaboration with Major League Baseball, which is powered by WAX. Other top-tier names include the recent AMC and Sony collaboration to release Spider-Man NFTs as a promotion for the new Spider-man movie.
Dibbs tokenizes trading cards and offers a 24/7 fractional trading market for supported collectibles. The platform holds the assets with a third party and insures assets for their aggregate value. Doing so takes a small (0.5% to 5%) transaction fee.
As assets on Dibbs can be fractionalized, the physical cards are kept in a secure location. For buying the entire asset, one can utilize WAX’s vIRL technology and redeem take physical custody of the underlying physical asset.