A new online trading and vaulting platform for sports cards and other collectible hard goods has announced a $6 million investor influx that includes two current pro athletes.
Myna Swap, which is in the final stages of development, received the seed round from strategic investors including Blizzard the Avalanche Fund, Citizen X, Polygon Studios, Madison Paige Ventures, AAF Management, Spartan Capital, Wave Financial, BluePointe Capital, Eileses Capital and NFL players Odell Beckham Jr., and Kyler Murray.
With the new capital, Myna Swap says it “will be hiring key talent, expanding to other collectible verticals, and scaling its infrastructure globally.” It’s expected to go live later this year.
The company is currently working on building out its Myna Platform, a digital marketplace for physical goods that will be built on the Avalanche blockchain.
MynaSwap says it “will allow users to trade in real-time with other collectors around the globe without the hassle of managing the logistics of physical assets.”
Myna Swap lets collectors convert their physical products into digital “twins.” The tokenized assets can then be bought and sold, without the physical item changing hands each time.
Users send in their physical items and Myna Swap will then authenticate and insure the cards or other collectibles. They’re then vaulted in a secure storage facility managed by in-person auditors and minted as a digital counterpart. Collectors can then trade or sell their tokenized, digital assets in real-time on the Myna Swap Platform and can opt to receive custody of the physical product anytime they wish. Myna Swap says the platform allows for “real-time trading and instant transaction settlement.”
“We pride ourselves in adopting the most innovative technology and practices when it comes to the rare collectibles industry,” said Adeel Shams, CEO and Co-Founder of Myna Swap. Our mission is to connect people with their favorite things, across the globe and our new platform unlocks unrealized potential in the Web3 marketplace for collectors.”
Shams is the founder of CoolKicks, a Los Angeles-based sneaker company.
The Myna Platform will include social profiles and sharing features that allow collectors to discover other items in the same realm.