Amazon joins the growing collectibles market as it invests in Dibbs

Bob Coiney

December 9, 2021

Due to its vast potential and high returns, crypto has increased in popularity since the beginning of this year. Several firms are implementing relevant services as a result of the true utility of digital assets. Furthermore, an increasing number of establishments are accepting cryptocurrencies as payment. Amazon Web Services (AWS) announced to the world recently that it appeared to be jumping on the crypto bandwagon. The cloud services firm, in particular, has announced ambitions to migrate bitcoin settlements and digital custody assets to the cloud, but that’s not all.

Amazon to Invest in Dibbs

In a recent report, Amazon.com Inc. is investing in Dibbs, a sports-card marketplace, tapping into a burgeoning collectibles market as demand for alternative assets grows.

Furthermore, Dibbs has received further funding as it launches a new service that allows users to purchase and sell portions of trading cards. 

Foundry Group, Tusk Venture Partners, Courtside Ventures, and Founder Collective earlier invested $16 million in Dibbs. Several athletes, including NBA stars Chris Paul and Kevin Love, have invested in the company. The financial details of Amazon’s investment were not made public at the time of the report.

Dibbs Plans Expansion

Dibbs, which launched in 2020, began by offering cards for users to trade in portions by digitizing them with non-fungible tokens, or NFTs, enabling people to acquire bits of high-value items that would otherwise be out of reach. When a collector buys 100% of an asset, they might also take physical ownership of it.

Dibbs will soon expand into card games such as Pokemon and Magic, according to CEO Evan Vandenberg, and is planning its first non-card categories. In a statement, Vandenberg said, “ Cards are one thing that we do, but it’s one thing. This can be so much bigger than cards.”

Customers can monetize their own cards through a new service called Sell With Dibbs once their data are validated, and the physical card is sent to the company to be insured and stored in a vault. The item is then added to the user’s account, and they are given pricing and quantity management. Each transaction is charged a fixed fee of 2.9 percent by Dibbs.

Amazon hasn’t always been interested in collectibles. E-commerce rival eBay has long been the industry leader, selling more than $2 billion worth of trading cards in the first half of the year, but an intense rivalry is expected to commence.

Amazon’s Crypto Involvement

Jeff Bezos put the crypto community into a frenzy in July this year after news surfaced that Amazon was considering accepting crypto payments, something that other companies like Apple and Tesla had hinted at doing.

The firm stated that it was looking for a crypto expert to assist in the campaign’s leadership. According to a representative of the company, ” We’re inspired by the innovation happening in the cryptocurrency space and are exploring what this could look like on Amazon. We believe the future will be built on new technologies that enable modern, fast, and inexpensive payments.