TradeZing, a live streaming web3 platform, aims to get retailers in front of the trading community of the future — millennial and Gen Z consumers interested in cryptocurrency, NFTs and the metaverse.
Why it matters: Social commerce, wherein retailers sell directly through social media, is expected to grow three times faster than traditional e-commerce and reach $1.2 trillion by 2025, according to Accenture. Gen Z and millennial consumers will account for about 62% of that spending.
How it works: TradeZing CEO and tech entrepreneur Jordan Edelson, who is behind mobile app development company Appetizer Mobile and fashion mobile app Chic Sketch, says his latest venture helps address the financial literacy gap when it comes to complex trading instruments like cryptocurrency and NFTs.
- The livestreaming service, which he describes as a Discord-Instagram-Twitch mashup for financial information, allows users to find educational content through influencers in one dedicated location, Edelson tells Axios.
- Retailers can create content around product launches and announcements to showcase on web3.
The latest: TradeZing recently partnered with Coinchange, an automated crypto wealth management platform, and has plans to partner with Upland, a big metaverse platform.
- Michael Irvin, the former professional football player and American sports commentator, and the TV personality and influencer Foodgod will form part of its board.
What’s next: Edelson was sparse on the details of TradeZing’s next fundraising round but says the company will seek more capital to weather the “potential impending storm,” referring to the market downturn.
- Edelson says it is looking for a lead investor that truly believes in the business.
- TradeZing announced in April that it raised $5 million in pre-seed capital.
Meanwhile, the company plans to announce some partnerships with fashion brands that will be timed around New York Fashion Week in September, Edelson says.
What he’s saying: Edelson says TradeZing emerges at a time when many are looking to take control of their finances and investment decisions, amid economic uncertainty.
- “Nowadays, for anything, any kind of financial crisis or issue people are going to turn online. They’re going to look for other kinds of unique opportunities,” he says.
The intrigue: Young investors were more likely to have pulled their money from the stock market in turbulent times, according to a MagnifyMoney survey in May.
- Nearly 4 in 10 investors (38%) pulled money in the last year due to current events; Gen Zers (67%) and millennials (57%) were the most likely to have done so.
