Flubit marketplace rights acquired by MonetaryUnit
Flubit will announce later today that the rights to the Flubit marketplace have been acquired by the blockchain technology group MonetaryUnit.
The strategic decision will see MonetaryUnit lead the future operations and growth of Flubit, with a view to integrating their asset-transaction technology – enabling over 500 cryptocurrencies to be spent on millions of consumer goods. Consequentially, Flubit.com will become the world’s largest shopping marketplace dedicated to the acceptance of cryptocurrencies.
Over the past 7 years Flubit has aimed to help customers and sellers interact with each other in new ways – the marketplace has evolved from a pioneering demand-driven buying service, through to a mission to offer consumers prices cheaper than Amazon whilst retaining margin for sellers. Now, this deal will help merchants put their inventory uniquely in front of a crypto market that is seeing $10bn traded every 24 hours, opening listings up to a new audience you won’t have access to from other marketplaces.
How will Flubit and MonetaryUnit impact sellers?
Sellers on the Flubit marketplace won’t see an operational difference. When speaking to Flubit they told Tamebay that they will be communicating with sellers shortly, but in the mean time important things you need to know and to ensure your business continuity are:
- You will only be paid in sterling, as you are today.
- Flubit will handle (as always) any issues of fraud
- The summer months may be slower on Flubit.com as required testing and branding requirements to make this change successful occur
- Suppliers who update their feed every 24 hours have a 235% uplift on order volume compared those who don’t update as regularly. During the summer period please take the time to set up your feed ready for September.
- Whilst Flubit.com will be focussing on becoming a dedicated marketplace for cryptocurrency payments, they will still offer sterling payments.
“This agreement is a big win for our current and future sellers. MonetaryUnit have shown us there’s a new and thriving untapped market of customers who are looking to spend their digital assets in the same way they would their traditional fiat currency. This allows us to lead our sellers safely and risk-free into this emerging market, empowering them to reap the benefits with safety in the knowledge they need only deal in pound sterling”.
– Bertie Stephens, co-Founder, Flubit
Over the summer months Flubit.com will undergo a revamp to incorporate the MonetaryUnit technologies and positioning; when finished sellers on Flubit.com will have unique and direct access into the $270BN crypto user base, where current volume see over $10BN of assets purchased and sold daily. Flubit.com will continue to allow traditional transactions too.
“We’ve been working with Flubit for over 18 months to make sure together we can offer a truly ground-breaking project. Flubit.com has had over 3 million price conscious shoppers through its doors last year, allowing us a unique opportunity to give even greater savings that the use of cryptocurrencies will offer existing users. In addition, the millions of crypto savvy users will have a real-world use for their many different cryptocurrency holdings which has been a long awaited game changer. MonetaryUnit’s vision is to make cryptocurrency accessible to all and this announcement is another significant step in the direction to fulfil our mission, and to make waves in the e-commerce and Blockchain worlds.”
– Byron Barnard, founder, MonetaryUnit Blockchain project
Whilst the finer details of the arrangement are not being released by either party, Flubit Limited will continue to trade & grow its B2B business ‘SKU Cloud’, which gives opportunities for retail sellers to sell across multiple channels.
Interesting ! We’ve seen a slow but steady trickle of sales from Flubit over the last year or so. Hopefully this will enable them to grow further.
While I don’t see them ever becoming a serious volume rival to “the big two”, anything which helps diversification in the number of effective marketplaces (and maybe one day provides just enough competition to make Amazon and eBay realise they have to look after their sellers as well as their buyers) has to be good.
I think this works for us. We’ve sold on Flubit/(SKU Cloud) ?? for about 18 months and seen a number of sales. Nothing ground-breaking when comparing to Amazon, but enough to make it interesting.
I think trying to copy Amazon or eBay is never going to work for smaller players, so if they can offer us a solution to reach an audience we don’t currently reach then i’ll happily give them my backing – that is after all what these young startup/new companies are meant to be about!
It’s a good idea, in principle, we will have to see how things go with Crypto.
As for Flubit, we have had sales, but we’ve actually had more from OnBuy – which is surprising as OnBuy have been going really slow while waiting for PayPal it seems (which we were told is today, and since their site is offline at the moment this looks accurate)
Sounds intriguing though. All depends how much crypto business will go to product purchases, only time will tell.
As many people have also said, we have received a steady growth in sales from Flubit. Unfortunately, just over a month ago our sales all but stopped though. Our AM never replies to us and we can’t see any issues stopping sales.
Hi Jenny – looking through your communication with us in June and July i can see a AM has responded within 1.5 working days every time. A reply to your email yesterday re: the above was replied to within 2 hours. We’ll always keep looking to improve our service however.
Everyone got sacked thats why.
It was obvious that flubit was going to fail once they lost their ‘demand’ USP and tried to reposition as a marketplace last year.
I guess the loss of gameseek, their biggest seller (well, not really seller as they didn’t deliver) didn’t help either.