Zoe Ocampo, Jules Jurado, and Frederic Levy, all passionate collectors, used to share stories about their experiences with acquiring rare collectibles and falling victim to scams with fake items.
Having previously worked at Filipino payment giant GCash in various roles, the trio decided to take action.
Also Read: Ex-GCash execs’ social commerce platform for collectibles Toki raises US$1.8M
“The process of collecting rare items and conducting transactions is extremely fragmented, requiring navigation through multiple platforms to make a single purchase. This lack of transparency regarding the seller’s identity, along with the risk of not receiving the exact item purchased, raised significant trust and security issues. We saw an opportunity to address these critical pain points and contribute to the growth of the extensive collectibles market,” Levy explained.
This led to the creation of Toki.
A Unique Marketplace
Launched in November 2023, Toki is a social commerce platform in the Philippines dedicated to collectibles, combining features of a marketplace and a livestream auction.
It is a carefully curated platform, where each potential seller undergoes a thorough vetting process to ensure legitimacy before being accepted.
So far, Toki has welcomed 100 curated sellers who are among the top 30 sellers/resellers in their respective categories. Levy shared, “The evaluation process for sellers includes an assessment of their operational history, sales track record, inventory depth, community reputation, and supply chain integrity. Our team even conducts visits to their warehouses for verification.”
Also Read: Stanible lets celebrities, superfans embrace Web3 via digital collectibles
Notably, Toki has accumulated sellers’ sales volumes, both online and offline. By cross-referencing this data, the startup has developed a ranking system for the main sellers in each category.
Currently, Toki offers over 70,000 authentic items in categories such as LEGO, Sports Cards, Sneakers, and Funko. They plan to expand into new categories like Trading Cards and Art Toys & Figures in 2024, aiming to introduce ten new categories throughout the year.
Research conducted by Toki and GMO Research indicates that the Southeast Asian collectibles market is valued at US$34 billion and is expected to grow to US$54 billion by 2030. Nearly half the population in the region are collectors, with 91% participating in recommerce with an average annual spend of US$200.
Toki is optimistic about this market growth and has already attracted numerous visitors to its site. With over half of the buyers making multiple purchases, the platform is proving to be popular among collectors.
The livestream auctions have also been successful since their launch in November 2023, with positive feedback from both sellers and buyers. Levy mentioned plans to introduce new features to enhance the engagement and excitement of the auctions.
Addressing Trust Issues
Despite its success, trust remains a challenge, especially in developing countries where regulations are lacking. Ensuring the authenticity of purchases, verifying sellers, and providing dispute resolution mechanisms are crucial for building trust in the marketplace.
From a logistical perspective, any damage to a collectible item during delivery can significantly impact its value. To address this, Toki has collaborated with NinjaVan to develop a tailored logistics solution.
Also Read: Rise of digital collectibles: The long-awaited “NFT” rebrand
For payments, Toki has partnered with reliable providers like GCash, Maya, and Xendit to facilitate secure transactions. Payments are held in escrow until the buyer receives their purchase, ensuring a smooth and secure transaction process.
Recently, the startup secured US$1.8 million in pre-seed funding to enhance user experience, expand operations, and organize online events to engage the community further.
Toki plans to focus on improving its product and operations in the Philippines before considering international expansion. By prioritizing transparency and trust, Toki aims to set a new standard in the global collectibles market.
This article was originally published on February 28, 2024
For more information about Toki and their mission to bring transparency and trust to the collectible e-commerce space, visit e27.