Update: FlipGraph has renamed to Coinjoos
Each product listing comes with a buy back price in terms of virtual currency, called Flips. These flips can be used to buy other used products on the site. Currently a book of Rs.400 would fetch you about 8 flips. All the second hand books currently listed(around 4500) are available for 10 flips or Rs.50 each, some of which are really a steal deal.
While the concept of second hand books does make sense (Infibeam started marketplace for used books recently) and would find many takers but i am not sure what would they do with second hand music/movies. More importantly how would they verify each copy?
Overall the site looks good with easy UI and competitive prices.
So what do you think of this model? Is the virtual currency thing feasible for sellers? Enough space for a new player?
Do give FlipGraph a spin and let us know your views.
[Naman is a startup enthusiast and has worked with couple of Indian startups as Product Manager. He writes at The Inspire Blog]