Quick take:
- DRiP allows creators to distribute their assets as digital collectibles on the Solana blockchain.
- Users can distribute assets in the form of exclusive images, video, audio and other multimedia content.
- The company mobile app is set to debut on both Android and iOS upon receiving approval from the respective app stores.
DRiP, a Solana-based non-fungible token (NFT) creation platform on Monday said it raised $8 million in a seed round co-led by Coinbase Ventures, NFX and Progression. The fundraising also attracted participation from Placeholder, 6th Man Ventures and over 30 investors, The Block reported.
DRiP plans to use the fresh capital to accelerate the user onboarding process, expand its tools and feature offerings and bring its mobile app to market. The project plans to launch the app on Android and iOS by July upon receiving approvals from the respective app stores.
According to the announcement DRiP allows creators to distribute their assets as digital collectibles on the Solana blockchain. The assets can be in the form of exclusive images, video, audio and other multimedia content.
Other than charging fees through subscriptions, DRiP leverages Solana’s low transaction fees to receive tips of any amount from subscribers.
Commenting on how the platform works, DRiP co-founder Vibhu Norby said: “We’re building a better content experience that balances fair monetization for creators, with access to owned premium content for fans that can never be censored or taken away. With micropayments, subscribers can tip any amount to their favourite creators with one click. This unlocks a new reality for creators: they keep the majority of the money they earn from their efforts while being able to truly reward their top supporters with collectibles they can keep, sell, or trade.”
According to DRiP, its platform is designed to address the challenges creators face when using platforms like YouTube and Instagram, which it claims “enrich gatekeepers at the expense of creators.”
Progression co-founder and General Partner Mark Linao commented: “Just as YouTube stars have influenced mainstream culture, DRiP creators will shape the future of digital art, music, gaming and storytelling. By leveraging the power of micropayments and a creative community built on shared passions, Drip usurps gatekeeping platforms, amplifies underrepresented voices, and connects creators directly to their fans.”
Stay on top of things:
Subscribe to our newsletter using this link – we won’t spam!
Follow us on X and Telegram.
Credit: Source link
