Venture capital arm of Coinbase raises $8 million in seed funding for NFT creator platform on Solana, DRiP.
DRiP Launches on Solana: A New Era for Creator Monetization
DRiP, a revolutionary non-fungible token (NFT) creation platform built on the Solana blockchain, is set to debut in July 2022, marking a significant step forward for creators looking to monetize their content in a fair and engaging way.
The platform, which will be available on both Android and iOS devices following approval from the respective app stores, aims to challenge traditional platforms like YouTube and Instagram, which are often criticized for enriching gatekeepers at the expense of creators.
DRiP empowers creators to distribute exclusive digital collectibles, such as images, videos, audio, and other multimedia content, to their fans and collectors. This is made possible through free NFT drops, a mechanism designed to stimulate interest, social activity, and fanbase expansion on Solana's vibrant ecosystem.
One of the key advantages of DRiP is its utilization of Solana’s underlying technology. The platform benefits from Solana’s ultra-fast transactions (over 65,000 transactions per second) and minimal fees (fractions of a penny), which are critical for seamless NFT distribution and collectibles marketplaces.
In addition to free NFT drops, DRiP also enables creators to receive tips of any amount from subscribers, in addition to fees through subscriptions. This feature, known as micropayments, allows subscribers to tip their favorite creators with a single click, providing a new and efficient way for creators to monetize their content.
DRiP's recent fundraising round, which raised $8 million, was led by Coinbase Ventures, NFX, and Progression. The fundraising also attracted participation from Placeholder, 6th Man Ventures, and over 30 other investors. Progression, one of DRiP's investors, believes that DRiP creators will amplify underrepresented voices and connect directly with their fans.
The platform's aim is to provide a better content experience for creators, balancing fair monetization and access to premium content for fans. Moreover, DRiP strives to provide a censorship-free environment for content, allowing creators to express themselves without fear of censorship.
DRiP's creators are expected to shape the future of digital art, music, gaming, and storytelling, ushering in a new era for content creation and monetization on the blockchain. The Block reported this news.
- The community of creators is anticipated to reshape various industries like digital art, music, gaming, and storytelling, as they monetize their content through DRiP, a new platform on Solana.
- The technology behind Solana, such as fast transactions and minimal fees, plays a vital role in DRiP's mission to establish efficient and fair digital collectibles marketplaces for creators.
- To expand their monetization strategies, creators on DRiP can leverage features like micropayments, where fans can tip their favorite creators with a simple click, or subscriptions that provide additional revenue streams.
