Venture Capital firm Coinbase takes joint lead in $8 million seed funding for Solana-based platform specializing in Non-Fungible Token (NFT) creation, known as DRiP.
DRiP Raises $8 Million to Revolutionize Content Monetization on Solana
DRiP, a Solana-based NFT creation and community engagement platform, has successfully raised $8 million in a seed round. The fundraising event was co-led by Coinbase Ventures, NFX, and Progression, with additional participation from Placeholder, 6th Man Ventures, and over 30 other investors [1].
DRiP's platform is designed to usurp gatekeeping platforms and connect creators directly to their fans. By leveraging Solana's low transaction fees, DRiP enables subscribers to tip creators with any amount, in addition to charging fees through subscriptions [1]. This approach allows a significant portion of the money earned by creators to go directly to them, unlike platforms like YouTube and Instagram which enrich gatekeepers at the expense of creators [1].
DRiP's platform aims to improve the content experience for creators, focusing on fair monetization and ownership of premium content. The platform encourages ongoing engagement by offering free NFT drops, which can take the form of exclusive images, video, audio, and other multimedia content [1]. This model helps creators build stronger communities and unlock new monetization opportunities anchored in active user participation instead of mere transactional sales [1].
DRiP co-founder Vibhu Norby emphasized that the platform balances fair monetization for creators with access to owned premium content for fans that can never be censored or taken away [1]. Norby also highlighted that DRiP's mobile app is set to debut on both Android and iOS upon receiving approval from the respective app stores [1].
Progression, one of DRiP's investors, believes that DRiP creators will shape the future of digital art, music, gaming, and storytelling. They also believe that DRiP, by leveraging micropayments and a creative community, can bypass gatekeeping platforms and amplify underrepresented voices [1]. The DRiP mobile app, scheduled to launch by July, is expected to contribute to Solana’s broadening ecosystem by enabling consumer-focused, mobile-first, real-world utility applications beyond simple digital collectibles [1].
The Block reported on the fundraising event, noting that DRiP's approach aligns with emerging Web3 trends emphasizing active community-building over one-off sales [1]. By transforming NFTs from just tradeable assets into tools for ongoing creator-fan relationships and evolving monetization strategies, DRiP provides a scalable and innovative platform on Solana [1].
[1] The Block. (2022, April 28). Solana-based NFT platform DRiP raises $8M to empower creators. The Block Crypto. Retrieved June 20, 2022, from https://www.theblockcrypto.com/linked/112011/solana-based-nft-platform-drip-raises-8m-to-empower-creators
- The community of creators on DRiP's platform can now leverage tech-driven infrastructure on Solana to create, engage, and monetize their content through the use of innovative investing strategies, such as subscriptions and tipping, thereby taking a larger share of their earnings compared to traditional platforms like YouTube and Instagram.
- Aside from digital collectibles, DRiP's platform offers the potential for amplifying underrepresented voices in the realms of digital art, music, gaming, and storytelling, providing an alternative to gatekeeping platforms that have historically stifled creators.
- Instead of viewing NFTs simply as tradeable assets, the emerging Web3 trends emphasize their capacity for fostering active creator-fan relationships through ongoing engagement and innovative financial strategies on blockchain-powered platforms like DRiP, transforming them into tools for expanding business opportunities.
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