Venture Capital Arm of Coinbase Takes Co-Lead in $8 Million Funding Round for Non-Fungible Token Platform for Solana, Developed by DRiP
DRiP Launches NFT Platform on Solana, Empowering Creators
DRiP, a new NFT creation platform built on the Solana blockchain, aims to revolutionize the way creators monetize their work by bypassing traditional gatekeepers on platforms like YouTube and Instagram.
The platform, set to launch its mobile app in July, allows creators to distribute their assets as digital collectibles directly to their audiences. This direct-to-community approach eliminates heavy transaction fees and delays common on centralized platforms, providing a frictionless way for creators to reward followers, build loyalty, and monetize content beyond ad revenue and platform algorithm constraints.
DRiP's key features include:
- Free and easy NFT drops: Creators can distribute NFTs for free, encouraging fan participation and interaction without upfront costs.
- Community engagement: By gifting collectible NFTs tied to exclusive content or experiences, creators can deepen fan relationships and bypass platform-imposed limits on monetization.
- Solana's scalability and low fees: Solana’s ability to process tens of thousands of transactions per second at a fraction of a cent ensures NFT interactions are seamless and affordable.
- Decentralization and control: Unlike traditional platforms, DRiP empowers creators with ownership over their digital assets and audience connections through blockchain.
The seed round for DRiP was co-led by Coinbase Ventures, NFX, and Progression, raising $8 million. Notable participants in the round include Placeholder and 6th Man Ventures, along with over 30 other investors.
Mark Linao, co-founder and General Partner at Progression, believes that DRiP creators will shape the future of digital art, music, gaming, and storytelling. He stated, "DRiP leverages the power of micropayments and a creative community built on shared passions to usurp gatekeeping platforms."
With the fresh capital, DRiP plans to accelerate user onboarding, expand tools and feature offerings, and bring its mobile app to market on both Android and iOS upon approval from the respective app stores. The platform also aims to balance fair monetization for creators and access to premium content for fans, with no risk of censorship or removal.
As reported by The Block, DRiP's innovative approach to NFT creation and distribution is set to reshape the landscape for creators and fans alike, offering a more equitable and engaging experience for all.
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