Venture Funding Led by Coinbase for $8 Million Seed Round of Solana's NFT Development Platform, DRiP
DRiP: A New Platform Empowering Creators on Solana
DRiP, a new non-fungible token (NFT) creation platform built on the Solana blockchain, aims to revolutionize the way creators monetize and engage with their audiences. Mark Linao, General Partner at Progression, one of DRiP's investors, believes that the platform amplifies underrepresented voices and connects creators directly to their fans.
DRiP offers several unique benefits to creators. It allows them to distribute their assets as digital collectibles on the Solana blockchain, fostering closer connections with their audiences without the heavy fees and barriers typical of other platforms. The platform also enables micropayments, enabling subscribers to tip creators any amount with one click.
One of the key advantages of DRiP is its use of Solana's low transaction fees. This allows creators to receive tips of any amount from subscribers, in addition to charging fees through subscriptions. Moreover, DRiP leverages Solana's scalability and cost-efficiency to make NFTs accessible and affordable, contrasting with Ethereum-based platforms where high fees can deter creator participation or fan engagement.
DRiP addresses challenges seen on platforms like YouTube and Instagram by providing greater control and ownership over digital content to creators, eliminating traditional gatekeepers, offering a censorship-resistant, decentralized infrastructure, and making NFTs more affordable. This empowers creators to monetize their digital assets directly via NFTs, mitigating key frustrations faced on traditional social media platforms.
Progression, one of DRiP's investors, sees DRiP creators as influencers who will shape the future of digital art, music, gaming, and storytelling. The company has raised $8 million in a seed round, co-led by Coinbase Ventures, NFX, and Progression. The fundraising will be used to accelerate user onboarding, expand tools and feature offerings, and bring the mobile app to market on both Android and iOS. The mobile app is set to debut on both platforms upon receiving approval from the respective app stores.
In summary, DRiP leverages Solana’s fast, low-cost, and decentralized blockchain capabilities to empower creators with more direct monetization options, community engagement tools, and content ownership. This mitigates key frustrations faced on traditional social media platforms, making it an exciting development for the digital content creation industry.
Sources: [1] The Block [2] DRiP Official Website
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