Solana-Based Platform DRiP Secures $8 Million in Seed Funding

SUMMARY

DRiP, an NFT drop platform built on Solana, has secured $8 million in seed funding from NFX, Progression, and Coinbase Ventures.
The investment will support the launch of DRiP’s mobile app and the enhancement of its creator tools.

Solana-based creator engagement platform DRiP has effectively raised $8 million in seed funding, driven by NFX, Coinbase Ventures, and Progression, a fund established by previous TikTok executives. The seed round also saw interest from Placeholder, 6th Man Ventures, and over 30 angel investors, although subtle elements of the valuation and structure were not disclosed. The new capital will be utilized to quicken the onboarding of creators, launch a consumer-facing mobile app, and improve both creator tools and platform features. Moreover, the funds will bolster marketing endeavors aimed at growing the client base.

DRiP plans to release its versatile app on Android and iOS, featuring a natively embedded wallet, with a focused launch initially set for July. Be that as it may, the precise timing will depend on the endorsement process from app stores. The platform empowers creators to disperse digital collectibles—such as exclusive pictures, videos, and multimedia content—directly to fans on the Solana blockchain. By leveraging Solana’s low transaction costs, DRiP encourages micropayments, permitting fans to tip creators in any amount rather than making traditional buys. This approach aims to guarantee that creators get most of the revenue from their endeavors and provide fans with collectibles that they can keep, sell, or trade.

DRiP’s auction feature permits for the sale of premium content within its community, tending to the restrictions of traditional web2 platforms like YouTube and Instagram, which are frequently seen as “gatekeeping” platforms that benefit themselves at the creators’ expense. Concurring to Drip, over the past two years, 550 creators have dispersed 170 million collectibles to more than 2 million unique wallets on its platform. The company’s co-founder, Vibhu Norby, emphasized that the platform is outlined to offer a more impartial content experience, empowering creators to retain a more noteworthy share of their earnings and cultivating a direct association between creators and their supporters.

Progression co-founder and General Partner Mark Linao highlighted that DRiP is set to impact the future of digital craftsmanship, music, gaming, and storytelling by utilizing micropayments and a community-driven model. While DRiP works on the Solana blockchain for transactions, it employs the decentralized storage protocol Arweave for facilitating its data. This combination of innovations aims to upgrade the creator involvement and challenge the dominance of existing aggregators in the digital content space.