DRiP Secures $8 Million in Seed Funding

Solana-based creator engagement platform DRiP has raised $8 million in a seed funding round led by NFX, Coinbase Ventures, and Progression, a fund established by former TikTok executives.

According to a statement shared with The Block, pre-seed lead Placeholder, 6th Man Ventures, and over 30 angel investors also contributed to this funding round. Details regarding the valuation and structure of the round were not disclosed.

The newly acquired capital aims to:
– Accelerate creator onboarding
– Launch a consumer-facing mobile app
– Expand creator tools and platform features
– Boost marketing efforts to attract new users

DRiP originally targeted July for the release of its mobile app on Android and iOS, which includes a natively embedded wallet. However, the actual timing remains contingent upon the respective app stores, as stated by co-founder Vibhu Norby.

How DRiP Works

The DRiP platform allows creators to distribute their work directly to fans as digital collectibles on the Solana blockchain, encompassing exclusive images, videos, audio, and other multimedia content. It utilizes Solana’s low transaction costs to facilitate tips from subscribers of any amount instead of conventional purchases.

The platform asserts that these micropayments can provide “meaningful revenue” to the creator without being diminished by the platform. Additionally, premium content can be auctioned to the DRiP community.

“We’re building a better content experience that balances fair monetization for creators with access to owned premium content for fans that can never be censored or taken away,” Norby elaborated. “With micropayments, subscribers can tip any amount to their favorite creators with one click. This unlocks a new reality for creators: they keep the majority of the money they earn from their efforts while being able to truly reward their top supporters with collectibles they can keep, sell, or trade.”

DRiP also aims to challenge the dominance of web2 aggregators like YouTube and Instagram, which the team describes as “enriching gatekeepers at the expense of creators.” The project claims that 550 DRiP creators have sent 170 million collectibles to over 2 million unique wallets over the past two years.

“Just as YouTube stars have influenced mainstream culture, DRiP creators will shape the future of digital art, music, gaming, and storytelling,” said Mark Linao, co-founder and General Partner at Progression. “By leveraging the power of micropayments and a creative community built on shared passions, DRiP usurps gatekeeping platforms, amplifies underrepresented voices, and connects creators directly to their fans.”

Although the platform operates on Solana for payments and is one of the most active platforms outside of DeFi, the data is hosted on the decentralized storage protocol Arweave.