Solana-based creator engagement platform DRiP has raised $8 million in a seed funding round led by NFX, Coinbase Ventures, and Progression, a fund started by former TikTok executives.
According to a statement shared with The Block, DRiP’s pre-seed lead placeholder, 6th Man Ventures, and more than 30 angel investors also participated in the round. The valuation and round structure were not disclosed.
The project said it would use the new capital to accelerate creator onboarding, launch a consumer-facing mobile app, expand creator tools and platform features, and strengthen marketing efforts to attract new users.
DRiP was originally targeting July to launch its mobile app on Android and iOS, which would include a built-in wallet, DRiP co-founder Vibhu Norby previously told The Block. But the actual timing will depend on the respective app stores, he said at the time.
How DRiP Works
The DRiP platform allows creators to distribute their work directly to fans as digital collectibles, including exclusive images, videos, audio, and other multimedia content on the Solana blockchain. Leveraging Solana’s low cost per transaction, it facilitates tipping of all amounts from subscribers, not purchases.
The project claims that these microtransactions can add “meaningful revenue” directly to creators, rather than being siphoned off the platform. However, the auction feature allows premium content to be sold to the DRiP community.
“We’re building a better content experience that gives creators a fair way to earn money, while giving fans access to premium content that can’t be censored or taken away,” Norby said. “Micropayments allow subscribers to tip their favorite creators any amount they want with a single click. This opens up a new reality for creators: They can keep the majority of the money they earn, while also truly rewarding their best supporters with collectibles that they can keep, sell or trade.”
DRiP aims to address the dominance of web2 aggregators like YouTube and Instagram, which the team describes as “enriching gatekeepers at the expense of creators.” The company 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, games, and storytelling,” said Mark Linao, Progression co-founder and general partner. “By leveraging the power of microtransactions and a creative community built on shared passion, Drip is dismantling gatekeeping platforms, amplifying marginalized voices, and connecting creators directly with their fans.”
The platform uses Solana for payments and is one of the most active platforms on blockchain outside of DeFi, but its data is hosted on Arweave, a decentralized storage protocol.
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