Quick Take:
- Creaton announced new investments from three backers.
- NuCypher, ZBS Capital, and ExNetwork became the latest venture capital firms to invest in the company.
- The content-sharing platform said it is now ready to move to the next stage of development.
Content sharing platform Creaton on Wednesday said it received investments from three leading venture capital firms. Creaton announced that “NuCypher and ZBS Capital [committed] financial resources to the blockchain platform’s decentralized alternative to OnlyFans and Patreon.”
NuCypher is investing $50,000, while ZBS Capital has committed $25,000 in the new funding round. Creaton said it had received $100,000 from ExNetwork in an earlier funding round. The company said it is now ready to proceed to the next stage of development following the latest round of funding.
The funds will cover expenses for new staff and operational costs for the new platform.
The company had raised $1.1 million from top venture capital firms in October, as it accelerated its process of building the Polygon-based decentralised platform.
The platform wants to create a seamless relationship between creators and their fans, allowing them to monetize content through nonfungible tokens, thereby creating a permanent income stream with a subscription-based model.
The company is leveraging the rapid adoption of the web3 model and the explosive growth of the digital metaverse.
Although subscription-based models are not a new concept in content monetization, the relationship between the creators and their fans is disrupted by the existence of intermediaries. Creaton wants to eliminate the needless rules and hurdles created by the middlemen.
“Creaton solves these issues through decentralization and encryption, empowering the creator and providing direct engagement with fans. The service helps build new connections and provides unprecedented revenue stream opportunities not requiring third-party approval,” the company said in a statement sent to media houses announcing the new investors.
NuCypher and Creaton have been working together over the past year on proxy re-encryption and threshold cryptography. A NuCypher spokesperson said the company was excited to continue working with the content sharing platform, lauding its recent mainnet launch.
“Creaton’s mainnet launch is well-deserved, and we’re excited to see the full realization of what they’ve built on top of NuCypher/Threshold Network.”
The Creaton Platform officially launched last month, and its Business Lead and Co-founder Sascha, couldn’t be more excited about what is to come after NuCypher’s commitment.
“This further enables us to work on advancing our efforts in being the first protocol level substack for fully decentralized web3 native social communities and DApps,” Sascha added.
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