KEY POINTS
- The funds will be used to deliver DRiP's first mobile app to the market
- DRiP seeks to provide a 'better content experience that balances fair monetization for creators': CEO and co-founder Vibhu Norby
- The platform uses a micro-payment infrastructure that banks on Solana's ultra-low cost system
In the economy of digital creations and innovations that often sees creators not profiting enough from their hard work, creator engagement platform DRiP is setting a new standard by providing creators with an avenue through which they can directly distribute their work to fans and supporters.
The platform allows creatives to distribute their work to their fanbase as digital collectibles secured by the Solana blockchain. Creators can send exclusive images, video, audio and other multimedia content to subscribers weekly. Subscribers can then show their appreciation through tips instead of purchases.
The engagement platform also features auctions wherein creators can sell premium content to not just their subscribers but also the broader DRiP community.
An $8M Seed to Strengthen Connections Between Creators and Fans
DRiP announced an $8 million seed Monday, led by consumer venture fund NFX and Progression, a fund started by former TikTok executives and Coinbase Ventures. The seed also saw support from more than 30 angel investors and funds, including 6th Man Ventures and pre-seed lead Placeholder.
The DRiP team said the funds will be used to bring the creator platform's first mobile app to the market. They will also be utilized for expanding the development of DRiP's creator tools and accelerate marketing efforts to on-board new creators, fans and brands.
"Just as YouTube stars have influenced mainstream culture and entertainment, DRiP creators will shape the future of digital art, music, gaming, and storytelling. By leveraging the decentralized nature of blockchain technology, DRiP can challenge traditional gatekeepers and amplify underrepresented voices and narratives," Mark Linao from Progression said in a press release.
Over the last two years, 550 DRiP creators have already sent 170 million collectibles to over two million unique wallets. Through Solana's ultra-low costs per transaction, DRiP can facilitate tipping of any amount, as low as 1/10th of a cent on the platform. These micro-payments then add up to meaningful revenue that goes directly to the creator, rather than siphoned off by the platform.
In an exclusive with International Business Times, DRiP co-founder Vibhu Norby discussed the platform's vision of rebalancing the creator economy, so everyone can benefit fairly.
A New Reality for Creators
DRiP enters the digital economy with solutions for creators who have long been squeezed by aggregators like YouTube and Instagram, who profit from creators' work through unbreakable network effects. The said system results in a deteriorating user experience on the internet that, instead of providing fair benefits to all stakeholders, enriches gatekeepers – at the expense of creators.
"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. With micro-payments, 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," Norby said.
DRiP welcomes @AruAshiya, @hailEGEG and @Mismar___.
— DRiP 💧 (@drip_haus) September 9, 2024
Follow new creators from the DRiP Home Page! pic.twitter.com/xrnXVSN4rf
DRiP is already making a difference and setting a new standard for digital content platforms in the blockchain era due to its various unique offerings. However, what makes it truly stand out is its direct-to-customer feature.
"DRiP is the internet's first true direct-to-customer content platform. Creators send their work and you get to keep it, using the magic of blockchains. Collectors in return can give back to creators that they love and have a chance to receive unique pieces," Norby said.
Addressing the Challenges in the Digital Content Economy
DRiP is not only breaking barriers for creators, it is also addressing the challenges that digital content platforms have struggled with for years.
On monetization, a creator's content is their commerce. "By leveraging blockchain technology, DRiP introduces micro-payment infrastructure and digital ownership models, enabling fair monetization for creators and a more affordable, user-friendly content ecosystem," said Norby.
On its direct-to-customer feature, creators own their audiences. Traditional social platforms have algorithms that mitigate who can see what of creators' content. "On DRiP, you go directly to your fans with your content, and your audience is secured by the blockchain – we don't own it," Norby added.
Finally, DRiP eliminates the fan fatigue associated with subscription. Collectors pay for the content they want, so they own the content.
Music on DRiP 💧 Weekly Recap pic.twitter.com/aGdMcGyjdF
— DRiP 💧 (@drip_haus) September 8, 2024
The Role of DRiP in the Digital Creation Segment's Growth
Norby sees a future for the digital creator segment that focuses on direct connections between creators and fans. He also believes the rise of AI-enhanced tools will make it possible for content to be "even more commodified."
"Amidst this flood of content, the most successful creators will be the ones who differentiate not just with creativity but with humanity. Those that nurture real, authentic connections with followers will win in this new future," Norby projected.
He also sees an industry future where people will gradually tire of platforms with ad-centric models that have "misaligned incentives." Collectors and fans will seek out platforms where they can connect with creators directly, and in "more positive ways," instead of platforms that use "anger to drive clicks."
DRiP's free-to-use platform will play a crucial role as collectors and creators alike search for kinder, more positive channels to experience authentic connections. DRiP's micro-tipping model will be a major force in this transition, Norby said. After all, the world is moving toward spaces where creators can earn in ways that reward their work fairly while also encouraging "long-term community over short-term attention."
