Web3 startup Matera has efficiently raised $3.6 million to construct a platform to unravel the monetization problem prevalent within the inventive economic system, in response to a press launch shared with Crypto.
The funding spherical included a number of notable names similar to Sidedoor Ventures, HighCass Crypto, Medusa Ventures, The Sandbox and Saxon Companions.
DeFi for makers
Matera’s mission contains integrating DeFi with established social media platforms to reshape the inventive economic system panorama. This method combines the in depth attain of web2 platforms with the modern potential of web3, with the goal of remodeling creator networks into vibrant economies.
Basically, Matera just isn’t making an attempt to exchange current platforms. As a substitute, it desires to leverage DeFi and produce it to the prevailing platforms, leveraging their direct market and enormous consumer base.
This technique additional units it aside from different web3 SocialFi initiatives, permitting creators to construct their Matera Credit score Rating based mostly on their engagements on established platforms. Customers can redeem their credit score scores for liquidity and rewards inside Matera’s ecosystem.
Sam Huber, CEO of Matera, identified the restricted adoption of Web3 SocialFi and attributed it to the underestimation of the community results of the Web2 platform. He added:
“Even when they get higher economics, the switching prices are too excessive for creators to construct an viewers on a brand new platform from scratch. Matera as a bridge, permitting customers to benefit from the dimensions of web2 and the economics of web3, fixing this dilemma.”
Matera predicts that its resolution would catalyze important development within the inventive economic system, projecting it to surpass $1 trillion by 2030 and including 100 million creators and their followers to the chain.
Matera plans to develop a sturdy blockchain infrastructure that features a DeFi platform, protocol layer, and a layer-2 community.
Presently, Matera helps creators on the social media platform X (previously Twitter), permitting them to boost cash and monetize their loyal fan base. Nonetheless, Matera plans to increase the mixing to different social media platforms quickly.