Solana based NFT platform DRiP raises $8 million in seed round to empower creators

DRiP, a Solana-based creator engagement platform, has successfully raised $8 million in a seed funding round led by NFX, Coinbase Ventures, and Progression, a fund started by former TikTok executives. The round also saw participation from Placeholder, 6th Man Ventures, and over 30 angel investors, though the valuation and round structure remain undisclosed.

DRiP plans to use the funds to accelerate creator onboarding, develop a consumer-facing mobile app, enhance creator tools and platform features, and bolster marketing to attract new users.

Initially, DRiP scheduled the release of its mobile app in July, featuring a natively embedded wallet. But the official release date will still depend on the app store approvals.

Empowering creators on Solana platform

The platform enables creators to share exclusive digital collectibles, such as images, videos, and audio, directly with their fans using Solana's blockchain. DRiP leverages Solana’s low transaction fees to facilitate micropayments, allowing subscribers to tip creators in the form of its in-app currency, Droplets, without significant cost barriers. This feature is designed to increase creator revenue without the high platform fees associated with traditional web2 platforms like YouTube or Instagram.

DRiP makes use of Solana’s compressed NFTs (cNFTs), a standard that was initially developed for instagram during its brief foray into digital collectibles.CFT are cheaper to create and store than regular NFTS.

DRiP's auction feature also allows creators to sell premium content to their community. The platform aims to foster a direct connection between creators and fans while providing creators with ownership over their content, protected from censorship.

As DRiP continues to grow, its impact is already being felt, with 550 creators having distributed 170 million collectibles to over 2 million unique wallets in the past two years. DRiP’s model challenges the dominance of traditional web2 platforms, positioning itself as a game-changer for the future of digital content creation and monetization.

By using decentralized storage via Arweave, DRiP ensures that media and metadata remain securely and transparently accessible, further emphasizing its commitment to empowering creators in the web3 space.