DRiP, a decentralized creator platform built on the Solana blockchain, has raised $8 million in a seed funding round to develop its content distribution and monetization system. 

DailyCoin reports that NFX and Progression, a fund established by former TikTok executives, led the investment. Coinbase Ventures and several angel investors also participated in the round.

DRiP’s platform lets creators broadcast digital content, including images, music, and video, directly to subscribers weekly. 

The system allows fans to support creators through micropayments as small as one-tenth of a cent, leveraging Solana’s low transaction fees. The platform also features flash auctions for exclusive or rare content.

Co-founder Vibhu Norby said in a statement that DRiP aims to allow creators to “keep the majority of the money they earn” while providing users with “owned premium content for fans that can never be censored or taken away.”

Per DailyCoin, the creator economy faces challenges with existing models, where creators rely on large tech platforms that may charge fees up to 50% of earnings. On the other hand, DRiP’s decentralized approach facilitates direct creator-audience interaction without intermediaries.

Goldman Sachs projections suggest the creator economy could reach $480 billion by 2027 from the current $250 billion. However, Web3 companies have faced difficulties gaining widespread user adoption. 

Other blockchain projects focusing on the creator economy include Justin Sun’s TRON and Sandbox.

In June, blockchain-based music platform Stage secured $2.4 million in funding to empower musicians and fans through a model that rewards both groups. Artists upload video performances and compete in “rounds” to reach stardom. Fans play a crucial role by voting for their favorite artists using Stage’s native token.

In April, Only1, a crypto startup building an OnlyFans-type adult content platform on the Solana blockchain, announced a $1.3 million strategic investment round, bringing its total funding to $4.8 million. The startup aims to disrupt the centralized adult content industry dominated by OnlyFans.