Matera aims to expand the creative economy by raising $3.6 million to combine DeFi with social media.
In order to strengthen the creative economy, Web3 business Matera has raised $3.6 million to integrate decentralized finance (DeFi) with contemporary social media. This funding, according to a news release from CryptoSlate, aims to answer the problem of how to make money in the creative economy and increase its value to over $1 trillion by 2030.
The investment round was sponsored by investors including Sidedoor Ventures, HighCass Crypto, Medusa Ventures, The Sandbox, and Saxon Partners.
Matera wants to change the way creators interact with their fans and make money by fusing DeFi with well-known social media networks.
By combining Web3's cutting-edge economic concepts with the user base and market reach of established platforms, this technique increases the potential economic value of creative networks without dismantling current platforms.
Matera will launch DeFi solutions to enhance these platforms as opposed to beginning again. The Matera Credit Score is a significant breakthrough that assigns creators a score depending on how they engage with different channels. Within the Matera system, this score can be used to access awards and payments.
Sam Huber, CEO of Matera, highlighted the difficulty Web3 SocialFi confronts as a result of Web2 platforms' underappreciated network effects. Even with better payment terms, he highlighted the huge costs for creators to move and start over on alternative platforms.
Matera intends to close this gap by combining the economics of web3 with the reach of web2.
By 2030, the company hopes to integrate 100 million creators and their fans into the blockchain, significantly expanding the creator economy.
In order to improve scalability and efficiency, Matera is also building a strong blockchain infrastructure that consists of a layer-2 network, a protocol layer, and a DeFi platform.
At the moment, Matera helps creators on X (previously Twitter) to generate revenue and monetize their following. The business plans to quickly extend similar services to more social media networks, increasing its clout in the creative economy.
May 2024, Cryptoniteuae