Web3 startup Matera efficiently raised $3.6 million to construct a platform to resolve the monetization problem prevalent within the creator financial system, in line with a press launch shared with CryptoSlate.
The funding spherical included a number of notable names like Sidedoor Ventures, HighCass Crypto, Medusa Ventures, The Sandbox, and Saxon Companions.
DeFi for creators
Matera’s mission entails integrating DeFi with established social media platforms to reshape the creator financial system panorama. This method combines the expansive attain of web2 platforms with the revolutionary potential of web3, aiming to remodel creator networks into vibrant economies.
Primarily, Matera will not be attempting to exchange present platforms. As an alternative, it desires to leverage and produce DeFi to the prevailing platforms, tapping into their rapid market and excessive consumer base.
This technique additional distinguishes it from different web3 SocialFi initiatives, enabling creators to construct their Matera Credit score Rating primarily based on their engagements throughout established platforms. Customers can alternate their credit score scores for liquidity and rewards inside Matera’s ecosystem.
Sam Huber, Matera’s CEO, identified the restricted adoption of Web3 SocialFi, attributing it to the underestimation of Web2 platform community results. He added:
“Even when they get higher economics, the switching prices are too excessive for Creators to start out constructing an viewers from scratch on a brand new platform. Matera as a bridge, enabling customers to profit from the size of web2 and the economics of web3, fixing this dilemma.”
Matera predicts that its answer would catalyze vital development within the creator financial system, projecting it to surpass $1 trillion by 2030 and bringing 100 million creators and their followers on-chain.
Matera plans to develop a sturdy blockchain infrastructure encompassing a DeFi platform, protocol layer, and a layer-2 community.
Presently, Matera helps creators on the social media platform X (previously Twitter), enabling them to fundraise and monetize their loyal fan base. Nevertheless, Matera intends to increase its integration to different social media platforms quickly.
