๐ Web3 company Matera has secured $3.6 million to integrate decentralized finance (DeFi) with existing social media platforms, aiming to bolster the creator economy.
๐ฐ This funding aims to address the challenge of monetization within the creator economy and drive its value to over $1 trillion by 2030.
๐ค Investors such as Sidedoor Ventures, HighCass Crypto, Medusa Ventures, The Sandbox, and Saxon Partners have backed Matera's funding round.
๐ Matera's goal is to merge DeFi with popular social media platforms, revolutionizing how creators earn money and interact with their audience.
๐ By leveraging the existing user base and market reach of traditional platforms while integrating Web3's innovative economic models, Matera aims to enhance the economic value of creator networks without displacing current platforms.
๐ฏ Matera introduces innovations like the Matera Credit Score, which evaluates creators based on their interactions across various platforms, facilitating access to funds and rewards within Materaโs ecosystem.
๐จโ๐ผ CEO Sam Huber highlights the challenge of Web3 SocialFi due to underestimated network effects of Web2 platforms and emphasizes Matera's approach to bridging this gap.
๐ Matera expects to significantly expand the creator economy, targeting to onboard 100 million creators and their followers onto the blockchain by 2030.
โ๏ธ Matera is also developing a robust blockchain infrastructure, including a DeFi platform, a protocol layer, and a layer-2 network for scalability and efficiency.
๐ฑ Currently supporting creators on X (formerly Twitter), Matera plans to extend its services to more social media platforms, further influencing the creator economy landscape.
