According to BlockBeats, SocialFi platform RECRD has successfully raised $4 million in funding. The round was led by the Sui Foundation, with participation from DNA Fund, Alphabit Fund, and angel investors including Mitch Lowe, a former co-founder of Netflix, and former NBA player Mitch Richmon.
RECRD allows creators and users to convert their content into NFTs (Non-Fungible Tokens) and monetize instantly through dynamic video interaction. This innovative approach to content monetization is gaining traction in the digital space, with platforms like RECRD leading the way.
The successful funding round signifies a vote of confidence in RECRD's business model and its potential to revolutionize the way content creators and users interact and profit from their work. The involvement of high-profile investors such as Mitch Lowe and Mitch Richmon further underscores the growing interest in the intersection of social media and finance, often referred to as SocialFi.
However, the specifics of how the new funding will be used by RECRD have not been disclosed. As the platform continues to grow and evolve, it will be interesting to see how this infusion of capital will influence its future direction and development.