Decentralized Content Monetization Platform Creaton Raises $1.1 Million in Funding

Key highlights:

• Creaton has raised $1.1 million from BTSE Labs, Tykhe Block Ventures and angel investors
• Creaton are building a web 3.0 alternative to content sharing platforms like Patreon and YouTube
• The platform wants to empower creators with lower fees and full control over their content

Creaton raises $1.1 million as it looks to take on giants like YouTube and Patreon

Creaton, a decentralized platform where content creators can monetize their content through subscriptions, has raised $1.1 million in funding from BTSE Labs, Tykhe Block Ventures and a group of angel investors. 

Creaton’s platform of choice is Polygon, a Proof-of-Stake blockchain that’s compatible with Ethereum. In comparison to the Ethereum mainnet, Polygon gives users the ability to transact at a fraction of the cost. 

The idea behind Creaton is to leverage blockchain tech to give content creators a platform that doesn’t charge exorbitant fees on their revenue and doesn’t have a central authority that can deplatform creators at a whim. The Creaton team says that their goal is to address the main issues plaguing web 2.0 content platforms like Patreon and YouTube.

Thanks to technologies like Arweave, creators can retain full control over their content and store it permanently. When content is uploaded to Creaton, it is represented with an NFT. Creators have the option of limiting access to their content only to members who are subscribed. Users pay the subscriptions with crypto assets, which provides further censorship-resistance. 

While subscription models might sound simple in theory, the Creaton team explains that the lack of a decentralized subscription protocol was previously holding back their ambitions of building decentralized platform for content creators. Now, the blockchain development space has reached a point of maturity where Creaton can execute on its vision.

Here’s how Creaton founder Alexander Klus summed up the project’s mission:

“Between payment issues, bans, and censorship, Web 2.0 platforms like Patreon have done a disservice to their core users. We aim to tackle this issue in a way that makes sense, combining multiple advanced blockchain technologies to make a platform that, for the first time, works. We are incredibly excited to build this with our amazing roster of investors.”

Tykhe Block Ventures founder Prashant Malik, who was one of the first 10 employees at social media giant Facebook, explained that his venture capital firm is backing Creaton because it “empowers content creators like never before using decentralized blockchain technology”.