Joystream Raises Additional $5.85 Million Dollars in Funding
Joystream, a video platform controlled, owned, and operated by its users has raised $5.85 million. This brings fundraising to roughly $13m at a $60m valuation from over 30 investors, among them Digital Currency Group, Hypersphere, DefiAlliance, and D1 Ventures.
Joystream aims to give video creators alternative ways to monetize their videos, and not solely rely on advertising, with the ability to sell their content as NFTs and to turn their channel into a token, so that anyone can invest in the creator, and earn a share of their revenue.
Furthermore, Joystream is a blockchain that allows developers to build other applications on, opening up opportunities to create decentralized versions of video applications we are already used to, as well as completely new video applications.
Testnet participants to be handsomely rewarded
Joystream is currently on its 12th testnet chain. In order to attract high-quality participants, testnet contributors are looking to get at least 25% of the genesis token supply ($15m+ worth). Because Joystream will be decentralized and governed entirely by token holders, it’s important to attract long-term high-value contributors for the project to continue to grow.
Aiming for a Polkadot parachain slot
This is the final stretch to a mainnet launch and the native $JOY token launch. Once the main network has launched Joystream will look to compete for a Polkadot parachain slot.
Bedeho Mender, founder of Joystream said:
“This new funding will allow us to expand the team in key areas critical to a successful mainnet launch in Q2, such as kicking off our YouTube creator partnership program to attract creators to the platform, ramping up our DAO community growth initiatives and delivering key product features.”
About JoyStream
Joystream is a decentralized video platform and blockchain. It’s powered by the native $JOY token. They built an application called Atlas, which is similar to video platforms that you are already familiar with, but it uses the underlying Joystream blockchain to let you upload videos to your channel, build up your subscriber count, sell your videos as NFTs, and even create your own token for your channel so that people can invest in you.
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