Calaxy raises $26Mn to provide social tokens to content creators
Web3 social marketplace Calaxy has raised $26 million in strategic funding co-led by Animoca Brands and HBAR Foundation with support from Polygon. The funds will eventually be used to expand its platform and products.
The startup aims to build new infrastructure that allows content creators, ranging from small influencers to big-time celebrities, to have ownership and equitable exchange of value compared to the current social media landscape.
The substantial funding will support specific go-to-market strategies to transition smoothly into Web3, and Calaxy’s expansion in the Web3 space as the company aims to increase accessibility. The social marketplace is launched by tech entrepreneur Solo Ceesay and NBA star Spencer Dinwiddie that welcomes influencers and entertainers to empower its fanbase by developing more intimate and engaging experiences.
Some well-known creators on the platform include National Football League Pro Bowl running back Ezekiel Elliott, R&B singer Teyana Taylor, and “The Bachelor” star Matt James. Calaxy allows users to monetize their fan base directly rather than through brand and advertising deals.
Solo Ceesay said, “Social media influencers, and entertainers at large, are suffering from inequitable earning conditions — they are being remunerated fairly relative to the value they create. Calaxy was created to be a tool that puts the power back into the hands of the creators. Our application allows influencers to monetize their communities directly instead of being reliant on brand and advertisement deals. This way, creators are able to determine the value of their time while directly connecting with their fans. The best part is that no third party can interfere with that.”
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