Venture capital investments in the growing world of Web3 have just inched a step forward with the $3.5 million seed funding for Yup, a social network that incentivizes content curators. According to an announcement shared by the company, the seed round was led by Distributed Global, with participation from major players in the blockchain and tech space, including Dapper Labs, LD Capital, and various founder angels.
Day by day, more investors are beginning to tag along with the growing opportunities in the decentralized ecosystem, and with protocols like Yup that are pioneering the advent of Web3. Using the latest funding, Yup said it will further develop a new web3-native social media experience, expand the Yup community, and empower curators across the web.
“Web3 offers an opportunity to curate with clear financial incentives and social status. Curation will go beyond blogs and newsletters, where you can tip creators, earn money via curation, and create massive economic graphs. For example, Yup, is a curation protocol that provides an opportunity for users to curate and build their influence accordingly,” said Kinjal, Blockchain Capital.
Through the Yup platform, content curators across platforms like Twitter, YouTube, and Facebook can be rewarded. The platform said it has paid out as much as $1.6 million in curator rewards, with an additional $300,000 paid out to NFT curators, atop growing marketplaces emerging on a daily basis.
Yup as a Web3 Pioneer
There are various initiatives brewing to power the next phase of applications in the emerging world of decentralized applications. With big social networks controlling users’ data in an undue and self-profiting manner, a move that is against the basics of social ethics. Yup and a host of other budding initiatives are beginning to redefine what is obtainable in the ecosystem.
The Yup platform is keen on building on its foundation of rewarding users for liking and sharing content across the web, as such, changing the way everyone interacts with social networks. The Yup Protocol provides new opportunities for curators to get paid for sourcing quality content, while rewarding creators for producing it, and by so doing, setting a model for which other related platforms will emerge in the near future.
As a blockchain innovation, the Yup ecosystem is tokenized and is powered by its native digital currency, the YUP tokens.