Roll, the social token infrastructure provider, has raised $10 million in Series A funding, bringing the company’s total funds raised to $12.7 million to help creators tokenize their interactions with communities.
It has been reported that led by IOSG Ventures, the funding round saw participation from Animoca Brands, Alchemy, Huobi Ventures, Weekend Fund, Mischief Fund, Audacity, and existing investors like Galaxy Interactive, Hustle Fund, Gary Vaynerchuk, Trevor McFederies, Ryan Selkis, and Balaji Srinivasan.
However, social tokens are blockchain-based digital currencies that have the potential to be used as the basis of a decentralized creator economy.
Jocy Lin, the founding partner of IOSG Ventures, said:
"Through Roll, decentralized autonomous organizations (DAOs) and communities can tokenize, trade and gate-keep content for those that are part of the community."
Lin added that social token enables its holders to join and contribute to a community.
Bradley Miles, the co-founder and CEO of Roll, said that this bull market became a renaissance for artists, musicians, and creators worldwide.
He added:
"NFTs represent the future of content on blockchains. At some point this decade, it will emerge as a new normal for art, videos, games, music and any other content that creators want to make ownable."
Likewise, he explained that the launch of a social token is similar to the launch of a YouTube channel or Patreon.
He further added:
"Let your closest supporters know beforehand and broadcast it out on your largest platform when you are ready."
Moreover, on the technical side, Roll helps to integrate social tokens into web applications such as marketplaces, streaming services, and DAOs by providing the infrastructure and application programming interfaces or APIs. Powered by Ethereum smart contracts, Roll’s social tokens can interact with traditional web platforms and DeFi protocols.
The report said that the company said that the service is currently being used by over 350 creators, including Whaleshark and Terry Crews. Listing some of Roll’s social tokens, crypto exchange Huobi is among the investors via its venture arm.
Jerry Yip of Huobi Ventures commented on Roll’s expansion, saying:
"Roll’s platform for social tokens has stepped on the two relatively clear trends of influence tokenization and a new emerging economy for communities."
Thus, the company plans to open up its APIs to more developers as early as next year.
Source: Cointelegraph