DeFi
Matera raises $3.6 million to boost the creator economy by merging DeFi with social media
Web3 startup Matera has successfully raised $3.6 million to build a platform to solve the monetization challenge prevalent in the creator economy, according to a press release shared with CryptoSlate.
The funding round included several notable names such as Sidedoor Ventures, HighCass Crypto, Medusa Ventures, The Sandbox, and Saxon Partners.
DeFi for creators
Matera’s mission is to integrate DeFi with established social media platforms to reshape the landscape of the creator economy. This approach combines the extensive reach of web2 platforms with the innovative potential of web3, aiming to transform creator networks into dynamic economies.
Essentially, Matera isn’t trying to replace existing platforms. Instead, it wants to leverage and integrate DeFi with existing platforms, leveraging their immediate market and high user base.
This strategy distinguishes it even further from other web3 SocialFi initiatives, allowing creators to build their Matera credit score based on their engagements on established platforms. Users can exchange their credit scores for cash and rewards within Matera’s ecosystem.
Sam Huber, CEO of Matera, highlighted the limited adoption of Web3 SocialFi, attributing it to underestimating the network effects of the Web2 platform. He added:
“Even if they achieve better economic results, the switching costs are too high for creators to start building an audience from scratch on a new platform. Matera as a bridge, allowing users to benefit from the scale of web2 and the economics of web3, thus solving this dilemma.
Matera predicted that its solution would catalyze significant growth in the creator economy, projecting that it would surpass $1 trillion by 2030 and bring together 100 million creators and their on-chain subscribers.
Matera plans to develop a robust blockchain infrastructure comprising a DeFi platform, a protocol layer and a layer 2 network.
Currently, Matera supports creators on social media platform X (formerly Twitter), allowing them to raise funds and monetize their loyal fan base. However, Matera intends to expand its integration to other social media platforms soon.