The social token infrastructure provider raised $ 10 million through Series A, bringing the company’s total funding to $ 12.7 million to help creators code the interaction with communities.
IOSG Ventures-led funding round brought together Animoca Brands, Alchemy, Huobi Ventures, Weekend Fund, Mischief Fund, Audacity and existing investors such as Galaxy Interactive, Hustle Fund, Gary Vaynerchuk, Trevor Mcfederis, Ryan Selkis and Balaji Srinivasan.
Social tokens are blockchain-based digital currencies that can be used as a basis for a decentralized creative economy. Josie Lin, co-founder of IOSG Ventures, explained that “with Roll, decentralized autonomous organizations and communities (DAOs) can convert content into tokens, shop and maintain a portal for those who are part of the community,” adding that the social token allows holders join and contribute to society.
Rolls co-founder and CEO Bradley Miles defined the explosive growth and popularity of non-fungal tokens (NFT) as a “cultural token market”, saying that this bull market has been a renaissance for artists, musicians and creators worldwide: “NFTs represent the future “At some point in this decade, there will be the new standard for art, video, games, music and other content that creators want to make available to own.”
In a speech to Cointelegraph, Miles explained that launching a social icon is like launching a YouTube or Patreon channel: “Let your closest fans know in advance and stream it on your biggest platform when you’re ready.”
Roll technically helps integrate social tokens into web applications such as marketplaces, streaming services and DAO by providing infrastructure and APIs or APIs. Social Roll Tokens powered by Ethereum smart contracts can interact with traditional web platforms and DeFi protocols.
RELATED: Sports-themed NFCs are causing a gold rush as projects bring in $ 930 million per week
The company said the service is currently used by over 350 creators, including Whaleshark and Terry Crews. Crypto exchange Huobi, which shows some of Roll’s social tokens, is listed as an investor through the investment arm. Jerry Yip of Huobi Ventures commented on Roll’s expansion, saying: “The Social social token platform has taken two relatively clear directions to shape a new, emerging social economy icon for society.”
The company plans to open its APIs to more developers early next year.