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Decentralized Social Media Platform Yup Secures $3.5 Million in Funding: Details

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Wed, 10/13/2021 - 11:11
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Vladislav Sopov
Fresh funds will fuel next phases of progress for Yup curator-centric social media platform
Decentralized Social Media Platform Yup Secures $3.5 Million in Funding: Details
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Yup is going to replace Web2 social networks with its fair revenue-sharing model, transparent monetization and decentralized feature-rich toolkit.

Yup secures $3.5 million in seed funding; Distributed Global led the round

According to the official statement shared by the Yup protocol team, it has successfully completed its seed funding round. The total sum of funds raised nets $3,500,000.

Distributed Global, early backers of Dapper Labs, Audius and Solana, led the round. Also, flagship NFT-focused VC Dapper Labs and blockchain veterans LD Capital took part in this funding.

Unlike its major competitors from both the Web2 and Web3 spheres—Twitter, Youtube, Opensea, Mirror and so on—Yup prioritizes content curators as top valuemakers for social media platforms.

Nir Kabessa, co-founder of Yup, stresses the revolutionary importance of the Yup business model for the entire social media platform segment:

We're incredibly excited to partner with industry leaders to build the next generation of Web3 social. Our mission is to unlock the social capital tied to individuals' tastes and curation. Curators are largely undervalued on web2 social media platforms and Yup plans to empower and reward them.

Yup protocol introduces curator-centric platform powered by native YUP token

Since the inception of its operations, Yup distributed more than $1,600,000 in rewards. Out of this massive sum, $300,000 were distributed between NFT creators.

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All rewards on the platform are calculated and distributed in YUP equivalent, which empowers the core native asset of the platform with real-world value.

Anuke Ganegoda, business lead at Dapper Labs, adds that this approach has the chance to become mainstream in the coming years for the digital collectibles segment:

We're big believers in bringing blockchain to everyday users. Coupled with the exciting growth of the NFT space, social media and NFT curation might push web3 to the mainstream.

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About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)