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- In order to create a decentralized online video site, a creator monetization platform, Joystream collected $5.85 million in the bid.
- The Chief Marketing Officer, Robert Neckelius, shared that Joystream wants to become a decentralized YouTube. The platform seeks to empower individuals rather than corporations.
- As of now, the platform is preparing the launch of a mainnet to be launched in Q2 or Q3, which will allow for a custom decentralized autonomous organization or DAO, an NFT marketplace, that will monetize user’s videos using their own tokens.
Joystream, a creator monetization platform, raised funds worth $5.85 million in its attempt to develop a decentralized online video site.
As per the press release, Digital Currency Group, D1 Ventures, Hypersphere, and DeFi Alliance led the round at a $60 million valuation.
Robert Neckelius, the Chief Marketing Officer, reveals that Joystream wants to establish itself as a decentralized YouTube. On the Joystream blockchain, creators will be able to mint their videos as non-fungible tokens (NFTs), and each channel will have its own native token. Meanwhile, consumers will be able to earn profits from the sales of NFT on the platform and invest in their favorite creator’s success.
As part of a wider crypto movement, the platform’s goal is to empower individual creators instead of corporations. Joystream’s planned autonomous organization (DAO) will render the control to users, contrary to what YouTube does, governing how the creators make money and not involving them in any platform discussion.
According to Bedeho Mender, the CEO of Jsgenesis, the primary company building Joystream, a relatively durable approach is providing the stakeholders the tools to make decisions and fund the operation, taking it towards the evolution of the system. He adds that the approach will further help developers create applications on Joystream.
Initially built on the BitTorrent protocol, the startup was started in 2015, according to Mender. In 2018, it decided to create a video platform in 2018; it was only preparing for the launch of the mainnet.
Currently, the platform is preparing the launch of a mainnet scheduled in Q2 or Q3 that will enable a custom DAO, an NFT marketplace for the videos of creators, with the aim to monetize their videos using their own tokens. It is at the moment, on the testnet, there are around 3,434 memberships, and till now, approximately $132,301 has been paid out to the creators.
LBRY and DTube, are other decentralized video platforms that host crypto tipping, offering less scope in comparison.
In an interview, CMO Neckelius said that through the funding, Joystream would recruit creators and have taken out $12 million in JOY tokens as an incentive. He further said that the firm is dedicated to attracting high talent for controlling the DAO.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
