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On Tuesday, a Web3 social media app, Calaxy made the announcement that it has raised $26 million in new funding. Los Angeles-based Calaxy was co-founded by Spencer Dinwiddie, NBA player.
Popular gaming firm Animoca Brand and the HBAR foundation, together led the funding round. Polygon, another major Ethereum Scaling platform, also took part in the funding. The latest funding took the total reserves of Calaxy to just $34 million after a major $7.5 million seed round last year.
Dallas Mavericks guard Dinwiddie is among the first NBA adopters of cryptocurrency. In 2018, Dinwiddie essentially converted a $34 million contract extension with the Brooklyn Nets into a digital investment vehicle.
The app provides a platform for creators and fans to connect with each other. Fans can buy video messages, video calls, fan club subscriptions and online classes.
The co-founder Solo Ceesay revealed that it has integrated Web3 features to validate creator economy models such as Patreon, Cameo and OnlyFans, in an effort to introduce users with crypto in a friendly way, without having to have the knowledge of underlying technology. Ceesay looks at Calaxy as an emerging “Web 2.5” product.
Ceesay explained that a lot less people would be driving cars if it requires them to be an engineer. He further elaborated that they took social token technology while also taking the utility that you find from already validated Web 2 social platforms that prioritize monetization.
Calaxy will be competing with the Web2 platforms that it has taken inspiration from even though the social token sphere is still quite new. While OnlyFans and Cameo Web 3, aim to integrate non-fungible tokens (NFTs).
Earlier, Calaxy had raised funds worth $7.5 million in a funding round conducted in June. NFL star Ezekiel Elliott and Matt James from “The Bachelor,” also participated in the round.
Dinwiddie, formerly the CEO of Calaxy, has now assumed the executive chair role at the startup while a former investment banker Ceesay became the CEO of Calaxy in 2020.
The company consists of 15 individuals as of now. This summer will witness the app emerging from beta testing. Calaxy further revealed that around 200 creators, including celebrities and influencers, will take part in the platform, including Dallas Cowboys’ Ezekiel Elliot, Los Angeles Lakers’ Dwight Howard and singer Teyana Taylor.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
