The Web3 world provides boundless opportunities for everyone with an internet connection, from establishing a crypto portfolio to connecting with people across the metaverse. In this era where the sky is no longer the limit, LA-based CreatorDAO is building a community where fledgling content creators can learn directly from industry experts. The platform just secured $20 million to fund the future of entertainment.
CreatorDAO is a decentralized autonomous organization (DAO) that works to further the careers of creators. It provides selected applicants with the capital, mentorship, technology and operational support needed to better their content and grow their audience. Its latest injection of capital was co-led by a16z crypto and Initialized Capital.
CreatorDAO invests in creators in exchange for a percentage of their future earnings. Its DAO structure allows investment decisions to be crowdsourced. Additionally, contributions to the DAO through mentorship and collaboration can be rewarded.
The platform also allows creators and fans to invest in one another.
“Over $300 billion of venture capital dollars was invested in technology startups in 2021, less than $100 million of investment dollars was invested in creators,” Michael Ma, CEO and co-founder of CreatorDAO, said in a statement. “Creators today are businesses, but no one’s figured out how to help them realize their growth potential. It’s an investment vacuum similar to the one that Y Combinator and angel investors filled for tech entrepreneurs 17 years ago.”
So far, creators including Paris Hilton, The Chainsmokers, Joma Tech and Swaggy Wolfdog have signed onto CreatorDAO to share their time, expertise and earnings with members of the digital community, according to the organization. These names and others represent more than 50 million audience members.
“The creator class now sets culture. It’s thrilling to see Web3 playing a bigger role in ensuring that the next generation of creators are both compensated and mentored so the community can flourish,” Sriram Krishnan, a general partner at a16z crypto, said in a statement. “I’m excited to be a part of CreatorDAO both as an investor and a mentor, and I can’t wait to see what the future holds.”