Content publishing platform Web3 Paragraph successfully raised $1.7 million
Web3 publishing platform Paragraph has raised $1.7 million in a pre-seed funding round led by the Lemniscap fund. According to the company statement, investors in this round include big names like FTX Ventures, Binance Labs, GCR and Seed Club Ventures.
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Paragraph was founded by Colin Armstrong in 2021, it is a publishing platform that enables web3 content writers, DAOs and the NFT community to monetize their content through an 'all in one' publishing service .
Paragraph challenged the traditional publishing industry by providing Web3 tools throughout the content creation process. Instead of a paid subscription to a Web2 newsletter platform, such as Substack, Paragraph allows creators to build and manage their own community of audiences through memberships using NFT or ERC- 20 tokens. On the creator side, they can use their NFT or ERC-20 tokens or choose to mint directly on Paragraph for a fee of 3%.
Cryptocurrency industry leaders are increasingly focusing on media and publishing tools. Alameda Ventures recently backed Trustless Media, a web3 media company that aims to leverage NFT to build community-owned content. Meanwhile, the parent company of Binance Labs, Binance, has agreed to invest $200 million in Forbes magazine.
Oct 25, 2022