Shibuya Has Raised $6.9 Million In Funding, Led By a16z Crypto And Variant 

Shibuya, a Web3 video platform founded by digital artist Emily Yang, has completed a US$6.9 million funding round headed by a16z Crypto and Variant, Paris Hilton, and NBA star Kevin Durant, among others.

Celebrities such as Alibaba co-founder Tsai Chongxin, DeFi trading platform Aave founder Stani Kulechov, and others invested. In this round of funding, the platform was valued at $50 million US dollars. Shibuya intends to employ Web3 technologies to assist filmmakers in raising funds and distributing films to audiences without relying on the Hollywood production system.

The project, of course, has a blockchain component. While the film is free to see, fans can purchase tokens that allow them to influence its progress and outcome. They can use the tokens to vote between two possible courses, similar to a Choose Your Own Adventure book, and save them as mementos.

“Emily and Maciej are brilliant storytellers with a proven track record of creating interesting content and building strong communities. Shibuya blends these components into a platform that allows anybody to engage in creating the story while also providing tools for creatives to craft their own stories”

a16z Crypto partner Ali Yahya explained

Yang compares Shibuya, which debuted in February, to a hybrid between Netflix and Kickstarter. However, in an interview with Fortune, she expressed her dissatisfaction with how Kickstarter limits fans’ chances for participation to merely passing over money and hoping the idea materializes. Yang believes that blockchain-based funding models provide fans with a more gratifying and immersive experience.

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