Joystream raises additional $5.85 million dollars in funding

Joystream has announced that the project has raised $5.85 million. This brings the total fundraise to roughly $13m at a $60m valuation from over 30 investors, among them Digital Currency Group (seed round), Hypersphere, DefiAlliance, and D1 Ventures.

Building the decentralized future of video

They aim to give video creators alternative ways to monetize their videos, and not solely rely on advertising, with the ability to sell their content as NFTs and to turn their channel into a token, so that anyone can invest in the creator, and earn a share of their revenue. Furthermore, Joystream is a blockchain that allows developers to build other applications on, opening up opportunities to create decentralized versions of video applications they are already used to, as well as completely new video applications.

Testnet participants to be handsomely rewarded

They are currently on their 12th testnet chain. In order to attract high-quality participants, testnet contributors are looking to get at least 25% of the genesis token supply ($15m+ worth). Because Joystream will be decentralized, governed entirely by token holders, it’s important to attract long-term high-value contributors for the project to continue to grow.

Aiming for a Polkadot parachain slot

This is the final stretch to a mainnet launch and the native $JOY token launch. Once the main network has launched Joystream will look to compete for a Polkadot parachain slot.

“This new funding will allow us to expand the team in key areas critical to a successful mainnet launch in Q2, such as kicking off our YouTube creator partnership program to attract creators to the platform, ramping up our DAO community growth initiatives and delivering key product features,” says Bedeho Mender, founder of Joystream.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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