Matera Secures $3.6 Million to Connect DeFi and Social Media
Matera raises $3.6M to merge DeFi with social media, aiming to grow the creator economy
Web3 company Matera has raised $3.6 million to merge decentralized finance (DeFi) with current social media to boost the creator economy. According to a CryptoSlate press release, this funding aims to solve the issue of making money within the creator economy and propel its worth to over $1 trillion by 2030. Investors such as Sidedoor Ventures, HighCass Crypto, Medusa Ventures, The Sandbox, and Saxon Partners supported the funding round.
Matera aims to fuse DeFi with popular social media platforms, transforming how creators earn money and engage with their followers. This method uses traditional platforms' existing user base and market reach while integrating Web3's innovative economic models, thus boosting the potential economic value of creator networks without replacing existing platforms.
Rather than starting anew, Matera will introduce DeFi solutions to improve these platforms. A key innovation is the Matera Credit Score, which rates creators based on their interactions across various platforms. This score can be used to access funds and rewards within Matera’s system. Matera’s CEO, Sam Huber, noted the challenge Web3 SocialFi faces due to the underestimated network effects of Web2 platforms.
He emphasized the high costs for creators to switch and start anew on different platforms, despite better financial terms. Matera plans to bridge this gap, merging the reach of web2 with web3’s economics to address this issue. The company expects its approach to drastically grow the creator economy, aiming to bring 100 million creators and their followers into the blockchain by 2030.
Matera is also developing a robust blockchain infrastructure that includes a DeFi platform, a protocol layer, and a layer-2 network for better scalability and efficiency. Currently, Matera supports creators on X (formerly Twitter), helping them raise funds and monetize their fan base. The company intends to expand these services to more social media platforms soon, widening its influence in the creator economy.
