How does RepubliK unlock the potential of creators through Web3, completing the seed round valuation at $75 million?

Unleashing the Power of Creators with RepubliK and Web3 Achieving a $75 Million Seed Round Valuation

Author: Nancy, LianGuaiNews

Currently, the social application Friend.tech has become popular, and X (formerly Twitter) has opened up ad revenue sharing, bringing renewed attention to the concept of creator economy. The creator economy is regarded as a highly potential development direction, and both major social platforms and capital have launched various layouts for the creator economy.

Recently, Web3 content creation platform RepubliK announced that it has raised $6 million in seed funding, attracting much attention in the market. How could RepubliK attract significant investments during a bear market? What plans do old and new projects have in the competition?

Building an upgraded social media platform to redistribute the value of creators

With the iteration of technology, the enrichment of creative tools, and the introduction of incentive mechanisms, the creator economy ecosystem is accelerating its upgrade and transformation. According to a recent report released by the Goldman Sachs research department, the potential market size of the creator economy may double in the next five years, increasing from the current $250 billion to $480 billion by 2027. At the same time, the compound annual growth rate of 50 million creators globally in the next five years will reach 10% to 20%.

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It can be said that everyone is a creator in this era, and creators are becoming a new economic entity. In fact, as early as 1996, Bill Gates, on the other side of the ocean, boldly predicted the importance of creators in the future of the internet in an article titled “Content is King.” He wrote, “In a sense, the internet is like a multimedia photocopier, allowing content to be replicated at low cost, regardless of the number of viewers. To make the internet flourish, content providers must receive reasonable compensation for their work.”

However, Bill Gates’ vision was not realized in the Web1.0 era, where the static and one-way Web1.0 network made it difficult for users as content consumers to interact with the content. But as the internet entered the Web2.0 stage, users can create and disseminate their own content, and the rise of social media has also accelerated the exploration of monetizing self-expression for more and more creators, leading to the prosperity of the creator economy. However, the problem of unequal distribution of benefits caused by the monopoly of a few giants and the lack of control over personal data and content management rights has impacted the enthusiasm of creators. At the same time, the adjustment of platform reward mechanisms has caused a drastic drop in creators’ income, and their long-term “labor of love” has also greatly reduced their content output.

Web3 technology in the decentralized context has become a game-changer, and the reconstruction of production relations has revitalized the creator economy, providing more space for ownership of content and monetization models. RepubliK is an all-in-one Web3 content platform aiming to redefine the relationship between creators, users, and value distribution by serving as an ideal bridge for Web2 content creators transitioning to Web3.

In other words, RepubliK is an upgraded version of Web2 social media platform in terms of functionality and user experience. On one hand, RepubliK has many features found in traditional social media, including AI-driven family subscriptions, video streaming, chats and conversations, social logins, etc., which meet the social needs of most Web2 users. At the same time, unlike Web2 social applications that monopolize most of the revenue, RepubliK will redistribute community value based on user contributions, maximizing user income by significantly ceding platform earnings.

On the other hand, RepubliK utilizes blockchain technology to offer various content monetization tools for creators, aiming to maximize their value and build a thriving community. For example, paid content allows creators to restrict access to specific videos or photo posts; subscription services provide regular access to curated content streams in exchange for regular payments in RepubliK’s platform token RPK; access unlock permissions allow creators to provide exclusive content, interactions, or privileges to users who pay with RPK tokens; and chat unlock monetizes creator’s chat permissions.

Not only that, RepubliK also allows creators to create their own tokens by paying a certain amount of RPK tokens. This can be understood as tokenizing personal reputation and allows fans and supporters to buy and hold these tokens, providing economic support to creators while betting on their future potential. Of course, for each creator token, RepubliK will also disclose multi-dimensional data such as income streams, creator rankings, fan count, and number of works for investors and traders to make value judgments. Furthermore, according to the official website, creators can also create and sell NFTs and physical goods through RepubliK, providing more opportunities for fans and supporters to acquire collectible and unique items.

It is worth mentioning that as one of the main ways for interaction on RepubliK, the Conversation feature will become a killer feature for creators and their audience. This feature combines various elements from Web2 social media platforms such as Twitter threads, Instagram Carousel albums, and Add Yours, bringing users a higher quality social experience. In addition, compared to traditional creator modes, RepubliK’s Conversation feature has several highlights, including returning content control to the owners, creating community-driven sections where everyone can participate, reducing the entry barrier for creators, and further activating brand creator activities, thereby capturing the true audience more accurately. Moreover, RepubliK also creates unique links for all content on the platform, and any user sharing links outside of RepubliK will be considered as recommendations, greatly enhancing the platform’s influence on traditional Web2 social media.

In simple terms, RepubliK will break the exploitative and extractive creator economy relationship in centralized Web2 social platforms, thereby helping creators achieve ownership freedom while allowing active contributors to share platform profits more fairly, thus fueling rapid platform development.

“RepubliK aims to narrow the wealth gap in the digital world and create a fair competitive environment, fundamentally changing the way creators make a living from their passions. Additionally, the direct interaction and value exchange between creators and fans/supporters create deeper connections and loyalty, further expanding the influence of creators,” said Daniel He, co-founder of RepubliK.

Securing seed funding in just over six months of its launch, RepubliK is preparing for airdrops and Token Generation Events (TGE).

In the second half of the content competition, apart from a higher quality content ecosystem, a more inclusive monetization model is also a common demand among creators. Compared to Web2 platforms, token incentive mechanisms are the core economic tools for Web3 content platforms, as they can not only activate creators’ passion for creation but also encourage user interaction.

RPK is the trading and governance token of RepubliK, with a total supply of 3 billion tokens, of which 5% is allocated for public sale, 12% for private sale, 10% for market operations and expansion, 20% for operations and development, 38% for content creation rewards, XP token airdrops, etc., and the remaining 15% for the team.

RPK essentially represents the total value of the RepubliK ecosystem. Unlike most projects in the cryptocurrency market, where project teams control the fees generated from governance tokens, utility tokens, NFTs, etc., RepubliK’s RPK token represents community value. All fees generated by the platform will be redistributed to the community. Users will receive continuous airdrops as rewards for their ongoing contributions.

Specifically, within the RepubliK ecosystem, RPK can be used to purchase works, reward tips, and it also carries voting rights for participating in platform governance. Moreover, RPK serves as a means of rewarding and incentivizing the user’s time and attention value within RepubliK. The amount of RPK allocated to users depends on the proportion of earned XP to the total accumulated XP on the platform. Each user will receive a certain amount of XP upon joining RepubliK, and they can earn more by interacting, creating high-quality content, recommending friends, sharing content, etc. The more XP users earn, the higher their honor badge level, which not only provides additional privileges, exclusive activities, and access to content but also increases the multiplier for earning XP. However, if a user remains inactive for a long period, their XP will gradually be deducted until it reaches zero.

RepubliK launched its official version in March 2023 and is currently being tested on web applications, iOS, and Android platforms. According to the roadmap, RepubliK will conduct token airdrops, TGE (token generation events), and listing on exchanges in the fourth quarter of this year.

The creator economy is attracting capital, and RepubliK is no exception. In early October of this year, RepubliK announced a successful seed funding round with a valuation of $75 million, raising $6 million. Investment institutions include OKX Ventures, 6th Man Ventures, Arcane Ventures, CMS Holdings, Comma3 Ventures, Define Ventures, Enjin, FBG Capital, HTX Ventures, Mirana Ventures, Oracles Investment Group, Signum Capital, Sora Ventures, and UOB Venture Management.

In addition to its promising model and track record, the team’s strength is also an indispensable factor. Chief Advisor Richmond Teo is the co-founder of LianGuaixos, co-founder and former CFO Daniel He has served as a former economic advisor for Enjin and a former management consultant for Monitor Group Asia, with extensive experience in finance, pharmaceuticals, and manufacturing. Marketing Director Andrew Lee has worked at Sequoia Capital, Google, and other companies. Additionally, RepubliK’s advisory team has a strong background, including Ube’s Chief Technology Officer Tim Zhu, Grammy-winning producer QD3, Venture Capital investor Jonathan Teo, and YouTube’s Director of Marketing for the Asia Pacific region Marek Dawidowicz.

“Today’s users are no longer satisfied with passive consumption. They seek interactive and meaningful participation. Blockchain technology and decentralized governance models can empower users with greater control over their data and interactions, enabling them to actively shape the platform and create a sustainable and resilient social media ecosystem.” As Richmond Teo said, the thriving development of the Web3 creator economy is a profound manifestation of technological and cognitive progress. “User-centricity” has become the core of content competition and a growth flywheel for building one’s own business. Perhaps on Web3 content platforms like RepubliK, creators will find it easier to find “poetry and distant horizons.”

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