Social token provider, Roll has acquired $10 million in Serie A funding, bringing the total amount raised to $12.7 million. The company’s goal is to assist artists to tokenize their interactions with communities.
Animoca Brands, Alchemy, Huobi Ventures, Weekend Fund, Mischief Fund, Audacity, and current investors such as Galaxy Interactive, Hustle Fund, Gary Vaynerchuk, Trevor McFederies, Ryan Selkis, and Balaji Srinivasan all participated in the investment round, which was led by IOSG Ventures.
Social tokens are digital currencies based on the blockchain that have the potential to serve as the foundation for a decentralized creative economy.
“Through Roll, DAOs and communities may tokenize, trade, and gate-keep content for people who are part of the community,” IOSG Ventures Founding Partner Jocy Lin noted, adding that a social token allows its holders to join and participate in a community.
Roll Co-founder and CEO Bradley Miles described the increasing rise and acceptance of nonfungible tokens (NFTs) as a “cultural bull market,” describing it as a “renaissance” for artists, musicians, and producers around the world:
“NFTs represent the future of content on blockchains.” It will become the new normal for art, videos, games, music, and any other property that creators desire to make ownable at some time this decade.”
Miles told Cointelegraph that launching a social token is similar to launching a YouTube channel or Patreon: “Let your closest supporters know ahead of time and announce it on your largest platform when you’re ready.”
Roll provides the infrastructure and application programming interfaces (APIs) to assist integrate social tokens into online applications such as markets, streaming services, and DAOs. Roll’s social coins may interact with regular online platforms and DeFi protocols thanks to Ethereum smart contracts.
Over 350 creators, including Whaleshark and Terry Crews, are presently using the service, according to the business. Huobi, a cryptocurrency exchange that lists some of Roll’s social tokens, is one of the investors through its venture arm.
Roll’s platform for social tokens has trodden on the two rather evident trends of influence tokenization and a new emergent economy for communities, according to Jerry Yip of Huobi Ventures. As early as next year, the corporation intends to offer up its APIs to more developers.