STREAM raises a $5M “Advisor Token Pre-Sale” Round Led by Pantera Capital
STREAM, a blockchain based token for content creators, closed a $5 million “advisor round” pre-sale. The STREAM Token was conceived as a way to finally allow digital media creators to earn a fair living from their work, without being exploited by streaming platforms that take an unreasonably large share of their revenue.
Notable backers of the STREAM Token “advisor round” include Pantera Capital, Fenbushi Capital, Coinfund, FBG Capital, ZhenFund, BLOCKCHAIN PARTNERS Korea, and INBlockchain, along with individual participants like Jed McCaleb, Michael Arrington, David Johnston, Leon Fu, Roland Hicks, Andrew Yashchuk, and Ramtin from Abstract VC.
Paul Veradittakit, a partner at Pantera Capital, is enthusiastic about the STREAM team’s mission to help content creators achieve the financial success and career autonomy they deserve.
“Pantera Capital thinks extremely highly of the STREAM team and their strategies to disrupt existing monopolies in content monetization. With STREAM Tokens, content creators are now incentivized to monetize on a decentralized peer-to-peer platform, saving massive fees,” he said.
Greg Kufera, CTO of STREAM, believes the Token is at the heart of the new internet economy.
“STREAM Token is part of the larger Silicon Valley movement to fulfil the original intention of the internet: universal access to information. We can finally reward those who share information without curtailing freedom of expression. Content creation doesn’t have to be a zero-sum game,” he said. “And we’re ensuring it won’t be”
The team claims that current video streaming platforms, such as YouTube, Twitch, and Facebook, have exploited content creators since their inception. Generating popular and meaningful content has never translated to lucrative or even sustainable careers for even the most influential content creators.
That’s because platforms take up to 50% of a content creator’s earnings after creators pay out-of-pocket for expenses. Creators are often left penniless while the big platforms rake in the profits.
“Creators are currently locked into these video streaming platforms. If they leave, they lose their fan base and income. Changing platforms put a creator at risk of losing absolutely everything they’ve spent years building. As a result, creators have no leverage and are forced to accept the unfair terms imposed by big platforms,” added Paul.
The token aims to change all of this. STREAM Tokens present a way for content creators to get paid with absolutely no middleman taking a cut. Every STREAM Token a creator earns, they keep. With the token, STREAM aims to make platform lock-in will be a thing of the past. The protocol is decentralized to ensure that creators are free to switch platforms while maintaining their followers and their content.
STREAM Tokens also allow content creators to get paid, without ‘selling out’ by resorting to advertising or sponsorships just to make ends meet.
STREAM’s COO, Simar Mangat, says this is just the beginning of STREAM Token’s potential to change the future of digital content streaming.
“We’re so excited about the forward momentum we’re generating as a team, and we’re thrilled to carry this energy into the pre-sale of the Tokens. We’re driven to continue building technology that will give agency to content creators and finally allow them to build the careers they deserve.”
For more information about STREAM Token and to register for its token sale, visit:
Join the Telegram community chat here: https://t.me/streamtokencommunity
Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.