Highlights –

  • As the business works toward creating the most user-friendly and complete publishing platform for Web3, the raised funds mark a critical milestone.
  • To gate content, creators migrating to Paragraph can either bring their own NFTs or ERC20 tokens. They may also mint their own tokens on the platform for a 3% fee.

Paragraph, a web3-native publishing platform that focuses on building tools for creators, announced a raise of USD 1.7 million led by Lemniscap. Other investors who participated included Seed Club Ventures, GCR, Binance Labs, FTX Ventures, and Sfermion. As the business works toward creating the most user-friendly and complete publishing platform for Web3, this marks a critical milestone.

The funds will be used to speed up Paragraph’s product development, user acquisition, and recruitment pipelines. Particular focus will be put on growing the engineering and growth teams. The development comes on the heels of previous announcements about Paragraph’s key partnerships with Clubs.link, Coinvise, Unstoppable Domains, and Farcaster – expanding the reach of Paragraph’s exclusive Web3-native publishing solution to new swathes of worldwide users.

Paragraph aims to offer creators the ability to own, share, and monetize their developed content in addition to providing a better, more organized publishing experience. To usher in a new age of digital content development, Paragraph will return ownership of communities to content creators, curators, and community builders through the curation of NFT-based memberships.

To start with, Paragraph will focus on Web3-native authors, DAOs, and NFT communities, and aspires to expand its footprint into traditional media. Creators migrating to Paragraph to gate content can either bring their own NFTs or ERC20 tokens. They may also mint their own tokens on the platform for a 3% fee.

Experts’ Take

Roderik van der Graaf, Founder and Managing Partner at Lemniscap, said, “There is no denying the current proliferation of Web3 and blockchain technology in traditional media, alongside the rapid evolution of the Creator Economy. The confluence of these trends has created a perfect storm opportunity to revolutionize the media landscape. We are delighted to partner with the team at Paragraph to capitalize on these market opportunities and to shape the future of digital content creation.”

Colin Armstrong, Founder of Paragraph and former Engineering Manager at Google and Software Engineer at Coinbase, commented, “Today, the Creator Economy is powering over 50 million people globally and is the fastest-growing business segment in the world. Yet, despite the significant growth in market size, the infrastructures available for creators to produce, distribute and monetize their content – while ensuring full ownership over it – remain primitive, plagued by the walled gardens of traditional web2 platforms. With the support of the largest institutional backers in the Web3 space, we are set to provide a streamlined, comprehensive, and simple way to publish content powered by blockchain technology.”