Yup, a web3 social platform that rewards curators, announced a $3.5 million funding round led by Distributed Global, an early investor in crypto unicorns Dapper Labs, Audius, and Solana.
The funding will be used to further develop a new web3-native social media experience and empower curators across the web.
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Invezz had the opportunity to chat with Yup founders, Nir Kabessa who currently serves as CEO and CTO Vernon Johnson.
Yup announced a $3.5 million funding round led by Distributed Global. What are some specific ways, in which this funding will empower curators online?
We plan on focusing on protocol development, mobile experience, and community in the coming months. Funding will go towards expanding the team, improving UX through blockchain resources, and partnering with creators and DAOs.
Analysts seem to agree the NFT market will keep growing. Do you have any specific predictions regarding its growth? If so, what justifies them?
Although many NFT projects are overhyped and/or worthless, we expect the NFT market as a whole to not only keep growing but also expand horizontally. Art and gaming NFTs have really taken off, with an emphasis on community. We expect to see more DAO-focused NFTs with governance rights, Music NFTs, and Meme NFTs.
Why was Yup selected by Distributed Global?
We have built a close relationship with Johnny Steindorff and the team at Distributed Global over the years, collaborating with them through Blockchain at Columbia, the student-led research lab we both were leaders in.
Web3, in the context of Ethereum, refers to decentralized apps that run on the blockchain. What are the advantages and disadvantages of running on this blockchain?
The biggest advantages are composability, robust and secure infrastructure, and community size. Ethereum’s user and developer communities are still the largest, and its smart contracts are the most battle-tested.
What are some limitations of Web3 apps? As an expert, do you have any ideas about how to overcome them?
Web3 applications are typically more costly to run, challenging to scale, and difficult to use. Developers can minimize costs and scaling problems by broadcasting only essential user interactions to the blockchain. Developers should also conceal complex blockchain operations, which simplifies the user experience. The most successful and mainstream web3 products will look like web2 applications with superpowers.
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