Crypto-powered social network Yup just confirmed receiving $3.5 million in funding from investor Distributed Global, which has also backed Dapper Labs and Solana. The giant investor’s funding round will help Yup improve its web3 social media experience.
Social network Yup, backed by Dapper Labs & more
One of the latest crypto social platforms to date, Yup, has announced a surprising $3.5 million funding round from Distributed Global itself. The early investor has also backed Dapper Labs, along with the (now) successful Audius and Solana, in the past.
According to co-founder Nir Kabessa, Yup will use all funds to further develop their social network:
“We’re incredibly excited to partner with industry leaders to build the next generation of Web3 social. Our mission is to unlock the social capital tied to individuals’ tastes and curation. Curators are largely undervalued on web2 social media platforms and Yup plans to empower and reward them,” he says.
The platform, which empowers virtual curators, has also received financial support from LD Capital, Dapper Labs, and other founder angels. Notably, Dapper Labs’ Business Lead Anuke Ganegoda believes in the future of the platform. In a recent statement, he declared:
“We’re big believers in bringing blockchain to everyday users. Coupled with the exciting growth of the NFT space, social media and NFT curation might push web3 to the mainstream.”
But why are so many big names of the crypto world excited about Yup?
What is Yup all about?
In essence, Yup is a crypto social media platform that rewards users for curating content from all across the web using a browser extension. Users can save, and rate, any type of content from web2 and web3 platforms, including OpenSea, Solana, and other NFT marketplaces.
Based on the content they share, users build a “taste profile.” If the content you share becomes viral, you become a “tastemaker,” which is the equivalent of an influencer. So what makes this platform so different?
Well, the social network is rewarding its users with YUP tokens based on their performance. This way, the top tastemakers get to earn a real income while curating high-quality content. In fact, its founders offered over $1.6 million as curator rewards so far. Accordingly, more than $300,000 was rewarded to NFT curators in the form of tokens.
A16z Crypto Special Advisor Alex Price sees Yup as the solution to a long-term social media problem:
“Traditional social networks thrive on privileged and minimally accessible user data silos. Their business models depend on them. Yup, as a fully open and composable Web3 social network has the opportunity to empower builders and visionaries of the next great social applications,” he says.