Xcad Network, based in the British Virgin Islands, recently raised $ 3.9 million (£ 2,800,000) in a private financing round. According to an official statement shared exclusively with Finance Magnates, the round was led by blockchain technology VC firm Zilliqa, which included LD Capital, Genesis Block Ventures and AU21. Funds were also partially secured on the DAO Maker launchpad, where registrations for a single project reportedly hit record highs.
Oliver Bell, CEO and Co-Founder of Xcad Network, said, “The unprecedented interest from investors, YouTubers and our community shows that the Xcad Network will see significant demand from content creators and content viewers as it monetizes people’s use through rewards your engagement. “
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A “DeFi plugin for YouTube”
The funds will be used to create a “DeFi plugin for YouTube” that allows content creators to “tokenize themselves and earn rewards from their content”. In a new NFT marketplace, developers can mint NFTs with a single click. In addition, YouTube viewers receive rewards for viewing and engaging with content on the YouTube platform.
Oliver Bell said the funding is the next step in “Xcad becoming an integral part of YouTube”.
“[Xcad Network] will allow YouTubers to monetize their content beyond what they can already do, ”he said. “By creating an environment where both content creators and viewers can monetize their engagement, we expect an explosion in activity from both emerging and established YouTubers.”
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The XCad platform could serve as a more consistent source of revenue for YouTube content creators
According to Joel Morris, co-founder of YouTuber and Xcad, the structure of the Xcad network could serve as a more consistent funding model for YouTube creators than traditional monetization models: “As a YouTuber, I know how inconsistent monetization can be,” he said.
“At the mercy of advertisers and YouTube itself, earnings can change dramatically from month to month. Xcad Network provides a clear roadmap and is something that content creators can rely on once their performance reaches their milestones. The benefits of the time of day and the increasing engagement and loyalty of viewers make it a win-win for creators and viewers alike. “
This is how it works: Every time a YouTuber joins the Xcad network, a fixed number of creator tokens is minted. According to the announcement, some of these tokens will be “assigned to the creator and will void until the performance milestones are reached”.
Another part of these tokens can be earned by viewers who watch and engage with the content of the YouTuber. These tokens can then be used in a number of ways:
- The tokens can be exchanged for other YouTuber tokens.
- The tokens can be used to buy and sell NFTs and goods.
- Users can use their token rewards to earn more tokens.
- The tokens can again be converted into fiat currencies such as dollars, euros or pounds sterling.
- The tokens allow you to vote on future content, video ideas and other important decisions that a YouTuber channel is involved in.
In addition, the Xcad Network ecosystem includes an e-learning platform, which the project says has over 80,000 users. According to reports, the total of content creators on the platform has over 40 million followers.