Key Takeaways
- RECRD, the SocialFi platform backed by Sui and a clutch of prominent investors, has emerged from stealth with an investment of $4 million.
- The Sui Foundation led the funding, with other prominent investors including Mitch Lowe, former Co-Founding Executive of Netflix, DNA Fund, Alphabit Fund, and former NBA player Mitch Richmond.
- RECRD allows creators and users to convert their content into NFTs and earn instant monetization through dynamic video interactions.
- During a year-long beta phase, RECRD onboarded nearly half a million users.
SocialFi Platform RECRD announced today a $4 million investment across two funding rounds. This financial boost follows a successful beta phase, during which the platform onboarded over 2,000 creators and attracted nearly half a million users. The investment rounds saw participation from high-profile figures in the crypto and entertainment industries, signaling strong confidence in RECRD’s innovative approach.
The post-seed funding round for RECRD was led by the Sui Foundation, with notable contributions from Mitch Lowe, Co-Founding Executive of Netflix, Mitch Richmond, six-time NBA All-Star, Jeffery Shoonover of Hollywood.com, Alphabit Fund, and DNA Fund.
Riding the Short-Form Content Wave
With short-form content dominating social media—Instagram alone saw approximately 200 billion reels played in 2023—RECRD aims to carve out a unique niche by enabling monetization through shareable short-form content and dynamic video reactions known as REBNDS. This feature, coupled with DeFi integration powered by the SUI blockchain, is central to RECRD’s mission to disrupt the $250 billion creator economy.
RECRD, founded by tech entrepreneurs Anoir Houmou and Dominic Frazer-Imregh, offers a platform where expressive videos can be instantly monetized and converted into NFTs. This creates a mutually rewarding ecosystem where creators, users, and advertisers can share and own tradeable content transparently.
“The future of social media lies in empowering creators and engaging users in ways never possible before,” said Anoir Houmou, Founding CEO of RECRD. “Our goal at RECRD is to create an ecosystem where every piece of visual content can be monetized, shared, and owned transparently. This investment will help us advance our vision of making content tokenization accessible and rewarding for all participants.”
Backing from Blockchain Leaders
“Investing in RECRD aligns with our belief in the transformative power of blockchain technology,” Greg Siourounis, Managing Director of Sui Foundation, said in a statement.
“RECRD is pioneering a model where creators, users, and advertisers can genuinely benefit from their digital interactions,” Greg mentioned.
RECRD Monetization Model
RECRD’s platform allows creators to earn up to 100% of advertisement revenue with instant monetization based on views rather than follower count. The REBND feature encourages dynamic interaction, letting users respond to videos with their own content.
Creators can also mint their videos as NFTs and sell them directly on the platform, with purchasers gaining ownership and a share of ad revenue, which can be cashed out in $RECRD tokens (pending launch) or fiat currency.
Early Success and Global Ambitions
The REBND engagement model has already attracted prominent early adopters, including global creative heavyweights like Sidemen, Pubity, Memzar, CJ So Cool, and Lil Scrappy.
RECRD’s early growth has been bolstered by advice from a host of tech and entertainment advisors, including Ambassador James France, ex-Blackstone Group, Ted Smith 3rd, Former Member of IPG Group, Seb Reis, Executive at checkout.com, Pranav Sharma, Founder of Woodstock VC, and Lauren Selig, Film Producer & Investor.
Initially targeting India’s vast social media user base, RECRD plans to address critical gaps in creator monetization before a global launch set to coincide with the release of the $RECRD token later this year.
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