In a notable stride towards reshaping the digital landscape and revolutionizing creator compensation, REPUBLIK, a Singapore-based technology company dedicated to transforming the way people interact online, proudly announced the successful conclusion of its $6 million Seed funding round.
The funding round witnessed active participation from prominent investors, including OKX Ventures, 6th Man Ventures, Arcane Ventures, CMS Holdings, Comma3 Ventures, Define Ventures, Enjin, FBG Capital, HTX Ventures, Mirana Ventures, Oracles Investment Group, Signum Capital, Sora Ventures, and UOB Venture Management.
The substantial capital infusion is earmarked for advancing REPUBLIK’s platform and crafting cutting-edge web3 creator tools utilizing blockchain technology. The platform, currently in beta across web app, iOS, and Android platforms, has gained considerable traction, offering creators novel means to interact and receive rightful rewards for their contributions to the platform.
Daniel He, the CEO of REPUBLIK, emphasized the importance of recognizing the value of community contributions, stating, “For too long, people have devoted their time, attention, and creativity to existing platforms, receiving almost nothing in return.”
REPUBLIK aims to change that by ensuring the fair distribution of the community’s value.
“We’re thrilled to have investors who align with our vision and partners who are instrumental in helping us construct a genuine community-owned platform,” Daniel added.
Diverging from the conventional social platforms where monetization options are fragmented and often accompanied by high fees, REPUBLIK employs Web3 technologies to streamline the entire process.
This approach significantly reduces costs for creators, allowing them to retain a substantial portion of their earnings. Moreover, it introduces a token-based reward system, enabling everyone to earn through content interaction, referrals, and creator support.
While conventional platforms often exploit user attention without offering direct compensation, REPUBLIK firmly believes in the inherent value of online communities.
They advocate for the fair distribution of this value to those instrumental in creating it. Within the app, XP (experience points) symbolizes the value a user contributes, while RPK (community tokens) represents the overall value of the community. The more XP a user accumulates, the more RPK is distributed to them, aligning incentives and recognizing the user’s contribution to the community’s growth.
REPUBLIK’s ambitious vision and innovative approach have garnered widespread interest and support from investors, paving the way for a paradigm shift in how creators are compensated in the digital realm. As the platform continues to evolve and gather momentum, it stands poised to disrupt the status quo and empower creators to reap the rewards they rightfully deserve.