Unlock Protocol raises $4 million in venture funding to build a decentralized creator economy.
What Is Unlock Protocol?
Unlock is an open source, Ethereum-based protocol designed to streamline membership benefits for online communities.
Unlock Protocol is meant to help creators find ways to monetize without relying on a middleman. Unlike a centralized platform, it allows creators to monetize their work, on their own terms.
Like other blockchain companies, Unlock uses nonfungible tokens (NFTs) to authenticate one-of-a-kind digital items. But Unlock’s items have expiration dates, so companies can use them for monetization such as annual subscriptions or community memberships.
The Guardian Joins The Latest Funding
The latest funding round was led by VC firms including Betaworks, Cygni Labs, GMG Ventures (parent company of The Guardian), and Metacartel Ventures China, along with participation from early investors. Unlock has raised $5.7 million to date.
The company plans to use the funds to keep up with the growing demand for its protocol, which was created to unlock new monetization models.
Unlock Protocol (UDT) Price Action
The price of Unlock Protocol was down 3.55% in the last 24 hours, according to CoinMarketCap. The UDT token was trading at $155.50 at the time of press.
Frequently Asked Questions
Unlock is an open source, Ethereum-based protocol designed to help creators find ways to monetize without relying on a middleman. Unlike a centralized platform, it allows creators to monetize their work, on their own terms.
Julien Genestoux is the Founder and CEO of Unlock. Earlier, he was Lead Engineer at Medium.
