20m Funding Round For Creatordao

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$20M Funding Round with Celebrity Investors for Startup ‘CreatorDAO’  

 
Andreessen Horowitz and Initialized Capital led a $20 million seed funding round for CreatorDAO, a decentralized autonomous organization that provides capital and operational support to “creators.”
 
According to an interview, “CreatorDAO invests in creators in exchange for a percentage of their future earnings.” “The DAO structure enables crowdsourcing of investment decisions and rewards contributions to the DAO such as mentorship and collaboration.”
 
Paris Hilton and The Chainsmokers, among other celebrities, took part in the funding round and have agreed to share their time and expertise with the CreatorDAO community.
 
“It’s exciting to see Web3 playing a bigger role in ensuring that the next generation of creators are both compensated and mentored so the community can flourish,” Sriram Krishnan, a general partner at Andreessen Horowitz, also known as a16z, said in a press release. “I’m thrilled to be a part of CreatorDAO as both an investor and a mentor, and I’m looking forward to seeing what the future holds.”
 
Now, What is DAO?  

 
A DAO, or decentralized autonomous organization, is a blockchain-based organization or company that is frequently governed by a native crypto token. Anyone who buys and keeps these tokens gains the ability to vote on important DAO-related issues. Smart contracts are typically used in place of traditional corporate structures to coordinate the efforts and resources of many people toward common goals. When certain conditions are met, these are self-executing computer programs that perform a specific function.
 
Ethereum is the second-largest cryptocurrency by market capitalization and the largest platform for using cryptocurrency’s underlying technology, blockchain, for purposes other than money.
 
Source: CoinDesk
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