⭐️ Celebrity-backed Crypto
Today's Highlights
- Calaxy - open social marketplace for creators
- Today's Infographic
- In Other News - a few interesting developments we're tracking.
Calaxy - open social marketplace for creators
The success of websites like Cameo have shown that people want personalized interactions with celebrities and web3 companies are emerging to provide creators with a way to do that while valuing themselves. The name Calaxy is a portmanteau of “creators galaxy.” The startup aims to build new infrastructure that allows content creators, ranging from small influencers to big-time celebrities, to have ownership and equitable exchange of value compared to the current social media landscape.
The company was founded in 2020 by Solo Ceesay and his co-founder Spencer Dinwiddie, who is also an NBA player for the Dallas Mavericks. Since its inception, it has grown to about 200 creators.
The platform allows each creator to mint their own cryptocurrencies that their fans can buy to interact with their economy or trade value for a social media engagement. Every coin attached to celebrities is pegged at a 1:1 ratio in line with the stable USD Coin, so it won’t fluctuate in value because fans don’t have to deal with volatility. In the future the tokens on Calaxy can fluctuate based on market demand and each creator could have dynamically priced assets, but they are currently held at a pegged value to the U.S. dollar.
The social token represents a piece of a creator’s eventual own economy. The creators of Calaxy feel that it is all about capturing a person’s own value; if the person is influencing so many people, there’s no reason the person shouldn’t have a publicly verifiable market cap or a value as a person. The way creators interact with fans shouldn’t be limited by the scope of the platform they’re on through a centralized entity like TikTok, Facebook and Instagram.
Galaxy has raised a total of $33.5M in funding.