Reveel, a Web3 revenue share protocol, announced recently it has raised $1.3M in pre-seed funding. The pre-seed was led by Binance Labs and Moment Ventures.
Reveel essentially makes collaboration simpler by providing transparency and equity for creators through the development of tools that makes the administrative side of revenue sharing and royalty accounting as easy as possible. Reveel will use the capital for staff expansion and product development of their Web3 collaboration financial infrastructure and on-chain revenue management tools suite.
The creator economy now encompasses over 300 million creators and has become an estimated $100 billion industry over the last few years, that is without counting the $40 billion NFT market. The emergence of web3 and NFTs have accelerated the trend of creative collaboration by offering more direct ways for creators to monetize their content. But collaboration requires complex business administration to design and execute agreements on how collaborators share revenue.
Reveel was built with the mission to empower creators to manage their business with a simple way to share on-chain revenue by providing a financial stack for Web3 collaboration.
Ken Li, Executive Director of Binance Labs says, “Binance Labs has been investing deeply across the creator economy in Web3. We are impressed with the Reveel team and believe the Revenue Share Protocol has potential to drive collaboration amongst creators and their communities.”
Reveel enables creators to understand their on-chain income and automate the distribution of revenue amongst collaborators, rights holders and partners. Through its revenue share protocol, Reveel allows creators to design and deploy their own smart contract to automatically split on-chain revenue with collaborators. Additionally, the ability to track entire NFT drop catalogues, and segment a collector base, makes Reveel a complete web3 business management platform.
Reveel recently managed the biggest on-chain revenue split ever done, for popular multidisciplinary NFT artist BlackDave‘s wavRoom NFT drop, in collaboration with wavWRLD. 30% of the revenue for his collection were paid out to 154 of his collectors, with 70% of the revenue distributed to his collaborators and himself. The on-chain revenue split had a total of 159 parties involved who automatically received a share of revenue.
Reveel has partnered with recognizable names in the Web3 music space including Venice Music, Glass.xyz, wavWRLD, Chill.rx, BlackDave, Sammy Arriaga and many more. Reveel will also be releasing early access membership NFTs for web3 creators interested in becoming early adopters.