Web3 Creators Have a New Platform for Minting Social Tokens

Social token platform Coinvise has raised $2.5 million in a seed-funding round led by Galaxy Digital HK and IDEO CoLab Ventures.

"The overarching goal of Coinvise," the firm wrote, "is to utilize social tokens as a means to incentivize better coordination within communities and enable creators to monetize their work without giving ownership to centralized platforms."

It's a vision in keeping with Web3's "ownership economy" thesis, where a platform's users also own it through a shared currency.

Coinvise joins other social token platforms such as Rally, Roll and Fyooz, but offers a suite of tools aimed at making it easy for creators to use their tokens for "rewards, airdrops, crowdfunding, gated access and [non-fungible tokens]," the firm wrote.

Read more: Social Token Platform Rally Raises $22M in RLY Sale on CoinList

The platform operates on both the Ethereum and Polygon networks.

Scalar Capital, A.Capital, DeFi Alliance, FreeCo, Global Coin Research, Perpetual Value, Morgan Beller and Block0 also joined the round. A laundry list of angel investors includes Jill Carlson, Jaynti Kanani, Alex Masmej and others.

"Coinvise is unlocking tremendous value for communities by streamlining the process around minting and exchanging social tokens as well as NFTs." said investor Volt Capital's Soona Amhaz. "We're excited to work with CEO Jenil [Thakker] as he leads the way in building out the new creator economy."