Recrd Raises £3.1M to Let Creators Monetise Instantly on a Web3-Native Video Platform
July 11, 2024
Recrd, a UK-based social media company, has raised £3.1 million from the Sui Foundation and business angels to develop a video-sharing platform built around immediate, frictionless creator monetisation. The company's core proposition is that creators on its platform can begin earning from their content from the moment they publish it, without needing to first build a large following, navigate advertiser approval processes, or wait for monthly payment cycles — structural barriers that have made monetisation on dominant platforms like YouTube and TikTok inaccessible to the vast majority of creators who produce content but do not have audiences in the hundreds of thousands.
The creator economy has grown enormously, but its economic benefits have remained highly concentrated. Platforms that depend on advertising revenue — which is tied to audience scale — create winner-takes-most dynamics in which a small number of large creators capture the overwhelming majority of monetisation, while the long tail of smaller creators produce content for effectively nothing. This creates a structural problem for platforms trying to grow their content libraries and for creators who invest time in producing quality content without a realistic path to being compensated for it.
Recrd addresses this by using blockchain-based payment infrastructure to enable micropayments and direct creator-to-audience value exchange that bypasses the advertising model entirely. The Sui Foundation's backing is significant in this context: Sui is a Layer 1 blockchain designed for high-throughput, low-latency transactions, making it suitable as the settlement layer for the kind of high-volume, small-value payments that a creator platform requires. Creators on Recrd can receive direct payments from their audience — tips, access fees for premium content, or participation-based rewards — immediately, with settlement on-chain, removing the intermediary delay and minimum threshold requirements that characterise traditional platform monetisation.
The funding will be used to develop the platform's core video and social features, build the payment infrastructure, and attract an initial cohort of creators for whom instant monetisation provides a genuine competitive advantage over existing platforms.
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