03-25-2022 icon

Joystream Earmarks $5.85 Million for Video Site Creation

By Lucy Adegbe

Polkadot-based blockchain video creator site, Joystream has realized the sum of 5.85 million US dollars for its online site creation endeavour. 

Unlike the content expert, YouTube, the brand seeks to implement crypto technology in empowering individual content creators.

The video platform which runs on a decentralized pattern is focused on enabling artists to sell out their videos in the form of NFTs and modify their channels as tokens. 

The mapped-out pattern for this project depicts an unregulated Youtube channel, as explained by Robert Neckelius, the platform’s marketing officer head. Users would be allowed key access to the channel’s evolution and governance. 

Videos on these platforms would displace NFTs and can be minted on the blockchain for each creator to have its channel token. 

Bedeho Mender,  the Chief head of the platform further stated:

“Giving the stakeholders the tools required to decide, fund and direct the operation and evolution of the system is a much more durable approach and one which is going to make it much more attractive for developers to build applications on top of Joystream.”

Bender highlighted that they initially began this buildup in 2015 with the Bit Torrent system base. However, there was a shift to the video creation channel in 2018.

Currently, there are preparations towards launching in the second or third quarter of the year with individual DAO to enable a marketplace for content creators to sell their NFT converted videos in tokens.