July 31, 2024
Blockchain-based platform Jokerace has successfully raised $3 million in funding from Maven 11 Capital and a group of angel investors.
The fresh capital will fuel Jokerace's growth marketing efforts and development of a novel social finance primitive: on-chain contests.
Project | Latest Raise | Latest Raise Date | Stage | Total Raise | Lead Investor | Category |
|---|---|---|---|---|---|---|
Jokerace | $3M | Jul 31, 2024 | Seed | $3M | Maven 11 | Social |
Jokerace draws inspiration from the community-building power of past social platforms like AOL chat rooms, Tumblr, and Reddit. However, Jokerace argues that these platforms lacked the ability to monetize participation, build reputation, and seamlessly integrate with other services.
Introducing the "Contest" Primitive:
Jokerace leverages blockchain technology to introduce a new social finance primitive: the on-chain contest. These contests can encompass various formats – hackathons, grants, awards, debates, and even reality TV shows – allowing users to submit entries and vote on them.
The platform highlights several advantages of on-chain contests:
Monetization: Contest creators can earn revenue, while participants can gain rewards and reputation.
Verifiable Rewards: All rewards are programmed and verifiable on the blockchain, ensuring transparency.
Extensibility: The platform is open-source, allowing developers to build extensions and circuits (smart contracts) that enhance contest functionality and integrate with other services.
Social Graph Formation: Contest participation helps users build social connections with like-minded individuals.
Jokerace's Current Traction and Future Vision:
Jokerace is already live on over 90 blockchain networks and has been utilized by major players such as Polygon, Arbitrum, Ethereum, Eigenlayer, and BanklessHQ. The platform boasts thousands of dollars earned by creators through individual contests. Notably, Jokerace allows anyone to create a contest in under 30 seconds.
Looking ahead, Jokerace envisions a future where users seamlessly interact with blockchain technology within the contest framework. This vision includes features like:
Livestreaming and interactive chat functionality within contests.
Building entire businesses on the platform, ranging from hackathons to reality TV shows.
Utilizing AI agent collectives within the contest ecosystem.
The Jokerace Movement:
The company invites participation from both users and developers. Users can access the redesigned website to play in existing contests, such as voting on memes or submitting proposals for reality TV show funding. Developers can leverage Jokerace's open-source protocol to build extensions and circuits, expanding contest functionality and attracting users to their services.
Website: https://www.jokerace.io/
X Followers: 8,431
X Followers (30 days ago): 8,109
X Change: 322 (4%)
About Investor
Investor: Maven 11
Description: Crypto-native fund that partners with brave outliers. A pioneer investment firm focused exclusively on the blockchain and distributed ledger technology
Location: Amsterdam, Netherlands
Website: https://www.maven11.com/
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