Decentralized video platform Joystream has raised $5.85 million at a $60 million valuation from over 30 investors, including Digital Currency Group, Hypersphere, DefiAlliance, and D1 Ventures.

Image: Joystream
Image: Joystream

The Polkadot-based platform said in a blog announcement, it wants to expand a set of content monetization, with the ability to sell content as non-fungible tokens (NFTs) and to turn creators' channels into a token.

Joystream Founder Bedeho Mender says the proceeds will help the company with the mainnet launch scheduled for Q2, as well as "ramping up our DAO community growth initiatives and delivering key product features."

Read also: Decentralized Video Network Livepeer Raises $20M to Expand Web3

Once the mainnet goes live, Joystream wants to finalize a Polkadot parachain slot, airdropping at least 25% of the JOY token supply (over $15 million worth) for testnet contributors.

Joystream attempts to formalize a content platform that is governed and operated by its users. The foundation of the platform is the shared platform state, implemented on top of a blockchain consensus system which coordinates and provides incentives to all JOY token holders.