Home / Companies / News /  NFT marketplace Hot Drops raises $2.4 million in seed funding

MUMBAI : NFT marketplace Hot Drops that allows mainstream and adult NFTs to safely coexist on the same platform on Wednesday announced the launch of their platform at NFT.LA, after procuring more than $2.4 million in seed funding, which was an oversubscribed round.

Hot Drops seeks to protect minors from accessing adult content.

“It is ahead of the curve on the enforcement of regulations being passed in several countries around the world, through uniquely age-verified accounts to purchase or view content and enforces an invite-only acceptance program for established creators. Hot Drops is shifting the paradigm of content being taken for free and rewarding loyal fans for purchasing content in a gamified experience," a statement issued by Hot Drops stated.

“The platform will also be implementing additional features in privacy, anti-piracy, authentication, community building, and flexible payment options of fiat and major cryptocurrencies to tap into historically unbanked regions, over the coming weeks," it added.

Later this year, Hot Drops will also be launching a two-sided marketplace to buy, sell, and rent creator content, monetizing brands, and enabling content creators to earn royalties on their content for the first time, even after they retire.

The first 12 creators on Hot Drops, called the Dirty Dozen, represent an aggregation of stars like Dani Daniels, Brandi Love, Cherie Deville, Alison Tyler, Elsa Jean, Lauren Phillips, Kenna James, Alex Coal, Reagan Foxx, Shyla Jennings, Joanna Angel, and Eva Lovia, with a combined social reach of more than 30 million followers.

Hot Drops’ Collector Access Pass is on sale now for $29.99 for a limited time and then the price will increase to $99.99. It allows purchasers early access to NFT drops, as well as a 10 percent discount on content for 1 year. The first collection of content creator drops will go on sale mid-April. Collections will then continue to drop each week from different creators on the Hot Drops platform.

Hot Drops is backed by a team of industry leaders including former content creator Ashley Youdan, who pivoted her career into computer science and entrepreneurship. Lead investors and advisors include Transform Ventures founder Michael Terpin who has worked with over 200 Blockchain PR clients and David Jensen, who founded and led EY's Global Innovation and Digital Business team through a period of exponential growth. Other advisors and investors have backgrounds from Playstation, Playboy, and Hollywood.

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