The newsletter seeks to bolster its DAO and NFT sales with the funding.
Entertainment and culture newsletter Dirt said Monday it raised $1.2 million in seed funding to build out its Web 3 infrastructure.
The round was led by crypto investment fund Collab + Currency, with contributions from Offline Adventures, Flamingo DAO, Spice Capital, Unicorn DAO and Matt Hackett.
Dirt sustains its media ecosystem through non-fungible token (NFT) sales, but its network of freelancers doesn’t solely cover crypto topics. Even so, Dirt aims to build a Web 3 community through NFTs, its DIRT governance token and DirtDAO, which will oversee access to exclusive content for token holders.
“Web3 creates additional pathways to fandom beyond just purchasing a subscription or a tote bag – it also turns media into a two-way street, where subscribers can make appropriate decisions about the direction of the publication,” said Dirt contributors in a blog post.
Journalists Kyle Chayka and Daisy Alioto co-founded Dirt last year, and in partnership with NFT platform Mirror, began selling content as NFTs. Dirt made $20,000 in NFT sales in its first full day, according to Axios writer Sara Fischer.
Dirt’s NFTs have generated four ETH in trading volume on OpenSea since September.