NFT marketplace Hot Drops raises $2.4 million in seed funding

New Delhi: Hot Drops, an NFT marketplace, has launched its own platform NFT.LA after raising about $2.4 million in the seed funding round.

Hot Drops seeks to solve issues that have long plagued the entertainment industries, with the platform paving the way to be a leader in the protection of minors 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.


According to the statement, the platform will 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.

Hot Drops also aims to launch 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 retirement, later this year.

Hot Drops’ Collector Access Pass is currently offered for $29.99 for a limited time, which later on cost $99.99. It allows purchasers early access to NFT drops, as well as a 10 per cent discount on content for one 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 firms and David Jensen, who founded and led EY's Global Innovation and digital business team.