Soulbound unveiled its Web3 livestreaming platform today at TwitchCon 2024 in San Diego, California.
Soulbound went to the big event for streamers and creators to showcase how blockchain technology can transform the livestreaming experience for gamers, streamers, and developers.
Backed by investors including Animoca Brands, NGC Ventures, and Big Brain Holdings, Soulbound raised $4 million recently. It is introducing its decentralized technology platform to a global audience of gaming enthusiasts.
The platform aims to provide gamers and content creators with tools to connect, compete, and earn in a transparent and secure Web3 environment. Game studios can also benefit from access to an engaged Web3 gaming community, offering new ways to boost visibility and drive participation, the company said.
Soulbound’s Web3 livestreaming platform changes how content creators and gamers can interact with their audiences. Leveraging blockchain, Soulbound introduces features like stream-to-earn, a non-fungible token (NFT) sticker marketplace, and a prediction market, encouraging users to engage more deeply with the content while generating revenue.
These blockchain-powered mechanisms create transparent and automated interactions and allow streamers to monetize their activities fairly and efficiently, Soulbound said.
Through the platform’s bounty system, game developers can set up prize pools for streamers. Developers deposit funds into a smart contract, coming up with streaming challenges that incentivize participation. Bounty Hunters, or streamers, participate in these challenges over a set period, with rewards distributed based on audience size and time streamed. This transparent mechanism ensures that streamers are compensated proportionally, cultivating a fair and competitive environment.
With a unique prediction market feature viewers can place bets on games or individual players, which generates additional revenue for streamers. This option enhances viewer engagement while allowing streamers to boost their earnings in new, dynamic ways.
Founded in 2021 by A.I. Mansbridge and Casey Grooms, Soulbound is a SocialFi platform designed to help streamers monetize and grow their audiences.