Revel, which is building a socialised NFT marketplace that will enable users to create non-fungible tokens for their followers and communities, has raised a $7.8 million funding round led by Dragonfly Capital.

The startup plans to expand the product offerings in the visual AI, web3, and social spheres, according to a release.

The financing is led by Dragonfly with participation from USV, Sfermion, 6th Man Ventures, Gaingels, Wagmi Ventures, Alumni Ventures, Global Impact Ventures, Hansa Labs, Polygon and others.

Revel CEO, Adi Sideman described the platform as a cross between the social media platform, Instagram and investment trading platform Robinhood, “wrapped in social game economics.”

"That is a very powerful construct and opens the door for new value propositions, not only for creators, but for their followers, who now have a stake in the communities they participate in," Sideman said.

According to Sideman, the platform allows people to own editions of media they like and follow. Users can create NFTs for their users and communities, something to what Instagram does.

"The next crop of winning companies will be those who successfully bridged web2 users into web3. We are excited to work with Adi and his team to chart new frontiers in what media will look like when consumers own it directly,"  said Haseeb Qureshi, Managing Partner at Dragonfly.

Dragonfly is a top global crypto investment firm that partners with founders at all stages of crypto development, from seed to series D, to liquid tokens.