Hot Drops Raises $2.4M in Seed Funding

Hot Drops

Hot Drops, a Los Angeles, CA-based provider of an adult NFT marketplace, raised $2.4M in Seed funding.

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.

The company intends to use the funds to accelerate growth, expand operations and its business reach.

Founded by Ashley Youdan, Hot Drops is an inclusive NFT marketplace enabling creators and fans to connect with next-gen experiences, exclusive, limited-edition digital collectibles, community, and loyalty rewards. Through collaborations with diverse influencers, artists, clothing brands, high fashion photographers, directors and more, Hot Drops aims to destigmatize, bridging the gap between what has previously been considered “mainstream” and “adult,” while bringing NFT collections of value and utility.

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.

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 powerhouse adult stars consisting of 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.