The Artist’s Journey
Emily Yang, better known in the crypto world as pplpleasr, has been a fixture of the NFT art scene since her vibrant digital works first went viral across the community. Her artwork has appeared on the cover of Fortune magazine, and she has cultivated a devoted following that extends well beyond the typical crypto-native audience. But Yang has always had ambitions that reach past individual art drops—she has wanted to reshape how creative projects get made and funded.
On December 8, 2022, Yang took a major step toward that vision. Her blockchain-based film platform, Shibuya, announced it had raised a $6.9 million funding round. The round was led by heavyweight venture firms a16z Crypto and Variant, and it attracted a roster of high-profile investors including Paris Hilton, Kevin Durant, Alibaba cofounder Joe Tsai, and Aave founder Stani Kulechov. The round values Shibuya at $50 million—a striking figure in the depths of the 2022 crypto bear market.
Yang describes Shibuya, which launched in February 2022, as a cross between Netflix and Kickstarter. The name itself references Tokyo’s iconic Shibuya crossing, a neon-soaked intersection that pulses with creative energy. For Yang, who grew up watching Pixar films like Wall-E, the platform is an opportunity to bring her passions for animation, storytelling, and blockchain technology together under one roof.
Collection Mechanics
Shibuya’s first major project is White Rabbit, an anime short film codirected by Yang and fellow visual artist Maciej Kuciara. The film is being released in episodic installments of three to five minutes each, with the third installment set to drop around the time of the funding announcement. The story follows a young heroine named Mirai as she navigates a futuristic world where computing advances have compromised the blockchain—and she must protect it.
The blockchain twist is central to the experience. While the film is free to watch, fans can purchase tokens that grant them voting rights over the story’s direction. Think of it as a Choose Your Own Adventure book, but powered by NFTs. Token holders can vote between two possible narrative paths at key junctures, effectively giving the community a direct hand in shaping the storyline. Those tokens also serve as collectible mementos of the viewing experience.
This model stands in stark contrast to traditional film financing, where a handful of studio executives greenlight projects and audiences have zero creative input. Yang has been vocal about her frustration with that system. “If I was to go about this traditionally, I’d need to get Hollywood contacts,” she told Fortune. “Now, I don’t need to wait for anyone to say yes.”
Utility & Perks
The utility of Shibuya’s tokens goes beyond simple governance. By holding tokens, fans become stakeholders in the creative process itself. This is a core thesis for Variant, one of the lead investors, which has backed numerous startups that give users and fans an ownership stake in the projects they support.
The broader ecosystem is beginning to embrace similar models. In the music world, platforms like Royal and artists like The Chainsmokers are using NFTs to sell songs directly to fans, offering perks such as backstage passes and even a stake in future royalties. Shibuya aims to extend this creator-first model to film and eventually other artistic mediums.
Ali Yahya, a partner at a16z Crypto, praised the approach: “Emily and Maciej are brilliant storytellers with an incredible track record of producing compelling content and fostering strong communities. Shibuya combines these elements into a platform that enables anyone to participate in driving the narrative.”
Secondary Market Action
With Bitcoin trading at around $17,233 and ETH hovering near $1,281 on December 8, 2022, the broader crypto market was in the grip of a brutal downturn following the collapse of FTX just weeks earlier. Solana, once a darling of the NFT ecosystem, had fallen to $13.69—down more than 95% from its all-time high. Total crypto market cap stood at roughly $840 billion.
Yet the artistic and creative corners of Web3 remained one of the few bright spots. While speculative NFT collections saw floor prices crater, projects with genuine creative ambition and real utility continued to attract both users and institutional capital. Shibuya’s $6.9 million raise at a $50 million valuation, in this environment, signals that investors see lasting value in creator-driven platforms that go beyond JPEG speculation.
The NFT market more broadly was undergoing a painful but necessary correction. Wash trading and speculative flipping were being flushed out, leaving room for projects like Shibuya that offered tangible participation rights and genuine artistic vision.
Final Verdict
Shibuya represents a compelling experiment in decentralized creative production. By combining anime-quality storytelling with token-gated audience participation, Yang and her team are building something that could genuinely disrupt how films get financed and distributed. The $6.9 million raise, led by tier-one investors in the worst market conditions in years, speaks volumes about the conviction behind the project.
That said, execution risk is substantial. Producing quality animation is expensive and time-consuming, and the platform’s success hinges on its ability to attract filmmakers beyond Yang’s own projects. The team has acknowledged this, noting plans to cautiously onboard other creators in 2023 while being mindful of quality. If Shibuya can navigate that transition successfully, it could become a blueprint for Web3 creative platforms across every artistic medium.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. NFT investments carry significant risk, including the potential for total loss. Always conduct your own research before making investment decisions.
pplpleasr getting a16z and Variant to lead a $6.9M round in december 2022 is wild. bear market funding for real builders
a16z and variant leading a round in dec 2022 when everyone else was fleeing crypto. they bought the dip on deal terms too
Noor A. a16z and variant leading a round in dec 2022 when everything was melting was a massive signal. most vcs were ghosting crypto entirely
web3_cinema_ a16z investing in Dec 2022 was pure contrarian capital deployment. everyone else was in full retreat and they got the deal terms to prove it
kevin durant and paris hilton as investors is peak 2022 vibes. $50M valuation for a netflix-kickstarter hybrid on chain tho
paris hilton and kevin durant investing in a web3 film platform in december 2022 is peak counter-signal. $50M valuation sounds rich until you realize netflix spends $17B on content annually
$50M valuation for a film platform is cheap. a24 raised at $2.5B. the question is whether NFT voting can actually produce good content
screen_maxi_ A24 comparison is wild. A24 has actual revenue and award winners. Shibuya had a whitepaper and pplpleasr clout
screen_maxi_ the A24 comparison is interesting but A24 has revenue. Shibuya at 50M needs to prove NFT voting actually leads to profitable film financing
screen_maxi_ A24 at 2.5B has multiple oscar winners. Shibuya at 50M had pplpleasr clout and a whitepaper. the valuation gap exists for a reason
festival_circuit_ a24 has oscar winners and 2.5B revenue. shibuya had a whitepaper and pplpleasr. the 50M gap exists because content creation is hard and nft voting doesnt fix that
paris hilton has been surprisingly early on crypto stuff. her NFT collection in 2021 was actually curated, not just a cash grab
paris hilton was actually early on nfts in 2021 before everyone jumped in. her collection was legitimately ahead of the curve
Kyrylo M KD and paris hilton arent the typical crypto tourist investors. KD has actual portfolio discipline and hilton has been in the space since 2021
stanford_drop_ the NFT voting model was the actual innovation. letting holders greenlight script direction is why community funded film actually works vs traditional VC film funding
50M valuation in Dec 2022 when most NFT projects were at zero revenue. pplpleaser actually shipped White Rabbit which is more than most founders did that year
White Rabbit actually shipped something tangible which is more than 99% of NFT-era projects can say. respect for building through the bear
netflix meets kickstarter for film financing is a legit use case. the NFT voting mechanism actually gives fans a say in production, not just a jpeg to hold
joe tsai investing in a web3 film platform is actually a smarter bet than most celebrity crypto plays. at least he understands media economics
wonder how many of these 2022 funded projects are still alive in 2026. most web3 creator platforms pivoted to AI or died
celluloid_rat_ most 2022 funded web3 projects either pivoted to AI or died quietly. Shibuya going silent after the bear market was the expected outcome not a surprise
pplpleasr raised 6.9M at 50M valuation in Dec 2022 when BTC was at 17K. Paris Hilton and KD as LPs is peak crossover. did anyone actually watch White Rabbit though
sohei_ nobody watched White Rabbit because the NFT voting mechanic was a solution looking for a problem. crowd-sourcing plot decisions from token holders just means the story goes wherever the biggest bag holder wants
sohei_ the white rabbit pilot actually had decent production value for a web3 project. the problem was zero distribution outside crypto native audiences
pplpleasr shipping white rabbit during the worst bear market in years is more than most funded founders managed. most just went ghost after their series A
Camille D. a16z and Variant co-leading at 50M valuation in Dec 2022 was peak bear market conviction. most VCs were ghosting founders back then