Founded in 2005, Wetpaint both published the website Wetpaint Entertainment, focused on entertainment news, and developed a proprietary technology platform, the Social Distribution System, that was used to provide analytics for its own website as well as other online publishers.

[2] Wetpaint closed a US$9.5 million 'B' round of funding in January 2007, adding Accel Partners to the list of investors.

[6] An additional 9 employees, including co-founders Kevin Flaherty and Alex Berg, were laid off in December.

[9] In December 2012, Wetpaint was acquired by Viggle,[10] an entertainment rewards platform, which was shortly renamed to its former name, Function(X).

[11] Wikifoundry ceased operations in June 2021, decommissioning the original Wetpaint wiki-farm after 15 years.