Hong Kong, Hong Kong, July 25, 2024, Chainwire
The 'Web3 Shopify (NYSE:) of social media' hits 30,000 users on-chain in two weeks after launching its first app
OpenSocial Protocol, a composable infrastructure layer for building social applications, today announced $6 million in strategic backing led by Framework Ventures and North Island Ventures, with participation from other investors including Hivemind Capital Partners, Stratos, Moonrock Capital, Chorus One, HV Capital, X Ventures, Gate Labs, Panga Capital, Aspen Digital; and super angels including Jordi Alexander (Selini Capital), Sreeram Kannan (EigenLayer), Luca Netz (Pudgy Penguins), Sandeep Nailwal (Polygon Labs), Yaoqi (Altlayer), Robinson Burkey (Wormhole Foundation), Gabby Dizon (YGG), Mik Naayem (Dapper Labs), Cygaar (Abstract), Regan Bozman (Lattice (OTC:) Capital), Muddy Water, and more.
Developed by Everest Ventures Group, a leading Web3 group in Asia focused on consumer applications, the OpenSocial protocol offers open-source, multi-chain social application infrastructure tools that enable users and communities to build decentralized social applications (dApps) without requiring coding experience. This is a vision that OpenSocial champions, as it helps lower the barriers to entry for users looking to build their own community application.
In addition to the $5M seed funding round and $15M in OpenSocial Protocol ecosystem funding previously raised, OpenSocial Protocol now has $26M in funding to support the development of the protocol. Previous investors include Portal Ventures, Animoca Brands, OKX Ventures, and well-known Web3 entrepreneurs include Smokey the Bera (Berachain), Jason Yano (Blockworks), Roham Gharegozlou (Dapper Labs), Brian Fabian Crain (Chorus One), Mike Dudas (6th Man Ventures), and more.
“We believe the OpenSocial team is well positioned to become a major player in the growing SocialFi movement in Asia,” he said. Vance Spencer, co-founder of Framework Ventures. “Their team is immensely talented and has prior experience scaling applications and onboarding millions of users. We are excited to partner with the team as they expand to support several new and promising applications.”
“We believe OpenSocial is building a sustainable social platform that can attract millions of new users to cryptocurrencies, and we are delighted to support Allen and his highly skilled team in this endeavor,” he said. Travis Scher, Co-Founder and CEO of North Island Ventures.
“Strategic backing accelerates OpenSocial's ability to deploy its infrastructure across all major chains and ecosystems, launch an easy-to-use platform where creators, moderators, and users can easily build communities, and develop new decentralized applications tailored to existing Web3 culture and communities. Our goal is to help power and launch 1,000 community applications by 2025,” he said. Allen Ng, co-founder of the OpenSocial protocol.
OpenSocial Protocol reaches 30,000 on-chain users in 2 weeks after launching its first app
OpenSocial Protocol aims to integrate thousands of applications by providing infrastructure and a customizable UI layer, ensuring true intellectual property and community relationships, and offering better-aligned financial and monetization incentives for communities and users. It is building the open-source infrastructure needed to enable the largest multi-chain community economy by solving three key challenges: user retention, spambot prevention, and user growth beyond the crypto-focused audience.
SoMon (short for Social Monster), a Reddit-like forum built to empower communities with true ownership, became the first app to launch on the OpenSocial Protocol on June 19 with over 30,000 active on-chain users, an average engagement time close to 20 minutes, and over 300,000 on-chain transactions excluding spam bots in just two weeks, solving one of the key challenges on any social media platform.
Another app launching on OpenSocial is Zeek, a social collaboration network that allows users to leverage the value of their community-building networks through on-chain social rewards mechanisms and reputation building. In June, Zeek completed its own $3 million fundraise.
OpenSocial: Enabling scalable, multi-chain social applications without coding expertise
The modular design of the OpenSocial Protocol with easy-to-deploy social tools in a multi-chain approach enables creators and communities to build applications quickly and cheaply. Functions are on- or off-chain and include feed, chat room, text/video/audio/posts, comments, reactions, voting, sharing, on-chain social graphs (data and social structure), tribes (user- and topic-based communities), megaphones (advertising engine), as well as add-ons (token issuance, DAO tools, staking, voting, rewards, matchmaking, mini-games).
By incorporating social functionalities into the core experience across different verticals, on-chain social networks help break down silos and enable greater connectivity and engagement across the ecosystem. “We believe social networks have the potential to be a major catalyst for mainstream consumer adoption. All creators and community builders should be owners and entrepreneurs.” Ng added.
EVG has also deployed 80 developers and developers to develop the infrastructure needed to integrate thousands of community applications with just a few clicks.
By actively working with early adopters to build thriving communities, redefine data sovereignty, and implement sustainable economic incentives, OpenSocial is paving the way for a future where anyone can cultivate meaningful yet sustainable social connections and true ownership of social data.
About the OpenSocial Protocol
OpenSocial Protocol (OpenSocial) is a multi-chain social infrastructure that enables creators to effortlessly build community applications. Leveraging its robust social graph and modular design, OpenSocial enables transparent promotion of content to specific user groups, ensuring fair distribution of value across all stakeholders. OpenSocial offers one of the best data, tooling, and financial layers, and its vision is to enable the largest multi-chain community economy.
The OpenSocial protocol is founded by Everest Ventures Group.
Website: www.opensocial.co
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Press contact: Gemma Lo / [email protected]
About Everest Ventures Group
Founded in 2018, Everest Ventures Group (EVG) is a Web3 operating group driving mass adoption of Web3 by building products with real-world use cases that are targeted to onboard the next million users.
Headquartered in Hong Kong with a global team of over 300 people, EVG has built and launched over 15 products across social (OpenSocial Protocol, SoMon, Zeek), gaming and culture (Mugen Interactive, Legend of Arcadia, Last Odyssey, LiveArt) and fintech (Aspen Digital) sectors.
As an early investor and lead advisor, EVG has contributed to over 10 unicorns and over 150 defining projects such as Celestia, Berachain, Wormhole, Dapper Labs (Flow), Animoca Brands, Immutable, The Sandbox, Yuga Labs, Kraken, Lukka, Dunamu, and Blocklords.
Website:
Twitter:
Disclosures: The information contained herein is accurate as of the date of publication and is subject to change. This is not investment advice and readers should not interpret the analysis of a particular organization as a recommendation to buy or sell, or a solicitation of an offer to buy or sell, any securities or digital assets related to that organization.
ContactPublic Relations ManagerKelvin YeoEverest Ventures Group[email protected]
This article was originally published on Chainwire
