Social Infrastructure OpenSocial Protocol receives $6 million strategic backing led by Framework Ventures and North Island Ventures to fuel community apps
Hong Kong, Hong Kong, July twenty fifth, 2024, Chainwire
The ‘Web3 Shopify of Social’ hits 30,000 on-chain customers in 2 weeks as the primary app goes reside.
OpenSocial Protocol, a composable infrastructure layer for constructing social functions, introduced at the moment a $6 million strategic backing led by Framework Ventures and North Island Ventures, with participation from different buyers together with Hivemind Capital Companions, Stratos, Moonrock Capital, Refrain One, HV Capital, X Ventures, Gate Labs, Panga Capital, Aspen Digital; and tremendous angels like Jordi Alexander (Selini Capital), Sreeram Kannan (EigenLayer), Luca Netz (Pudgy Penguins), Sandeep Nailwal (Polygon Labs), Yaoqi (Altlayer), Robinson Burkey (Wormhole Basis), Gabby Dizon (YGG), Mik Naayem (Dapper Labs), Cygaar (Summary), Regan Bozman (Lattice Capital), Muddy Water and extra.
Constructed by Everest Ventures Group, a number one Web3 working group in Asia centered on client functions, OpenSocial Protocol gives open-source, multichain social utility infrastructure instruments that allow customers and communities to construct social decentralized functions (dApps) with out coding expertise. This can be a imaginative and prescient that OpenSocial stands by because it helps to decrease the limitations of entry for customers who’re trying to create their very own community app.
Together with the $5 million seed funding spherical and $15 million in OpenSocial Protocol ecosystem funds raised beforehand, OpenSocial Protocol now has $26 million in funding to assist the protocol’s growth. Earlier buyers embody Portal Ventures, Animoca Manufacturers, OKX Ventures, and famend Web3 entrepreneurs embody Smokey the Bera (Berachain), Jason Yano (Blockworks), Roham Gharegozlou (Dapper Labs), Brian Fabian Crain (Refrain One), Mike Dudas (sixth Man Ventures) and extra.
“We think that the OpenSocial team is well positioned to become a major player in the growing SocialFi movement across Asia,” mentioned Framework Ventures Co-Founder Vance Spencer. “Their team is immensely talented and has prior experience scaling apps and onboarding millions of users. We’re excited to partner with the team as they expand to support several promising new apps.”
“We believe that OpenSocial is building a sustainable social platform that can bring millions of new users into crypto, and we’re thrilled to be supporting Allen and his highly capable team in this effort,” mentioned Travis Scher, Co-Founder and Managing Director of North Island Ventures.
“The strategic backing accelerates OpenSocial’s ability to deploy its infrastructure across all major chains and ecosystems, launch a user-friendly platform where creators, moderators, and users can easily build communities, and develop new dApps tailored for the existing Web3 culture and communities. We aim to help empower and launch 1,000 community apps by 2025,” mentioned Allen Ng, Co-Founding father of OpenSocial Protocol.
OpenSocial Protocol Hits 30,000 On-chain Customers in 2 Weeks because the First App Goes Dwell
OpenSocial Protocol goals to onboard 1000’s of apps by offering infrastructure and a customizable consumer interface layer, making certain true possession of mental property and community relationships, and providing better-aligned monetization and monetary incentives for communities and customers. It’s constructing the required open-source infrastructure to allow the biggest multichain community economic system by fixing three key challenges: consumer retention, spam bot prevention, and consumer development past the crypto-centric viewers.
SoMon (quick for Social Monster), a Reddit-like discussion board constructed to empower communities with true possession, turned the primary app to launch on OpenSocial Protocol on June 19 with over 30,000 on-chain energetic customers, a mean engagement time shut to 20 minutes and over 300,000 on-chain transactions, excluding spam bots, in simply two weeks, fixing one of many key challenges in any social media platform.
One other app that’s launching on OpenSocial is Zeek, a social collaboration community that enables customers to harness the worth of their community-building networks by way of on-chain social bounty mechanics and fame constructing. In June, Zeek accomplished its personal $3 million fundraise.
OpenSocial: Enabling Scalable, Multichain Social Apps With out Coding Expertise
OpenSocial Protocol’s modular design with easy-to-deploy social instruments on a multichain method permits creators and communities to compose apps shortly and economically. Options are both on-chain or off-chain and embody feed, chatroom, textual content/video/audio/posts, feedback, reactions, voting, share, on-chain social graphs (social information and construction), tribes (consumer and topic-based communities), megaphones (promoting engine), in addition to plug-ins (token issuance, DAO instruments, betting, voting, bounties, matching, mini-games).
“By embedding social functionalities into the core experience across different verticals, on-chain social helps break down silos and enables greater connectivity and engagement across the entire ecosystem. “We imagine social has the potential to be a significant catalyst for mainstream client adoption. Each creator and community builder must be homeowners and entrepreneurs,” Ng added.
EVG has also deployed 80 developers and builders to develop the infrastructure for onboarding thousands of community apps with just a few clicks.
By actively working with early adopters to integrate 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 social data ownership.
About OpenSocial Protocol
OpenSocial Protocol (OpenSocial) is a multichain Social infrastructure empowering creators to effortlessly build community apps. Leveraging its robust social graph and modular design, OpenSocial enables transparent content promotion to specific user groups, ensuring fair value distribution among all stakeholders. OpenSocial offers one of the best data, tooling, and financial layer, and its vision is to enable the largest multichain community economy.
OpenSocial Protocol is founded by Everest Ventures Group.
Media 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 use cases that are set to onboard the next million users.
Headquartered in Hong Kong with a global team of over 300 individuals, EVG has built and launched 15+ products across Social (OpenSocial Protocol, SoMon, Zeek), Gaming & Culture (Mugen Interactive, Legend of Arcadia, Last Odyssey, LiveArt) and FinTech (Aspen Digital).
As an early investor and lead advisor, EVG has contributed to 10+ unicorns and 150+ defining projects such as Celestia, Berachain, Wormhole, Dapper Labs (Flow), Animoca Brands, Immutable, The Sandbox, Yuga Labs, Kraken, Lukka, Dunamu and Blocklords.
Disclosures: 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 construe discussion of any particular organization as a recommendation to purchase or sell, or a solicitation of an offer to purchase or sell, any securities or digital assets related to such organization.
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Kelvin Yeo
Everest Ventures Group
[email protected]
