OpenSocial Protocol receives $6 million funding to support development of community apps.
From Investing.com
July 25, 2024 09:30 AM:
OpenSocial Protocol, known as the ‘Web3 Shopify of Social,’ has reached 30,000 onchain users within 2 weeks of launching its first app. The project received a $6 million strategic investment from Framework Ventures and North Island Ventures. The platform aims to lower entry barriers for users looking to create social decentralized applications.
Funded by Everest Ventures Group, OpenSocial Protocol has raised a total of $26 million to support its development. The platform is designed to enable users and communities to build social dApps without any coding experience. Prominent investors include Framework Ventures, North Island Ventures, and other established Web3 entrepreneurs.
OpenSocial Protocol is focused on creating a sustainable social platform that can onboard millions of users into the crypto space. The project plans to launch 1,000 community apps by 2025 by providing infrastructure for creators and offering customizable features for true community ownership and engagement.
The first app launched on the OpenSocial Protocol is SoMon, a Reddit-like forum with over 30,000 active users in just 2 weeks. Another upcoming app, Zeek, raised $3 million in funding and will focus on social collaboration through onchain mechanisms. OpenSocial is working to solve key challenges in social media platforms like user retention and growth beyond the crypto audience.
OpenSocial Protocol’s modular design and multichain approach allow quick and cost-effective app composition for creators and communities. The platform provides a wide range of on-chain and off-chain features like feed, chatroom, social graphs, tribes, and plug-ins to enhance user experiences and connectivity across different verticals.
The project also aims to redefine data sovereignty, establish sustainable economic incentives, and cultivate meaningful social connections through community apps. OpenSocial Protocol is actively engaging with early adopters to deploy infrastructure for thousands of community apps, promoting data ownership and user-centric experiences.
Everest Ventures Group, the parent company of OpenSocial Protocol, is a Web3 operating group that focuses on driving mass adoption by developing products with real use cases. With over 15 products launched across social, gaming, and fintech sectors, EVG aims to onboard the next million users to the Web3 ecosystem through innovative solutions and investments.
Read more at Investing.com: Social Infrastructure OpenSocial Protocol receives $6 million strategic backing led by Framework Ventures and North Island Ventures to fuel community apps