As a seasoned journalist with a deep interest in the intersection of technology and social dynamics, I’ve been following the evolving landscape of Web3 and decentralized social networks with great curiosity. My professional background has given me a unique perspective on the potential of these platforms to transform how we build communities and interact online.
Hong Kong, Hong Kong, July 25th, 2024, Chainwire
The ‘Web3 Shopify of Social’ hits 30,000 onchain users in 2 weeks as the first app goes live
In a press release today, OpenSocial Protocol, the foundational layer for creating social applications with interoperability, disclosed a $6 million investment round led by Framework Ventures and North Island Ventures. Hivemind Capital Partners, Stratos, Moonrock Capital, Chorus One, HV Capital, X Ventures, Gate Labs, Panga Capital, Aspen Digital, 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 Capital), Muddy Water, and other prominent investors participated in the funding round.
OpenSocial Protocol, developed by Everest Ventures Group – a prominent Asian Web3 operating company specializing in consumer applications – offers open-source, multichain infrastructure for creating social decentralized apps (dApps). This empowers users and communities to develop such apps even without prior coding knowledge. OpenSocial’s mission is to make it easier for individuals to build their community apps.
OpenSocial Protocol has secured a total of $26 million in funding, with this amount coming from a recent $5 million seed round and previously raised $11 million through the OpenSocial Protocol ecosystem. Notable investors include Portal Ventures, Animoca Brands, OKX Ventures, as well as prominent Web3 entrepreneurs such as Smokey the Bera (Berachain), Jason Yano (Blockworks), Roham Gharegozlou (Dapper Labs), Brian Fabian Crain (Chorus One), and Mike Dudas (6th Man Ventures).
“According to Framework Ventures’ Co-Founder Vance Spencer, the OpenSocial team is poised to make a significant impact in Asia’s thriving SocialFi scene. With a highly skilled and experienced team that has a track record of growing apps and adding large user bases, the partnership between the team and Framework Ventures is eagerly anticipated as they prepare to launch several promising new applications.”
Travis Scher, Co-Founder and Managing Director of North Island Ventures, expressed his belief that OpenSocial is constructing a socially viable crypto platform capable of attracting millions of new users. He is delighted to back Allen and his competent team in this endeavor.
“With strong strategic support, OpenSocial can expedite the deployment of its infrastructure on leading platforms and ecosystems. This enables us to create a user-friendly environment where creators, moderators, and users can effortlessly establish communities. Our goal is to facilitate the development and launch of 1,000 community apps by 2025, empowering individuals in the Web3 culture and communities,” Allen Ng, Co-Founder of OpenSocial Protocol, explained.
OpenSocial Protocol hits 30,000 onchain users in 2 weeks as the first app goes live
The OpenSocial Protocol strives to bring on board thousands of applications by offering foundational technology and a adaptable interface, ensuring full control over intellectual property and community connections, while also facilitating more aligned monetization and rewards for communities and users. By addressing three crucial hurdles – retaining users, preventing spam bots, and expanding beyond the crypto-focused user base – OpenSocial Protocol is working to establish the foundations for the largest decentralized economy on multiple blockchains.
SoMon, a forum modeled after Reddit, was the initial app to debut on OpenSocial Protocol on June 19 with approximately 30,000 active users interacting on-chain. The average engagement duration was around 20 minutes, and over 300,000 transactions occurred, excluding bot activity, within a two-week timeframe. This innovative platform effectively addressed a significant hurdle faced by social media applications.
As an analyst, I’d describe Zeek, a new social collaboration network launching on OpenSocial, as a platform where users can leverage their community-building networks through innovative on-chain social bounty mechanisms and reputation systems. In the past month, we successfully raised $3 million in funding for this project.
OpenSocial: Enabling scalable, multichain social apps without coding experience
The OpenSocial Protocol offers a flexible design for deploying social features in a modular way across multiple blockchains. Creators and communities can easily build applications using on-chain or off-chain components. Key functionalities include feeds, chatrooms, posts with text, video, audio, comments, reactions, voting, sharing, social graphs, user and topic-based communities, advertising engines, and various plugins such as token issuance, DAO tools, betting, voting bounties, matching, and mini-games.
To integrate social features deeply into various sectors, on-chain social strives to eliminate barriers and foster stronger connections and interaction within the entire network. We hold that social can significantly fuel mainstream acceptance. Each content creator and community architect should function as proprietors and innovators. (Ng expressed this belief.)
EVG has assigned 80 developers and builders to create the necessary infrastructure, enabling the seamless onboarding of thousands of community applications with minimal effort.
Through collaborating closely with pioneering users to establish flourishing networks, reframe the concept of data autonomy, and institute long-term financial rewards, OpenSocial is charting a course toward a time when individuals can build significant and enduring social relationships as well as retain true control over their data.
About OpenSocial Protocol
OpenSocial Protocol (OpenSocial) serves as a comprehensive social infrastructure for developers to easily create community applications across multiple chains. Its strong social graph and modular construction allow for targeted content promotion to defined user segments, maintaining equitable value distribution among all parties involved. OpenSocial boasts superior data, tools, and financial support systems, and its ultimate goal is to foster the largest multichain economy for communities.
OpenSocial Protocol is founded by Everest Ventures Group.
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Media contact: Gemma Lo / gemma@opensocial.co
About Everest Ventures Group
Established in 2018, Everest Ventures Group (EVG) functions as a Web3 pioneering consortium, dedicated to fostering widespread acceptance of Web3 technology. Through developing practical applications, EVG aims to bring on board the next significant cohort of one million users.
Based in Hong Kong and boasting a team of over 300 members spread across the globe, EVG has successfully developed and introduced more than 15 products. These products span various sectors including Social Media (OpenSocial Protocol, SoMon, Zeek), Gaming & Culture (Mugen Interactive, Legend of Arcadia, Last Odyssey, LiveArt), and FinTech (Aspen Digital).
As a pioneering investor and strategic guide, EVG has played a pivotal role in the success of over ten unicorns and 150 groundbreaking initiatives. Some of these projects include Celestia, Berachain, Wormhole, Dapper Labs (Flow), Animoca Brands, Immutable, The Sandbox, Yuga Labs, Kraken, Lukka, and Dunamu, among others.
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Based on my extensive experience in the financial industry and having closely followed market trends for several years, I want to emphasize that the information provided here is accurate as of the date of publication but is subject to change. Please keep in mind that this is not investment advice from me, and readers should not interpret any discussion of a specific organization as a suggestion to buy or sell, or an invitation to make an offer to buy or sell, any securities or digital assets linked to such organization.
Contact
PR Manager
Kelvin Yeo
Everest Ventures Group
kelvin.yeo@evg.co
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2024-07-25 16:53