The OpenSocial Protocol, a cutting-edge infrastructure layer designed to foster the development of social decentralized applications (dApps), has recently secured a $6 million strategic backing spearheaded by Framework Ventures and North Island Ventures. With the support of numerous prominent investors, this significant funding round brings the total capital raised for the project to $26 million, emphasizing the robust confidence in OpenSocial’s potential to revolutionize the social Web3 landscape. Since its inception, OpenSocial Protocol has aimed to democratize app creation by enabling users to build community apps without any coding expertise, fostering innovation and inclusion. As the first app, SoMon, surpasses 30,000 onchain users in just two weeks, OpenSocial is poised to launch a multitude of novel social tools and applications, continuing to successfully break barriers and cultivate vibrant, engaged communities across various blockchain ecosystems. Have you ever wondered what it takes to create your own social application without extensive coding experience? The recent news about the OpenSocial Protocol receiving significant backing might hold the answers.
With $6 million in strategic funding led by Framework Ventures and North Island Ventures, OpenSocial is set to redefine the landscape of community-driven applications in the Web3 space. In this detailed and informative article, we will delve into the nuances of this development, the key players involved, and what this means for the future of social decentralized applications (dApps).
What is OpenSocial Protocol?
Understanding OpenSocial Protocol begins with grasping its mission. Built by Everest Ventures Group (EVG), OpenSocial offers a composable infrastructure layer designed to empower communities and users without requiring extensive technical skills. This protocol combines user-friendly tools with open-source technology to create versatile social dApps.
Key Features of OpenSocial Protocol
OpenSocial’s modular design offers a plethora of functionalities. These include:
- Feed: Users can stay updated with posts from their community.
- Chatroom: Facilitates real-time communication among users.
- Text/Audio/Video Posts: Enables various forms of content sharing.
- Comments and Reactions: Promotes engagement through feedback and interaction.
- Voting and Share Features: Empowers participatory governance and wide content distribution.
- On-Chain Social Graphs: Amplifies social data and structure.
- Tribes: Forms user and topic-based communities.
- Megaphones for Advertising: Integrates a specialized advertising engine.
- Plug-ins: Includes token issuance, DAO tools, mini-games, voting systems, and bounties.
The Rise of SoMon and Zeek
OpenSocial’s first dApp, SoMon (short for Social Monster), is akin to a Reddit-like forum but with a twist. Launched on June 19, it drew over 30,000 active users in just two weeks. This indicates a robust response and uptake, signaling OpenSocial’s potential to disrupt traditional social media models.
Zeek, another promising app on the platform, is a social collaboration network. Users can harness onchain social bounty mechanics and reputation-building. June saw Zeek’s completion of a $3 million fundraise, underscoring investor confidence.
Funding and Strategic Backing
OpenSocial Protocol’s journey has garnered substantial financial backing. The recent $6 million funding round is just the latest in a series of investments aimed at propelling the platform forward.
Leading Investors and Their Contributions
Framework Ventures and North Island Ventures led this $6 million strategic round, with additional investments from:
- Hivemind Capital Partners
- Stratos
- Moonrock Capital
- Chorus One
- HV Capital
- X Ventures
- Gate Labs
- Panga Capital
- Aspen Digital
Moreover, angel investors like Jordi Alexander (Selini Capital) and Sandeep Nailwal (Polygon Labs) have thrown their weight behind the project.
| Key Investors | Role |
|---|---|
| Framework Ventures | Lead Investor |
| North Island Ventures | Lead Investor |
| Hivemind Capital Partners | Additional Backer |
| Stratos | Additional Backer |
| Moonrock Capital | Additional Backer |
Previous Funding Rounds
This recent investment adds to the $5 million seed round and $15 million in ecosystem funds previously secured by OpenSocial. Notably, OpenSocial’s earlier supporters include Portal Ventures, Animoca Brands, and OKX Ventures.
Quotes from Key Stakeholders
“We think that the OpenSocial team is well positioned to become a major player in the growing SocialFi movement across Asia,” said Framework Ventures Co-Founder Vance Spencer.
“We believe that OpenSocial is building a sustainable social platform that can bring millions of new users into crypto,” added Travis Scher, Co-Founder and Managing Director of North Island Ventures.
OpenSocial’s Vision and Ambition
Allen Ng, Co-Founder of OpenSocial Protocol, has articulated a grand vision. The aim is to deploy infrastructure across all major chains and ecosystems. By 2025, OpenSocial aspires to launch 1,000 community apps, leveraging its user-friendly platform to empower creators, moderators, and users.
Key Objectives
To meet its ambitious goals, OpenSocial is focusing on:
- User Retention: Ensuring a sustainable user base through engaging experiences.
- Spam Bot Prevention: Implementing robust measures to maintain platform integrity.
- User Growth Beyond Crypto-Centric Audiences: Expanding the user base to non-crypto users.
Addressing Major Challenges
OpenSocial aims to solve three core challenges prevalent in existing social media platforms:
- Retention: By offering engaging and interactive features, OpenSocial seeks to increase user retention rates.
- Spam Prevention: Efficiently managing and excluding spam bots to maintain quality user interaction.
- User Growth: Attracting users beyond the crypto space to create a diverse and vibrant community.
The SoMon and Zeek Experience
The successful launch and rapid uptake of SoMon and Zeek highlight OpenSocial’s ability to meet its objectives.
SoMon’s Initial Success
With over 30,000 active users and 300,000 onchain transactions within two weeks, SoMon has demonstrated strong initial traction. The app’s focus on community ownership and engagement has clearly resonated with users.
Zeek’s Future Potential
Zeek’s innovative use of onchain social bounty mechanics and reputation-building positions it well for future growth. By facilitating meaningful social collaboration, Zeek adds substantial value to the OpenSocial ecosystem.
The Power of Modularity
One of OpenSocial Protocol’s greatest strengths is its modular design. This allows for easy and quick composition of apps, either on-chain or off-chain. Developers can select from an array of features tailored for different use cases.
Social Functionalities
By embedding social functionalities into the core experience, OpenSocial breaks down traditional silos. Features such as feed, chatroom, comments, reactions, voting, and sharing are seamlessly integrated, enhancing connectivity and engagement.
Plug-ins and Extensions
Additional tools like token issuance, DAO tools, mini-games, and bounties provide builders with an extensive toolkit. These plug-ins make the app-building process more flexible and customizable.
Empowering Creators and Communities
“We believe social has the potential to be a major catalyst for mainstream consumer adoption. Every creator and community builder should be owners and entrepreneurs,” stated Ng. This philosophy underpins OpenSocial’s approach.
Offering True Ownership
OpenSocial emphasizes true ownership of intellectual property and community relationships. This is crucial in empowering creators and ensuring they benefit from their efforts.
Better Aligned Incentives
By providing better-aligned monetization and financial incentives, OpenSocial fosters a more equitable environment. Communities and users can reap the rewards of their engagement and contributions.
EVG’s Role and Vision
Everest Ventures Group (EVG) plays a pivotal role in OpenSocial’s development. As a leading Web3 operating group in Asia, EVG focuses on consumer applications and has deployed 80 developers to advance the infrastructure required for onboarding thousands of community apps.
Driving Mass Adoption
Founded in 2018, EVG aims to drive mass adoption of Web3 technologies. This is achieved by building products with real use cases that can onboard the next million users.
Past Achievements
EVG’s track record includes the successful launch of over 15 products across various sectors, including gaming, fintech, and social media. Their involvement in OpenSocial is a testament to their commitment to innovation and scalability.
Looking Ahead: OpenSocial’s Future
The strategic backing and robust infrastructure position OpenSocial well for future success. With its goal of launching 1,000 community apps by 2025, OpenSocial aims to become a cornerstone of the Web3 social media landscape.
Scaling New Heights
By actively working with early adopters, OpenSocial is on track to integrate thriving communities and redefine data sovereignty. This approach ensures sustainable economic incentives and meaningful social connections.
Building the Largest Multichain Community Economy
With a vision to enable the largest multichain community economy, OpenSocial is setting a new standard. By solving key challenges and offering powerful tools, it is poised to make lasting impacts on how social applications are built and used.
About OpenSocial Protocol
OpenSocial Protocol (OpenSocial) is a multichain social infrastructure enabling creators to build community apps effortlessly. Leveraging a robust social graph and modular design, OpenSocial ensures fair value distribution and transparent content promotion.
Core Mission
The core mission is to empower creators with the best data, tooling, and financial layers. OpenSocial’s vision is ambitious—to foster the largest multichain community economy.
Key Contact Information
For more details:
- Website: www.opensocial.co
- Twitter: OpenSocialLabs
- Media Contact: Gemma Lo, gemma@opensocial.co
Concluding Thoughts
The $6 million strategic backing is more than just an influx of funds; it’s a vote of confidence. As OpenSocial Protocol continues to roll out innovative tools and applications, it is set to transform how we think about social interactions in the Web3 era. With the support of influential investors and a clear vision, OpenSocial is well on its way to making a significant impact on the landscape of community-driven applications.
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