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
OpenSocial Protocol, a composable
infrastructure layer for building social applications, announced
today a $6 million 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 like 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
more.
Built by Everest Ventures Group,
a leading Web3 operating group in Asia focused on consumer
applications, OpenSocial Protocol provides open-source, multichain
social application infrastructure tools that enable users and
communities to build social decentralized applications (dApps)
without coding experience. This is a vision that OpenSocial stands
by as it helps to lower the barriers of entry for users who are
looking to create their own community app.
Along with the $5 million seed funding
round and $15 million in OpenSocial Protocol ecosystem funds raised
previously, OpenSocial Protocol now has $26 million in funding to
support the protocol’s development. Earlier investors include
Portal Ventures, Animoca Brands, OKX Ventures, and renowned 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 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. “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," said 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," said
Allen Ng, Co-Founder of OpenSocial
Protocol.
OpenSocial Protocol hits 30,000
onchain users in 2 weeks as the first app goes live
OpenSocial Protocol aims to onboard
thousands of apps by providing infrastructure and a customizable
user interface layer, ensuring true ownership of intellectual
property and community relationships, and offering better-aligned
monetization and financial incentives for communities and users. It
is building the necessary open-source infrastructure to enable the
largest multichain community economy by solving three key
challenges: user retention, spam bot prevention, and user growth
beyond the crypto-centric audience.
SoMon (short for Social
Monster), a Reddit-like forum built to empower communities with
true ownership, became the first app to launch on OpenSocial
Protocol on June 19 with over 30,000 onchain active users, an
average engagement time close to 20 minutes and over 300,000
onchain transactions, excluding spam bots, in just two weeks,
solving one of the key challenges in any social media platform.
Another app that is launching on
OpenSocial is Zeek, a social
collaboration network that allows users to harness the value of
their community-building networks through onchain social bounty
mechanics and reputation building. In June, Zeek completed its own
$3 million fundraise.
OpenSocial: Enabling scalable,
multichain social apps without coding experience
OpenSocial Protocol’s modular design
with easy-to-deploy social tools on a multichain approach enables
creators and communities to compose apps quickly and economically.
Features are either on-chain or off-chain and include feed,
chatroom, text/video/audio/posts, comments, reactions, voting,
share, on-chain social graphs (social data and structure), tribes
(user and topic-based communities), megaphones (advertising
engine), as well as plug-ins (token issuance, DAO tools, betting,
voting, bounties, matching, mini-games).
By embedding social functionalities
into the core experience across different verticals, onchain social
helps break down silos and enables greater connectivity and
engagement across the entire ecosystem. "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," 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.
Website: www.opensocial.co
Twitter: https://twitter.com/OpenSocialLabs
Media contact: Gemma Lo / gemma@opensocial.co
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.
Website: https://www.evg.co/
Twitter: https://twitter.com/EVGHQ/
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.
Contact
PR Manager
Kelvin
Yeo
Everest Ventures
Group
kelvin.yeo@evg.co