Social Infrastructure Open Social Protocol Receives $6 Million in Strategic Funding to Fuel Community Applications Led by Framework Ventures and North Island Ventures

Hong Kong, Hong Kong, July 25, 2024, Chainwire

When the first app went live, ‘Web3 Shopify of Social' reached 30,000 onchain users within 2 weeks.

OpenSocial Protocol, an infrastructure platform for building social applications, today received $6 million in strategic funding led by Framework Ventures and North Island Ventures, along with other investors Hivemind Capital Partners, Stratos, Moonrock Capital, Chorus One, HV Capital, X Ventures, Gate Labs, Panga Capital, Aspen Digital; And greats like Jordi Alexander (Cellini Capital), Serram Kanan (EigenLayer), Luca Netz (Pudgy Penguin), Sandeep Nilwal (Polygon Labs), Yaoki (AltLayer), Robinson Berkey (Wormhole Foundation), Gaby Dizon (YGG), Mick Angels. Naaim (Dapper Labs), Cigar (Abstract), Regan Bozeman (Lattice Capital), Moody Waters and others.

Developed 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 the vision that OpenSocial stands for as it helps lower the barriers to entry for users who want to create their own community apps.

Along with previously raised $5 million in seed funding and $15 million in OpenSocial Protocol ecosystem funding, OpenSocial Protocol now has $26 million in funding to support the development of the protocol. Early investors include Portal Ventures, Animoka Brands, OKX Ventures and prominent Web3 entrepreneurs Smokey the Bera (Berachain), Jason Yano (Blockworks), Roham Garegozlo (Dapper Labs), Brian Fabian Crain (Chorus One), Mike Dudas (6th Man). . Venture) and others.

“We think the OpenSocial team is well-positioned to be a major player in the growing social-fi movement across Asia,” said Framework Ventures Co-Founder Vance Spencer. “Their team is extremely talented and has experience scaling apps and onboarding millions of users. We are excited to partner with the team as it expands to support several promising new apps.”

“We believe OpenSocial is building a sustainable social platform that will introduce millions of new users to crypto, and we're excited to support Alan and his highly talented team in this effort,” said Co-Founder and Managing Director Travis Scheer. North Island Ventures.

“Strategic support accelerates OpenSocial's ability to deploy its infrastructure across all major chains and ecosystems, launching a user-friendly platform where creators, moderators and users can easily build communities and develop dApps tailored to existing Web3 culture and communities. “We aim to encourage and launch 1,000 community applications by 2025,” said Alan Ng, co-founder of OpenSocial Protocol.

The OpenSocial Protocol reached 30,000 onchain users in 2 weeks when the first app went live.

The OpenSocial Protocol aims to onboard thousands of apps by providing infrastructure and a customizable user interface, ensuring true ownership of intellectual property and community interactions, and providing better-aligned monetization and financial incentives to society and users. It is building the open source infrastructure necessary to enable the largest multi-chain community economy by addressing three key challenges: user retention, spam bot prevention, and user growth beyond a crypto-centric audience.

Somon (short for Social Monster), a Reddit-like forum designed to foster communities with real ownership, became the first app to launch on the OpenSocial Protocol on June 19 with more than 30,000 active onchain users, with an average engagement time of 20 minutes or more. 300,000 onchain transactions, excluding spam bots, in two weeks, solving one of the key challenges in any social media platform.

Another app launching on OpenSocial is Zik, a social collaboration network that allows users to leverage the value of community building networks through onchain social bounty mechanics and reputation building. In June, Zack completed his own $3 million fundraising round.

OpenSocial: Enabling scalable, multi-chain social applications without coding experience

OpenSocial Protocol's modular design enables developers and communities to write applications quickly and economically with a multi-chain approach for easy deployment across social devices. Features include on-chain and off-chain feeds, chat rooms, text/video/audio/posts, comments, replies, voting, sharing, on-chain social graphs (social data and structure), tribes (user and topic-based communities). , megaphones (ad engine), as well as plugins (tokenization, DAO tools, betting, voting, bonuses, matching, mini-games).

By incorporating social functions into the core experience across multiple verticals, onchain can break down social silos and enable greater connectivity and engagement across the ecosystem. “We believe social has the potential to be a major enabler of consumer adoption. Every creator and community builder should be owners and entrepreneurs,” he added.

EVG has deployed 80 developers and builders to develop the infrastructure to power thousands of community applications in just a few clicks.

By proactively 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 everyone can develop meaningful yet sustainable social connections and true ownership of social data.

About the OpenSocial protocol

OpenSocial Protocol (OpenSocial) is a multi-chain social infrastructure that empowers developers to effortlessly build community applications. Using its robust social graph and modular design, OpenSocial enables transparent content promotion to specific user groups, ensuring a fair distribution of value among all stakeholders. OpenSocial provides one of the best data, tool and financial layers and its vision is to enable the largest multi-chain community economy.

OpenSocial Protocol was founded by Everest Ventures Group.

About Everest Ventures Group

In the year Founded in 2018, Everest Ventures Group (EVG) is the Web3 operating group for mass Web3 adoption, building products with real-world usability and targeting the next million users.

Headquartered in Hong Kong with a global team of over 300 individuals, EVG has built and launched 15+ products in 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+ projects such as Celestia, Berachain, Wormhole, Dapper Labs (Flow), Animoka Brands, Immutable, The Sandbox, Yuga Labs, Kraken, Lukka, Dunamu. and Blocklords.

Disclaimers: The information contained herein is correct as of the date of publication and is subject to change. This is not investment advice and readers should not construe any discussion of any company as a recommendation or solicitation to buy or sell any securities or digital assets associated with that company.

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Public Relations Manager Kelvin Yoeverest Ventures Group[email protected]