Investment firms Framework Ventures and North Island Ventures jointly fund a $6 million round for OpenSocial, a startup.
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OpenSocial, a Web3 infrastructure platform, has successfully secured $6 million in a strategic funding round, co-led by Framework Ventures and North Island Ventures. The company aims to revolutionize the social media landscape by addressing the issues of centralized control, lack of user ownership, and opaque monetization present in Web2 platforms.
OpenSocial's mission is to empower creators and communities through decentralization, token-based incentives, and open data protocols. This approach offers tools that enable users to own their content, earn cryptographically secured rewards, and manage identities across applications, thereby shifting power away from centralized platforms to individual creators and communities.
The platform is designed to enhance user retention and user growth while mitigating bot activity. It builds on the model of decentralized social graphs and protocols, similar to platforms like Lens Protocol, Farcaster, and CyberConnect, to provide a permanent on-chain home for users' social profiles and content, preventing arbitrary censorship or loss of data due to platform decisions.
OpenSocial also allows creators to monetize content directly via tokens and crypto rewards, implementing "earn-to-post" or "connect-to-earn" models that incentivize engagement transparently. The platform fosters interoperable identity and reputation systems that are portable across different dApps and social media apps, enhancing community-building outside centralized silos.
In terms of developer tools, OpenSocial offers open social graph APIs and protocols, SDKs and frameworks, composable on-chain and off-chain data integration, identity and profile smart contracts, and community management tools. These tools aim to accelerate the app launch process and allow developers to focus on building quality apps.
With the latest funding, OpenSocial plans to expand its multichain tech offerings and increase ecosystem support for Web3 community apps. Notable angel investors include Jordi Alexander from Selini Capital, Sreeran Kannan from EigenLayer, Luca Netz from Pudgy Penguin, and Sandeep Nailwal from Polygon Labs. Hivemind Capital Partners, Stratos, Moonrock Capital, Chorus One, HV Capital, X Ventures, Gat Labes, Panga Capital, and Aspen Digital also participated in the fundraising round.
OpenSocial's infrastructure platform helps developers manage intellectual property, build community relationships, integrate monetization mechanisms, and offer financial incentives. The company's new approach presents new avenues for monetization and ownership in the community economy. However, specific details about the features of its infrastructure platform or plans to mitigate bot activity were not provided in the sources.
OpenSocial has now raised a total of $26 million, marking a significant step towards its goal of empowering creators and communities to fully own and realize the value of their social graphs and assets. The company criticizes the walled garden approach of Web2 social media applications for lacking composability, interoperability, true ownership, and incentives for communities, creators, and users. By providing a decentralized, open, and incentivized social media infrastructure, OpenSocial aims to redefine the future of social networking in the Web3 era.
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