- OpenSocial Protocol, a web3 community platform, has successfully raised $6 million in strategic capital.
- The financing was headed by Framework Ventures and North Island Ventures, with participation from Moonrock Capital, Hivemind Capital Partners, and Stratos.
- With this funding round, OpenSocial has raised a total of $26 million in funding.
Leading strategic investors Framework Ventures and North Island Ventures helped OpenSocial raise $6 million.
Other participants in the round include Hivemind Capital Partners, Stratos, Moonrock Capital, Chorus One, HV Capital, X Ventures, Gate Labs, Panga Capital, Aspen Digital, and angel investors like Jordi Alexander of Selini Capital, Sreeran Kannan of EigenLayer, Luca Netz of Pudgy Penguin, and Sandeep Nailwal of Polygon Labs.
With this round, OpenSocial has raised $26 million in total fundraising. It plans to use the money to expand its multichain technology and add greater ecosystem support for community apps built on web3.
OpenSocial Protocol incorporates features for web3 app monetization, community relations, intellectual property, and financial incentives. According to a press release from the startup, the platform builds the architecture for multi-chain community economies, giving priority to user growth and retention while reducing bot activity.
According to Allen Ng, the founder of OpenSocial, the walled garden model of Web2 social applications today lacks composability, interoperability between apps, true ownership, and incentives for communities, producers, and users that provide material, attention, and value to these networks. By giving creators and communities the ability to completely control and realize the value of their social graphs and assets, OpenSocial seeks to address this issue and provide new opportunities for ownership and monetization in the community economy.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
