In the rapidly evolving Web3 landscape, Orb Technology has been at the forefront of driving innovation. The Lens-Protocol-based Web3 social app known as Orb, has recently raised $2.3 million in a pre-seed funding round. The funding came from several investors including Superscrypt, Founders, IncForesight Ventures, Aave Companies, Stani Kulechov, founder of Aave Companies and Lens Protocol, and Sandeep Nailwal, co-founder of Polygon according to the reports from Orb. This represented an equity round that commenced in March and concluded in May.
About Orb:
Orb is a Web3 social app that lays a strong focus on community engagement. There are two core features of this social app: chat and communities. The chat feature enables the users to connect with friends and peers encouraging real-time communications and collaboration. While the community feature empowers the users to be a part of groups with like-minded individuals. The Founder of Aave Company and Lens Protocol, Stani Kulechov, stated that Orb is the pioneer application in the Lens ecosystem to secure funding, setting a stage for other novel apps built on Web3 technologies. He claims Orb to have created a seamless user experience and stood at the forefront of innovation.
Orb initiated a side project in June 2022 during Graph Day in San Francisco and swiftly garnered the attention of the lens users. At the start, Orb was a Web3 professional network that was powered by on-chain credentials. However, in November 2022 the team decided to dedicate their full efforts to the project which eventually led to Ord’s emergence from closed beta in December 2022. Siren claims Orb to be one of the biggest users of ERC-6551 with tens of thousands of users. The project’s communities feature is built upon the ERC-6551 standard incorporating Token Brand Accounts that emperors every NFT to possess its own ERC-4337 smart contract wallet. This enables expanding digital asset ownership with its capability to hold additional NFTs and tokens.
The Growing Orb Communities
The platform claims to have received over 400 requests for new communities, with more than 5,000 users actively participating. The users have collectively generated over 15000 publications and garnered more than 150,000 reactions within the communities. According to Kimmo Siren, Lens Protocol enables the company to build communities with a unique sense of ownership with other Web3 developments such as token-bound accounts poised to enhance mobility and privacy.
Orb’s success in gathering $2.3 million is a testament to the immense potential of Web3. It is on a journey to redefine the way we connect, communicate, and collaborate in digital space. With additional capital in hand, Orb plans to expand its current team of less than 10 employees. Orb stated that it intends to hire more mobile developers and designers to create a user-friendly and visually appealing interface for the Web3 social app.
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.
