Hong Kong, Hong Kong, July 25th, 2024, Chainwire
The first app launched as part of this initiative has already reached an impressive milestone of 30,000 on-chain users within just two weeks.
OpenSocial Protocol OpenSocial, a platform providing a flexible infrastructure for social applications, announced today that it has attracted $6 million in strategic funding, spearheaded by Framework Ventures and North Island Ventures. This round also saw participation from several other notable investors such as Hivemind Capital Partners, Stratos, Moonrock Capital, Chorus One, HV Capital, X Ventures, Gate Labs, Panga Capital, Aspen Digital, alongside prominent individual investors like Jordi Alexander (Selini Capital) and Sreeram Kannan (EigenLayer), to name a few.
Built by Everest Ventures Group Positioned as a leading Web3 operating group in Asia, the OpenSocial Protocol offers developers open-source tools to easily construct multichain social decentralized applications (dApps), making it accessible even for those without coding knowledge. This aligns with OpenSocial’s mission to make it easier for users eager to start their own community applications.
With recent funding including a $5 million seed round and an additional $15 million for the ecosystem, OpenSocial Protocol now boasts a total of $26 million aimed at bolstering its framework. Initial backers also included Portal Ventures, Animoca Brands, and OKX Ventures, along with well-known Web3 figures like Smokey the Bera (Berachain) and Roham Gharegozlou (Dapper Labs).
Framework Ventures’ co-founder, Vance Spencer, expressed optimism about OpenSocial’s potential, stating, \”The OpenSocial team is uniquely positioned to become a key entity in the expanding SocialFi space in Asia. Their talent and experience in scaling applications and attracting millions of users is truly a strength. We are keen to collaborate with them as they introduce new and innovative apps.\”
North Island Ventures’ co-founder and managing director, Travis Scher, remarked, \”We’re confident that OpenSocial is crafting a sustainable social platform that will onboard millions of new users to the crypto ecosystem. It is exciting for us to support Allen and his capable team on this journey.\”
Allen Ng, co-founder of OpenSocial Protocol, noted, \”This strategic investment boosts our capacity to roll out our infrastructure across major blockchains, enabling the launch of an intuitive platform where creators, moderators, and users can collaborate in community building. Our goal is ambitious: aim to empower and launch 1,000 community-driven applications by 2025.\”
OpenSocial Protocol achieves 30,000 on-chain users just two weeks following its pilot app launch.
By providing the necessary infrastructure and an adaptable user interface, OpenSocial Protocol seeks to onboard a multitude of applications that guarantee genuine ownership of intellectual property and community ties, alongside properly structured financial incentives for both communities and users. The goal is to develop a significant open-source platform capable of resolving critical issues such as user retention, mitigating spam bots, and broadening user bases beyond the usual crypto enthusiasts.
SoMon The inaugural app under the OpenSocial label, known as Social Monster, is a Reddit-style forum designed to empower communities with genuine ownership. Officially launched on June 19, it quickly amassed over 30,000 on-chain active users, witnessing an impressive average engagement of nearly 20 minutes per user and over 300,000 on-chain transactions—excluding bots—within merely two weeks. This achievement addresses one of the primary challenges associated with social media platforms.
Another exciting application set to launch on OpenSocial is Zeek, a social collaboration network that encourages users to derive value from their community-building initiatives through on-chain social bounty systems and reputation enhancement. In June, Zeek wrapped up a successful $3 million fundraising campaign. Zeek OpenSocial: Facilitating scalable, multichain social applications without any coding experience required.
The modular framework of OpenSocial Protocol, emphasizing a multichain approach with easily deployable social tools, allows creators and communities to assemble their applications promptly and affordably. Its features, whether on-chain or off-chain, encompass a variety of functions, including feeds, chatrooms, text/video/audio/post sharing, commenting, reactions, voting, and social graphs, in addition to tribes (user and topic-centered communities) and megaphones (advertising platforms), along with various plugins offering token issuance and DAO tools.
By integrating social features into the core experience across different sectors, on-chain social functions work to dismantle silos, fostering enhanced interconnectedness and user engagement across the domain. As Ng emphasized, \”We firmly believe that social elements can significantly drive mainstream consumer adoption. Every creator and community builder should be an active owner and entrepreneur.\”
EVG has mobilized 80 developers and builders to enhance the infrastructure, making it straightforward to onboard thousands of community applications with merely a few clicks.
Through ongoing collaboration with early adopters to foster vibrant communities, redefine data sovereignty, and create sustainable economic incentives, OpenSocial is crafting a tomorrow where anyone can nurture meaningful and enduring social connections and retain true ownership of their social data.
OpenSocial Protocol (OpenSocial) represents a multichain social infrastructure, empowering creators to seamlessly craft community applications. Utilizing a strong social graph and a modular framework, OpenSocial guarantees transparent content promotion to specific user sections, ensuring fair value allocation among every stakeholder involved. OpenSocial is also recognized for its advanced data analytics, helpful tools, and a robust financial ecosystem, aiming to build the largest multichain community economy.
About OpenSocial Protocol
OpenSocial Protocol was established by Everest Ventures Group.
Founded in 2018, Everest Ventures Group (EVG) is dedicated to advancing Web3 adoption by creating practical products designed to engage the next million users.
Website: www.opensocial.co
Twitter: https://twitter.com/OpenSocialLabs
Media contact: Gemma Lo /
About Everest Ventures Group
With its headquarters in Hong Kong and a diverse team of over 300 professionals globally, EVG boasts a portfolio of over 15 products across social media (OpenSocial Protocol, SoMon, Zeek), gaming, culture (Mugen Interactive, Legend of Arcadia, Last Odyssey, LiveArt), and fintech (Aspen Digital).
As an early-stage investor and primary advisor, EVG has played a pivotal role in over 10 unicorns and 150+ significant ventures, including high-profile names like Celestia, Berachain, Wormhole, Dapper Labs (Flow), Animoca Brands, Immutable, The Sandbox, Yuga Labs, Kraken, Lukka, Dunamu, and Blocklords.
Disclosures: The information provided here is current as of the publication date and may change. This should not be interpreted as investment advice, nor should any mention of a particular organization be misconstrued as a call to buy or sell securities or digital assets tied to that entity.
Website: https://www.evg.co/
Twitter: https://twitter.com/EVGHQ/
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