Port3 Network, the creator of a Web3 social data portal, is thrilled to announce closing a $3 million seed funding round under the guidance of KuCoin Ventures.
In Brief
Port3 Network is dedicating its efforts to creating a social data portal in the Web3 arena that specializes in social data acquisition, data aggregation, and developing a solid social data framework.
With Port3, users gain access to a versatile on-chain data Oracle that allows both Web2 and Web3 platforms to seamlessly incorporate and optimize their utilization of social data.
The capital raised will focus on expanding the platform's visibility in the market and growing its customer base.
Port3 Network proudly shared that it has completed a $3 million seed funding round, led by KuCoin Ventures, with an impressive list of stakeholders including Jump Crypto, SNZ, Block Infinity, Dragon Roark, ViaBTC, Cryptonite, Lapin Digital, Cogitent, and Momentum6.
The aim of Port3 Network is to establish a Web3 social data portal that prioritizes social data acquisition, aggregation, and the formulation of a robust social data layer. The platform incentivizes users to share their identities and data, offering rewards like exclusive whitelist airdrops, NFTs, and various crypto tokens from projects within its ecosystem.
The proprietary application, SoQuest, serves as a protocol that gathers and harmonizes both off-chain and on-chain data to create a social Data Layer essential for web3 community profiling and active engagement.
Through SoQuest, web3 projects are empowered to design tasks for users, which usually include actions like holding relevant NFTs, following their social media accounts, and joining their Discord groups. This serves as a means for Port3 to gather vital social data.
Utilizing a specialized algorithm, Port3 meticulously refines and organizes user data, categorizing profiles based on their preferences, worth, and authenticity to create a unique Soul Bound Token that acts as a social entry pass to the ecosystem. As users cultivate a reliable profile, they unlock access to increased value and various rewards.
Moreover, Port3 boasts a flexible on-chain data Oracle referred to as the Social Data Layer, customized for both web2 and web3 platforms to ensure the optimal use of social data.
The newly acquired funds will enable Port3 to bolster its presence in the market and expand its customer base, thereby enhancing the data aggregation capabilities the network offers. To date, Port3 has established partnerships with over 500 web3 teams enabling users to participate in web3 initiatives via SoQuest.
The Port3 team expressed their excitement regarding the successful conclusion of their $3 million fundraising initiative led by KuCoin Ventures. They believe this funding will significantly elevate their platform, allowing them to expand the team, introduce new features, and enhance scalability to accommodate more users, transactions, and data. press release .
In the past year, venture capital firms have shown increasing interest in investing in web3 social networks, platforms, and protocols. Recently, Plai Labs, a social platform innovating with web3 and generative AI, founded by previous executives from Jam City and Myspace, successfully raised $32 million in a seed funding round backed by a16z.
Similarly, the Web3 social platform DSCVR secured $9 million in a seed funding round led by Polychain Capital last July, while DeSo, recognized as the layer-1 blockchain that supports content-rich decentralized social applications, has successfully raised an impressive total of $200 million from multiple investors, including Sequoia, Andreessen Horowitz, and Coinbase.
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