Social Infrastructure OpenSocial Protocol receives $6 million strategic backing led by Framework Ventures and North Island Ventures to fuel community apps

Hong
Kong,
Hong
Kong,
July
25th,
2024,
Chainwire

The
‘Web3
Shopify
of
Social’
hits
30,000
onchain
users
in
2
weeks
as
the
first
app
goes
live

OpenSocial
Protocol,
a
composable
infrastructure
layer
for
building
social
applications,
announced
today
a
$6
million
strategic
backing
led
by
Framework
Ventures
and
North
Island
Ventures,
with
participation
from
other
investors
including
Hivemind
Capital
Partners,
Stratos,
Moonrock
Capital,
Chorus
One,
HV
Capital,
X
Ventures,
Gate
Labs,
Panga
Capital,
Aspen
Digital;
and
super
angels
like
Jordi
Alexander
(Selini
Capital),
Sreeram
Kannan
(EigenLayer),
Luca
Netz
(Pudgy
Penguins),
Sandeep
Nailwal
(Polygon
Labs),
Yaoqi
(Altlayer),
Robinson
Burkey
(Wormhole
Foundation),
Gabby
Dizon
(YGG),
Mik
Naayem
(Dapper
Labs),
Cygaar
(Abstract),
Regan
Bozman
(Lattice
Capital),
Muddy
Water
and
more. 

Built
by

Everest
Ventures
Group,
a
leading
Web3
operating
group
in
Asia
focused
on
consumer
applications,
OpenSocial
Protocol
provides
open-source,
multichain
social
application
infrastructure
tools
that
enable
users
and
communities
to
build
social
decentralized
applications
(dApps)
without
coding
experience.
This
is
a
vision
that
OpenSocial
stands
by
as
it
helps
to
lower
the
barriers
of
entry
for
users
who
are
looking
to
create
their
own
community
app. 

Along
with
the
$5
million
seed
funding
round
and
$15
million
in
OpenSocial
Protocol
ecosystem
funds
raised
previously,
OpenSocial
Protocol
now
has
$26
million
in
funding
to
support
the
protocol’s
development.
Earlier
investors
include
Portal
Ventures,
Animoca
Brands,
OKX
Ventures,
and
renowned
Web3
entrepreneurs
include
Smokey
the
Bera
(Berachain),
Jason
Yano
(Blockworks),
Roham
Gharegozlou
(Dapper
Labs),
Brian
Fabian
Crain
(Chorus
One),
Mike
Dudas
(6th
Man
Ventures)
and
more. 

“We
think
that
the
OpenSocial
team
is
well
positioned
to
become
a
major
player
in
the
growing
SocialFi
movement
across
Asia,”
said

Framework
Ventures
Co-Founder
Vance
Spencer.
“Their
team
is
immensely
talented
and
has
prior
experience
scaling
apps
and
onboarding
millions
of
users.
We’re
excited
to
partner
with
the
team
as
they
expand
to
support
several
promising
new
apps.”

“We
believe
that
OpenSocial
is
building
a
sustainable
social
platform
that
can
bring
millions
of
new
users
into
crypto,
and
we’re
thrilled
to
be
supporting
Allen
and
his
highly
capable
team
in
this
effort,”
said

Travis
Scher,
Co-Founder
and
Managing
Director
of
North
Island
Ventures.

“The
strategic
backing
accelerates
OpenSocial’s
ability
to
deploy
its
infrastructure
across
all
major
chains
and
ecosystems,
launch
a
user-friendly
platform
where
creators,
moderators,
and
users
can
easily
build
communities,
and
develop
new
dApps
tailored
for
the
existing
Web3
culture
and
communities.
We
aim
to
help
empower
and
launch
1,000
community
apps
by
2025,”
said

Allen
Ng,
Co-Founder
of
OpenSocial
Protocol.

OpenSocial
Protocol
hits
30,000
onchain
users
in
2
weeks
as
the
first
app
goes
live

OpenSocial
Protocol
aims
to
onboard
thousands
of
apps
by
providing
infrastructure
and
a
customizable
user
interface
layer,
ensuring
true
ownership
of
intellectual
property
and
community
relationships,
and
offering
better-aligned
monetization
and
financial
incentives
for
communities
and
users.
It
is
building
the
necessary
open-source
infrastructure
to
enable
the
largest
multichain
community
economy
by
solving
three
key
challenges:
user
retention,
spam
bot
prevention,
and
user
growth
beyond
the
crypto-centric
audience.

SoMon
(short
for
Social
Monster),
a
Reddit-like
forum
built
to
empower
communities
with
true
ownership,
became
the
first
app
to
launch
on
OpenSocial
Protocol
on
June
19
with
over
30,000
onchain
active
users,
an
average
engagement
time
close
to
20
minutes
and
over
300,000
onchain
transactions,
excluding
spam
bots,
in
just
two
weeks,
solving
one
of
the
key
challenges
in
any
social
media
platform.

Another
app
that
is
launching
on
OpenSocial
is

Zeek,
a
social
collaboration
network
that
allows
users
to
harness
the
value
of
their
community-building
networks
through
onchain
social
bounty
mechanics
and
reputation
building.
In
June,
Zeek
completed
its
own
$3
million
fundraise. 

OpenSocial:
Enabling
scalable,
multichain
social
apps
without
coding
experience

OpenSocial
Protocol’s
modular
design
with
easy-to-deploy
social
tools
on
a
multichain
approach
enables
creators
and
communities
to
compose
apps
quickly
and
economically.
Features
are
either
on-chain
or
off-chain
and
include
feed,
chatroom,
text/video/audio/posts,
comments,
reactions,
voting,
share,
on-chain
social
graphs
(social
data
and
structure),
tribes
(user
and
topic-based
communities),
megaphones
(advertising
engine),
as
well
as
plug-ins
(token
issuance,
DAO
tools,
betting,
voting,
bounties,
matching,
mini-games).

By
embedding
social
functionalities
into
the
core
experience
across
different
verticals,
onchain
social
helps
break
down
silos
and
enables
greater
connectivity
and
engagement
across
the
entire
ecosystem. “We
believe
social
has
the
potential
to
be
a
major
catalyst
for
mainstream
consumer
adoption.
Every
creator
and
community
builder
should
be
owners
and
entrepreneurs,”

Ng
added.

EVG
has
also
deployed
80
developers
and
builders
to
develop
the
infrastructure
for
onboarding
thousands
of
community
apps
with
just
a
few
clicks. 

By
actively
working
with
early
adopters
to
integrate
thriving
communities,
redefine
data
sovereignty,
and
implement
sustainable
economic
incentives,
OpenSocial
is
paving
the
way
for
a
future
where
anyone
can
cultivate
meaningful
yet
sustainable
social
connections
and
true
social
data
ownership.

About
OpenSocial
Protocol

OpenSocial
Protocol
(OpenSocial)
is
a
multichain
Social
infrastructure
empowering
creators
to
effortlessly
build
community
apps.
Leveraging
its
robust
social
graph
and
modular
design,
OpenSocial
enables
transparent
content
promotion
to
specific
user
groups,
ensuring
fair
value
distribution
among
all
stakeholders.
OpenSocial
offers
one
of
the
best
data,
tooling,
and
financial
layer,
and
its
vision
is
to
enable
the
largest
multichain
community
economy. 

OpenSocial
Protocol
is
founded
by
Everest
Ventures
Group.

Website:

www.opensocial.co 

Twitter:

https://twitter.com/OpenSocialLabs

Media
contact:
Gemma
Lo
/

[email protected] 

About
Everest
Ventures
Group

Founded
in
2018,
Everest
Ventures
Group
(EVG)
is
a
Web3
operating
group
driving
mass
adoption
of
Web3
by
building
products
with
real
use
cases
that
are
set
to
onboard
the
next
million
users.

Headquartered
in
Hong
Kong
with
a
global
team
of
over
300
individuals,
EVG
has
built
and
launched
15+
products
across
Social
(OpenSocial
Protocol,
SoMon,
Zeek),
Gaming
&
Culture
(Mugen
Interactive,
Legend
of
Arcadia,
Last
Odyssey,
LiveArt)
and
FinTech
(Aspen
Digital). 

As
an
early
investor
and
lead
advisor,
EVG
has
contributed
to
10+
unicorns
and
150+
defining
projects
such
as
Celestia,
Berachain,
Wormhole,
Dapper
Labs
(Flow),
Animoca
Brands,
Immutable,
The
Sandbox,
Yuga
Labs,
Kraken,
Lukka,
Dunamu
and
Blocklords.

Website:

https://www.evg.co/

Twitter:

https://twitter.com/EVGHQ/ 

Disclosures:
Information
contained
herein
is
accurate
as
of
the
date
of
publication
and
is
subject
to
change.
This
is
not
investment
advice
and
readers
should
not
construe
discussion
of
any
particular
organization
as
a
recommendation
to
purchase
or
sell,
or
a
solicitation
of
an
offer
to
purchase
or
sell,
any
securities
or
digital
assets
related
to
such
organization.

Contact

PR
Manager
Kelvin
Yeo
Everest
Ventures
Group
[email protected]