The decentralized SocialFi application Focus supported by Coinbase raised $75 million in one week. Focus is built on the decentralized social (DeSo) blockchain and integrates the advantages of well-known social platforms such as Onlyfans, Patreon, X, and others into one application, with native cryptocurrency monetization functionality without permission and anonymity. It is reported that users can use DESO, BTC, ETH and other currencies for booking and receive 90% FOCUS token rewards within a limited time.
In the coming years, we're poised to witness a profound shift in the social media landscape, a phenomenon I refer to here as "The Great Speculative Exodus." This movement, which was initially sparked by the crypto market's speculative appeal, will rapidly evolve into a mass migration towards Web3 social platforms like Farcaster and Lens. The driving force behind this shift isn't just the potential for financial gains but also the unique experiences these platforms offer, particularly through community-driven token incentives and the innovative use of memecoins.
Web3 privacy social pan-entertainment platform Funchat ecological token FUN has launched the second round of IDO on December 27
Web3 privacy social and entertainment platform Funchat has ended its first round of IDO activities. The second round of activities started on December 27th at 15:00 (UTC+8), and now has oversubscription of 3157, with an oversubscription ratio of 526%. The overall total for this FUN Launchpad is 300,000, with an exchange ratio of 1FUN = 0.2 USDT. It is reported that Funchat is a one-stop entertainment platform with instant, confidential, and secure features, committed to providing users with secure, convenient, and diversified social and digital asset management services. It has established community users in Singapore, Malaysia, Vietnam, Japan and other places.
A lot has happened since our last web3 social round up! While initially the weekly rhythm for this web3 social round up worked well, as there were a lot of things happening, there wasn't too much to report on during most of November. Then suddenly in December, a slew of news & announcements made the round. So I'm happy to pick this format up again. I'll keep it more of a monthly-recurring format for now though.Common GroundWeb3 Social: weekly round up #5Aaand we're back with our weekly summary of what's new in web3 social. A lot hasNov 12Without further ado here's the latest and greatest in web3 social.
Across the landscape, founders are adding offchain points programs to their applications, from Rainbow wallet giving users points for using Ethereum, to Friend.tech building its engagement loop around points, to NFT marketplace Blur’s new L2 Blast incentivizing users with Blast Points for bridging funds (over $800 million TVL since November). In some instances, these points allude to a future fungible token with real economic value; in other instances, users have made that leap of faith themselves. This trend comes amidst a broader search for product-market fit in crypto and ways to engage users in the middle of a bear market.
Last week I wrote an article a few weeks ago outlining what is Permissionless Identity and why it matters. This week I wanted to cover an example of a ecosystem/protocol/app that is the perfect example of Permissionless Identity and why it's better than most web2 counterparts.Let's get into it ☕️
Web3 social platform Seam Social completed a $2.5 million seed round financing, led by 1kx with participation from Seed Club, Sfermion, f7 Ventures, Social Graph Ventures, and others. The raised funds will be used to establish a market, attract developers to create new mini applications, launch mobile applications, and expand the team to create customizable and user-owned social media.
Social platform Seam has announced the completion of a $2.5 million seed round of financing, with 1kx leading the investment and Seed Club Ventures, Sfermion, F7 Ventures, Social Graph Ventures, and other angel investors participating. Seam allows users to code, design, and plan their ideal social spaces online. Seam Social co-founder Nick Confrey said: "By transforming the business model of social media from a common advertising model to a user-owned and generated market, we will inspire people to create more interesting and expressive experiences. Ultimately, users can redefine the internet, making Seam a customizable social network."
SocialFi protocol Stars Arena has announced a name change to "The Arena". The team will prepare for UI, product changes, and domain migration in the next few days. Before the official announcement, the official website is still starsarena[.]com and updates will be released when the domain is transferred.
Web3 social protocol Inspect has announced its support for the Avalanche ecosystem. Inspect has introduced a new dedicated collection ranking system for Avax NFTs, and its web application now provides a detailed view of the Avax-based NFT community. Inspect is prepared to continue expanding its partnerships and further exploring the depth of its dynamic ecosystem.