Quick take:
Web3 app developers use OpenSocial for managing intellectual property, community relationships, monetization and financial incentives.
The company plans to use the capital to expand its multichain tech offerings and increase ecosystem support for Web3 community apps.
Its infrastructure platform is designed to enhance user retention and user growth while mitigating bot activity.
OpenSocial a Web3 infrastructure platform helping app developers to build multi-chain economic communities has raised $6 million in a strategic round co-led by Framework Ventures and North Island Ventures.
The fundraising also attracted participation from Hivemind Capital Partners, Stratos, Moonrock Capital, Chorus One, HV Capital, X Ventures, Gat Labes, Panga Capital, and Aspen Digital, with Selini Capital’s Jordi Alexander, EigenLayer’s Sreeran Kannan, Pudgy Penguin’s Luca Netz and Polygon Labs’ Sandeep Nailwal joining as angel investors.
OpenSocial has now raised $26 million in total and plans to use the latest funding to expand its multichain tech offerings whilst increasing ecosystem support for Web3 community apps.
The company’s infrastructure platform allows developers to manage intellectual property, build community relationships, integrate monetization mechanisms and offer financial incentives to their communities.
Some of the tools and features that developers can leverage include a Data Availability Layer, Account Abstraction wallets, social graphs and prepaid gas credits, a statement on the OpenSocial website reads. These tools enable developers to focus on building quality apps, accelerating the launch process.
OpenSocial believes the walled garden approach to Web2 social media applications “lacks composability, interoperability across apps, true ownership, and incentives for communities, creators and users who provide the content, attention and value for these networks,” The Block reported.
“OpenSocial hopes to solve this by empowering creators and communities to fully own and realize the value of their social graphs and assets, presenting new avenues for monetization and ownership in the community economy,” the company shared.
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The post Framework Ventures and North Island Ventures Co-Lead $6M Round for OpenSocial appeared first on NFTgators .