Quick take:
Neynar’s goal is to become the go-to inventory for developing any social protocol.
Most of the developers using its toolbox are currently building on Farcaster Protocol.
Frcaster’s open-source protocol basts over 378,000 users who own and control their data.
Neynar, a Web3 social toolbox for developers looking to build social media protocols has completed an $11 million Series A round led by Haun Ventures with participation from a16z’s CSX, Coinbase Ventures, and Union Square Ventures, Fortune reported.
According to Naynar, most developers that use its tools are currently building on Farcaster, a Web3 social media protocol with over 378,000 users.
This announcement comes when decentralised social media protocols are gaining popularity. Last week, Farcaster secured a $150 million fundraising, led by Paradigm with a16z and Haun also participating.
Web3 social media protocols allow users to own and control their data, addressing one of the biggest challenges facing traditional social networks.
Developers can the Farcaster protocol to build social applications without seeking permission from the network.
Despite the similarity in the markets that Neynar and Farcaster are targeting Breck Stodghill, a partner at Haun Ventures does not see investing in one as equivalent to investing in the other.
Although most of Neynar’s users are on Farcaster, the company simply chose that strategy because that is where most Web3 social developers currently are. “It doesn’t mean that they won’t expand to other protocols and infrastructure later on,” Stodghill told Fortune.
According to the announcement, one of the key main tools offered by Neynar includes an endpoint that shares immediate data about Farcaster such as the user’s profile information, casts, and follows. There is also a tool that secures the sending of data to the Farcaster protocol, by signing it in with private keys before pushing it to the network.
Describing to Fortune how Neynar works co-founder Rishav Mukherji compared his company to what cloud computing does for internet users, “[providing] a service for remotely storing files, applications, and data, eradicating the need for desktop computers to always be online and providing insurmountable memory.”
Mukherji also believes developers will be able to cut costs significantly given that Neyner essentially runs the hub for them, from $9 per month, compared to hundreds of dollars they would spend using Farcaster Protocol’s “storage units” called “hub”.
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The post Neynar Secures $11M Series A Round to Develop Tools for Web3 Social Networks appeared first on NFTgators .