Blockchain Press Releases
SocialFi Infrastructure OpenSocial Protocol Raises $5M to Fuel the Growth of SocialFi Super Apps, with $15M Ecosystem Fund Backed by EVG
The round was led by Portal Ventures, SNZ Capital and renowned angel investors, who all share the same vision that SocialFi is primed to become the largest consumer use case for mass adoption in Asia
HONG KONG, May 28, 2024 /PRNewswire/ — Today, OpenSocial Protocol (OpenSocial), a composable infrastructure layer for building social applications, announced the successful completion of a $5M seed funding round. OpenSocial is a multichain SocialFi infrastructure protocol empowering developers and creators to effortlessly build social dApps. Led by infrastructure investors Portal Ventures and SNZ Capital (early backers of Ethereum, Chainlink, Cosmos, Arbitrum, Polkadot and Dfinity), the round opened in December 2023 and closed in January 2024.
Other investors included Animoca Brands (HK), Awesome People Ventures (US), Arche Fund (Vietnam), Decima Fund (Japan), Moonrock Capital (EU), OKX Ventures, Orange DAO (US), Panony, Summer Ventures (HK); and renowned web3 entrepreneurs include Smokey the Bera, Brian Fabian Crain, Mike Dudas, Martin El-Khouri, Roham Gharegozlou, Don Ho, Mable Jiang, Adam Jin, Serge Kassardjian, and Jason Yano.
OpenSocial Protocol is founded by Everest Ventures Group (EVG), one of the largest web3 operating groups in Asia focused on consumer applications. They have 300 full-time builders with backgrounds from Alibaba, ByteDance, Tencent and NetEase and 2M+ users across its products. EVG is also an early supporter of Animoca Brands, the Sandbox and Dapper Labs.
EVG set aside a $15M ecosystem fund for developers to build on OpenSocial. EVG has also deployed 30 of its best in-house builders to develop OpenSocial. There are also 50 additional developers building dApps on top of OpenSocial, outside of EVG.
What is OpenSocial Protocol?
OpenSocial is an open-source social infrastructure layer to power native web3 social experiences. Founded in 2023, OpenSocial aims to empower thousands of community dApps with infrastructure and UI-layer composabilities, true ownership of intellectual property and relationship, and better-aligned monetisation and financial incentives.
The modular design with easy-to-deploy social tools on a multichain approach enables developers and creators to assemble dApps quickly and economically.
These modules can be 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 (an advertising engine), as well as plug-ins (token issuance, DAO tools, betting, voting, bounties, matching, mini-games).
“These modules and tools are designed to provide both an emotionally captivating and financially rewarding social experience covering accessibility, ownership and monetization opportunities to end users and communities,” noted Sean Tao, Co-Founder of OpenSocial Protocol.
Another unique web3 mechanism to be unveiled soon is the portability, self-ownership and self-sovereignty of identities and communities within different ecosystems and products.
Why social, why now?
Social has the potential to become the largest consumer use case for mass adoption of web3. The evolution of the internet’s use cases provide a precedent. Social was not a core use case in the first 6 years of the consumer internet (1997-2003) as marketplaces, portals, and games dominated but it emerged to social giants of today as a leading use case in the second phase of post dot.com bubble (2004-2010) as costs declined and adoption grew. SocialFi projects struggle to reach their full potential without the right technology and consumer readiness, similar to Social’s early path in web2. Asian social app adoption is an important factor in EVG’s decision to launch OpenSocial too.
“Importantly, Asia represents more than half of the world’s social media users, with nearly 3 billion people actively using social platforms every day. We think SocialFi’s ‘Axie moment’ will happen this cycle and likely take place in Asia. And the SocialFi trend in Asia will prove that social is a layer not media,” said Allen Ng, CEO of EVG and Co-Founder of OpenSocial Protocol.
“We are thrilled to have such powerful network effects from our very strategic investors. We come from a venture studio operation with backgrounds from Bytedance, Tencent, Alibaba that understand user preferences. OpenSocial’s design principles and dApps strategies are very different from the western-centric players, leveraging on our learning and advantages in Asia, we envision powering hundreds if not thousands of community dApps in 5 years,” said Tao.
dApps already available on OpenSocial
With the $15M ecosystem fund to empower the next-generation super apps, OpenSocial has already launched its first dApp SoMon (“Social Monster”), a truly decentralized topic-based forum owned by users and communities with degen mechanics and sustainable rewards.
There are various platforms and SocialFi use cases powered by OpenSocial that are soon to launch, including Zeek – a decentralized collaboration network for on-chain social bounty and reputation, backed by OKX Ventures and Animoca Brands.
OpenSocial’s investors are excited
“OpenSocial combines lessons from leading Asia consumer internet businesses like WeChat with a deep understanding of crypto native preferences. The team is building an infrastructure layer that will power an ecosystem of new, community-driven social experiences. Users demand novel financialized experiences – OpenSocial makes that possible,” said Evan Fisher, Founder & Managing Partner of Portal Ventures.
“In the last five years, EVG has grown from a start-up to one of the largest web3 consumer groups in Asia. OpenSocial is the flagship project of EVG and the team is building multiple dApps on top, which we believe could be the right product at the right time for the right team to deliver. SocialFi is a very challenging and competitive sector with huge potential, while OpenSocial along with SoMon, Zeek and others dApps, has a great chance to be the game changer,” Gavin Wang, CIO of SNZ Capital.
“We are proud to back OpenSocial in its endeavor to empower creators and developers to build social capital and innovate at the forefront of SocialFi. I am confident that OpenSocial will enable the first transformative steps in how we engage digitally, and look forward to incubating unique Japanese collaborations leveraging OpenSocial,” noted Ken Kitahara, Co-founder & General Partner of Decima Fund.
“OpenSocial is well-positioned to fill the social need with its modular, community-owned approach tailored for mobile-first markets like Vietnam. I believe that through OpenSocial’s infrastructure, we will see many innovative Vietnamese social applications emerge that strengthen real-world connections and celebrate local culture in new ways,” said Thanh Le, Founder of Ninety Eight.
About OpenSocial
OpenSocial Protocol (OpenSocial) is a multichain SocialFi infrastructure empowering developers and creators to effortlessly build social dApps. 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 the best data, tooling, and financial layer and its vision is to enable the largest multi-chain social economy.
OpenSocial Protocol is founded by Everest Ventures Group.
Website: www.opensocial.co
Twitter: https://twitter.com/OpenSocialLabs
About EVG
Headquartered in Hong Kong, Everest Ventures Group (EVG) is a web3 operating group driving mass adoption of web3. With a global team of 300, we have built and launched a diverse portfolio of products for the future of digital interaction across use cases, such as Aspen Digital, Mugen Interactive, Kiki, LiveArt, Blocktempo, Cassava Network, and Adverse. As an early investor and lead advisor we have contributed to unicorns, and 150+ defining projects such as Celestia, Wormhole, Berachain, 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/
MEDIA CONTACT:
Gemma
[email protected]
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Blockchain Press Releases
Sweat Your Way to Rewards: Live4Well Revolutionizes Wellness with Innovative “Exercise-to-Earn” Ecosystem
HONG KONG, Nov. 18, 2024 /PRNewswire/ — The past decade has witnessed a dramatic shift in consumer behavior, with online shopping becoming the norm, further accelerated by the pandemic. Reward programs have sprung up everywhere, incentivizing spending and fostering brand loyalty. The core of cashback is to encourage consumers to develop a habit of continuous shopping through rewards. This same logic is beginning to take root in the field of sports and health.
GYMetaverse, the innovative team behind the successful Live4Well Genesis NFT collection, is disrupting the rewards landscape with the launch of its upgraded VIV PASS program. This groundbreaking “move-to-earn” ecosystem incentivizes healthy habits, transforming sweat equity into tangible rewards. Live4Well envisions a positive feedback loop where exercise leads to better health, and better health leads to tangible benefits, realizing the concept of “health as wealth.”
Pioneering the “Fitness Mileage” Concept: Earn Rewards for an Active Lifestyle
This inclusive program is open to users worldwide with zero barriers to entry. In just minutes, users can download the Live4Well mobile app and register for free access to the VIV Pass ecosystem. Initially, Sweat Points, the program’s reward currency, can be earned through three primary avenues:
(1) Daily Exercise — Users accumulate points by tracking steps and calories burned, turning daily workouts into rewarding experiences.
(2) Competition Participation — Points are awarded for participating in designated sporting activities, simply by uploading proof of participation.
(3) Health & Fitness Spending — Users can upload receipts for eligible purchases in the designated sports and wellness categories to earn additional Sweat Points.
Live4Well makes the benefits of exercise immediately tangible, converting effort into visible rewards. Accumulated Sweat Points can be redeemed for a variety of prizes, including cash vouchers, fitness products, and exercise classes. The Live4Well app also empowers users to track their fitness data and participate in engaging challenges.
Creating a Global Sharing Economy: A triple win for Users, Businesses, and the Industry
Live4Well‘s vision extends beyond simply creating a health management platform. The “exercise-to-earn” concept fosters a mutually beneficial ecosystem:
(1) User Benefits — VIV PASS motivates individuals to adopt and maintain healthy exercise habits through a rewarding system.
(2) Business Advantages — The platform connects businesses with their target audience through community engagement and strategic partnerships, driving more effective product promotion.
(3) Industry Transformation — By creating a “move-to-earn” economy, Live4Well stimulates consumer spending, transforming calorie expenditure into a quantifiable reward unit. This innovative approach empowers businesses to generate revenue, expand operations, and seamlessly connect the virtual and physical worlds.
Since its inception, Live4Well‘s fitness alliance ecosystem has continued to expand. With ongoing optimization of its operational framework, the VIV PASS ecosystem provides easy access and a tiered membership system, fostering a comprehensive wellness mechanism which stimulates consumer engagement, and builds a thriving global sharing economy.
To learn more, please visit: https://www.live4well.io
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DUBAI, UAE, Nov. 15, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, opens up the November arena for the Bybit Crypto Titans trading competition. Available for users in select regions, a prize pool of 55,000 USDT will be available for a limited time only.
From now to Nov. 30, eligible traders can level up their trading strategies and amplify their winning chances by inviting friends to share two prize pools in two simple steps: register for the event at the Grand Arena, and invite friends and trade.
Battlefields: Once in the Arena, users can pick their battlefields. Up to 30,000 USDT are up for grabs in the Team Battlefield ranked by total trading volume, while another 15,000 USDT is reserved for traders in the Solo Battlefield competing by PnL(%).
More perks: Additionally, top traders and leaders will receive extra perks. Participants will receive a bonus 5 USDT for every new qualified referee, and the first 50 Team Leaders whose team exceeds a threshold amount in trading volume will be entitled to a 100 USDT bonus.
“As trading volumes overall are climbing, we are seeing so many talented traders in our community with a knack for navigating fast-moving markets. This event gives some of them an incentive to share their passion with their friends, and there is room for rewards for the solo trading pros to shine as well,” said Joan Han, Sales and Marketing Director of Bybit.
Market sentiment and activities have been trending up in recent weeks globally, and the enthusiasm is shared among users in niche markets. While traders rush to capture opportunities in a heated market, the Crypto Titans competition encourages users to bring out the best trading game and hone their trading skills for healthier returns.
Find out more about Bybit’s Crypto Titans: November Showdown, terms and conditions apply.
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit’s Communities and Social Media
Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube
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With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help finance journalists and consumers stay on top of the week’s most newsworthy and popular releases, here’s a recap of some major stories from the week that shouldn’t be missed.
The list below includes the headline (with a link to the full text) and an excerpt from each story. Click on the press release headlines to access accompanying multimedia assets that are available for download.
- Prosperity or catastrophe: #Insurance2040 study reveals four possible futures for the industry
By 2040, technological innovation driven by customer centricity could pave the way to greater climate resilience and more personalized offerings by the insurance industry. Alternatively, insurance could become a luxury afforded only to the wealthiest few. - Cardinal Health announces two strategic additions to its portfolio
Cardinal Health will acquire a majority stake in GI Alliance (GIA), the country’s leading gastroenterology (GI) management services organization (MSO), from a combination of GIA physician owners and funds managed by affiliates of Apollo. Cardinal Health will also acquire the Advanced Diabetes Supply Group (ADSG), one of the country’s leading diabetic medical supplies providers, for approximately $1.1 billion in cash. - BlackRock Launches New BUIDL Share Classes Across Multiple Blockchains to Expand Access and Potential of BUIDL Ecosystem
This initiative represents the next step in the evolution of the tokenization market, by enabling BUIDL to be used within leading blockchain-based financial products and infrastructure across ecosystems. - Primo Brands Corporation Announces Successful Completion of Merger of Primo Water and BlueTriton Brands
“I believe Primo Brands is positioned to be a leader in the healthy hydration beverage category, thanks to the strength of its iconic, sustainably-sourced brands, its robust operations and extensive North American network, and its responsible operation of numerous springs across the country,” said Dean Metropoulos, Non-Executive Chairman of the Board of Directors of Primo Brands. - Jackson Hewitt Tax Services Expands Workforce, Offering Job Opportunities Nationwide for Upcoming Tax Filing Season
The week-long event will launch the combined hiring of 18,000 employees to prepare for the upcoming tax filing season. The Jackson Hewitt hiring events are open to the public and include on-site interviews. Qualified candidates could receive a job offer immediately. - PNC Bank to Double Planned Branch Openings to More Than 200 Across Six States This announcement brings the bank’s total investment to approximately $1.5 billion to open more than 200 new branch locations in 12 cities across the U.S. over the next five years, while completing the renovations of 1,400 existing branches during the same time period.
- Alchemy Pay Expands Virtual Card Functionality with Google Pay Support The new card BINs added will significantly enhance the capabilities of crypto cards, expanding their support for a broader range of payment scenarios and improving transaction success rates. This advancement is particularly impactful when paired with Google Pay, one of the most popular and widely used digital payment platforms, trusted by millions for its convenience and security.
- Finaya Unveils Nationwide Homeownership Platform
From providing rich and current information about home values and property conditions, to finding helpful repair and remodeling providers, to shopping for and securing the right insurance, the platform simplifies the homeownership process, making it more accessible, convenient and efficient. - GenAI predicted to inspire revenue growth in 76% of businesses, but only 4% qualify as “leaders” in AI and analytics
Kearney’s report confirms that businesses are not only aware of how big data, AI, and analytics will impact revenue generation and enhance business strategies, but they are investing to stay ahead of the curve, too. - GameAbove Sports Acquires Meaningful Ownership Stake in Brisbane Bullets with NBA Legend George Gervin as Part of Ownership Team
This move marks a significant milestone for GameAbove Sports, a CapStone Holdings Inc. company, as it expands its influence on international basketball ahead of the Brisbane 2032 Olympics. - Most US shoppers are encountering generative AI while shopping without realizing it
A survey of 700 online shoppers in the US shows 71% are unaware of having used generative AI while shopping online even though most had recently shopped at retailers currently using it. 41% of customers say they would feel comfortable using a generative AI tool from a brand they trust.
For more news like this, check out all of the latest finance-related releases from PR Newswire.
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