A decentralized social network protocol, Mask Network, is gearing up to launch its second fund through Bonfire Union, with a total investment of $100 million since its inception in 2022.
The venture arm aims to strategically invest in decentralized social networks and infrastructure, with over 120 projects, including RSS3, Lens, and Scroll, already part of the Mask Network ecosystem.
Suji Yan, the founder of Mask Network, stated, “Mask Network has been actively contributing to and supporting the decentralized social network community through a series of grants and donations, With the new fund, more initiatives can get our support.”
The company has evolved into a Web3 social conglomerate, backing projects and initiatives through grants and donations. Mask has launched three rounds of the Web3 Social Ecosystem Grant, supporting approximately 100 innovative Web3 projects.
Additionally, Mask Network established the non-profit Mask Network Academy, providing financial and technological support to leading universities and journalism programs for Web3 research.
Mask, in collaboration with its social aggregator app Firefly, initiated a $10 million builder initiative to expedite the development of decentralized social protocols.
Mask Network and Firefly are urging global participation in their $10 million Decentralized Social Initiative, aiming to construct a free and open Internet. They encourage innovators to contribute to the future of decentralized social networks.
The Mask Network’s substantial investments and initiatives underscore a commitment to fostering decentralized social networks, positioning it as a key player in shaping the future landscape of Web3.
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