Web3 Social Network OP3N Raises $28M at $100M Valuation

Web 3.0 artificial intelligence (AI)-driven social network OP3N (1) has just announced that it has closed a Series A investment round with a total amount of $28 million at a valuation of $100 million.

According to release (2), the newly raised funds will be put toward the continued development of its chat-based product, which will be given the name Superapp, as well as the expansion of its leadership team.

According to recent reports, the Superapp application is presently in the beta testing phase and has been evaluated by a variety of communities.

 

OP3N Funding Round

The goal of the Superapp is to smooth the transition from Web 2.0 to Web 3.0 by integrating blockchain and decentralized technologies into user interfaces that are compatible with Web 2.0.

According to Jaeson Ma, CO-CEO of OP3N, the Superapp application will have the ability to integrate audio, video, and mixed digital content into on-chain interactions.

This would allow users to have a “one-stop” experience with all of their on-chain activities.

According to Ma said, “I wanted to build a connection for creators, talks, and commerce all in one location. It’s like WhatsApp meets Amazon in Web 3.0 form, or WeChat meets Alibaba,” said one commentator.”

Animoca Brands was the driving force behind the funding round, attracting participation from Dragonfly Capital, SuperScrypt, Creative Artists Agency and New Enterprise Associates’ Connect Ventures, Republic Crypto, Avalanche’s Blizzard Fund, Galaxy Digital, and Warner Music Interactive, among other entities.

Among the list of additional investors are GSR Markets, The Spartan Group, BRV Capital Management, and NBA player Russell Westbrook.

Ma remarked on the investors, “They are all long-term participants and people who have chosen to stay and provide tactical synergies for us.  We’re here to build a service that I believe will, hopefully, become the decentralized version of Facebook, YouTube, Spotify, or WhatsApp for Web 3.0 in the next two years.”

 

OP3N and the Future Prospects of the Market

At the start of 2022, the Avalanche Foundation and OP3N made an announcement regarding a program that would provide $100 million to Web 3.0 developers who would construct projects on the Avalanche network. Because of this, OP3N has been successful in collaborating with important content creators to drive forward the development of Web 3.0 in the future.

OP3N was established in 2021 as a wholly-owned subsidiary of EST Media Holdings. Its mission is to enable artists to interact directly with their audience by providing unique token-gated access.

OP3N successfully completed its seed round of funding in 2021, raising a total of $10 million from backers like Goodwater Capital, Soma Capital, 500 Global, WhaleShark, Twitch co-founder Justin Kan, and The Sandbox co-founder and COO Sébastien Borget, to name just a few.

Because of this, the company has gained a great deal of knowledge that will allow it to build Web3 goods that are competitive.

In addition, there are hundreds of different blockchains that have deep liquidity that is working on producing Web3 products that are comparable for the same industry.

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