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REPORT: SocialFi projects receiving the highest funding in 2023

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The advent of Web3 social media platforms has brought about a radical transformation in online interaction. These platforms prioritize privacy, security, and data ownership. By creating decentralized, user-centric networks, they aim to address the challenges associated with traditional social media, such as centralized control, privacy concerns, and limited opportunities for content creators to monetize their work.

One remarkable example in the Web3 realm is friend.tech, a social tokenization protocol that has gained substantial attention and revenue. This platform allows X (formerly known as Twitter) personalities to issue shares on its app, providing access to an exclusive group chat. So far, it has generated fees exceeding $1.04 million.

This socialFi dapp has become a standout success in the crypto space, generating substantial revenue in just a few months. Its remarkable achievements can be attributed to the implementation of Base, a cutting-edge layer-2 network developed by Coinbase. This adoption has not only increased daily trading volume but also solidified the platform’s position as an industry leader.

Web3 social media platforms have revolutionized the online landscape, introducing groundbreaking features like decentralized governance, data ownership, and incentivized user engagement through token-based rewards. By creating a more democratic, secure, and censorship-resistant environment, these platforms have empowered both users and content creators.

The industry’s exceptional performance has garnered recognition from Binance, who recently compiled a list of the top fundraisers in 2023. This acknowledgement further emphasizes the significant attention and support received from venture capitalists.

Q1 2023

During the first quarter, several projects successfully secured significant funding. PLAI Labs, backed by $32 million in Seed funding, envisions a future where AI and Web3 technology transform social platforms. Meanwhile, OP3N, which received $28 million in Series A funding, strives to become a comprehensive super app specifically designed for NFTs. 

Towns, which raised $25.5 million in Series A funding, focuses on developing an encrypted group chat platform that empowers better gathering spaces. 

In a similar vein, Easy, securing $14.2 million through Seed funding, introduces a social wallet that offers real-time feeds from friends and communities. Lastly, Sending.Network, with a funding of $12.5 million through Seed funding, strives to establish itself as a high-performance and open Web3 communications protocol.

Q2 2023

In Q2, Story Protocol emerged as the top fundraiser, securing an impressive $29.3 million. This Web3 project aims to revolutionize the creation, governance, and licensing of intellectual property on the blockchain.

Following closely behind is Lens Protocol, which raised $15 million in its seed round. It stands out as one of the leading decentralized social graph protocols that can be integrated into other social media platforms.

The next three highest fundraisers are Cheelee, with $10 million in seed funding. Cheelee is a short video platform that incentivizes users for watching content. 

RSS3 also secured $10 million, and it functions as an open information layer that organizes data for social, search, and AI purposes. Lastly, May.Social received $6 million and offers an immersive, AI-driven social app that supports Web3 and NFTs.

Q3 2023

In the third quarter, Story Protocol managed to secure an outstanding $25 million in Series A funding, positioning itself as the undeniable leader. 

On the other hand, ZTX, a 3D open world platform for creating, trading digital assets, and engaging in social interaction, received a respectable amount of $13 million in Seed funding, making them a promising contender.

Among the other recipients of funding, Bluesky, renowned for developing the AT network, successfully acquired $8 million in investment. Meanwhile, Mythic Protocol, an entertainment firm specializing in game and media platform development, managed to secure $7 million, showcasing their potential for growth. 

Lastly, Passage, a social network tailored specifically for gamers, received $6 million, indicating its appeal within the gaming community.

Read also; L1 and L2 projects that attracted the most funding in 2023?

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