Mask Network has launched a $100 million fund within the Bonfire Union, supporting decentralized social networks and infrastructure, driving Web3 innovation, and contributing to Mastodon and Web3 education through a $10 million build initiative.
Mask Network (Mask), a pioneering force in decentralized social networks, has announced the launch of its second fund under the Bonfire Union venture, achieving a remarkable milestone of $100 million across two funds since its inception in 2022. This strategic move aims to fuel the growth and innovation of decentralized social networks and infrastructure.
Since its founding, Bonfire Union has welcomed over 120 projects to the Mask Network ecosystem, highlighting some of the most dynamic Web3 initiatives such as RSS3, Lens, and Scroll. Suji Yang, the founder of Mask Network, highlighted the organization’s commitment to supporting the decentralized social network community through a range of grants and donations. The creation of the new fund promises to extend support to an even wider range of initiatives.
Established in 2017, Mask Network’s vision is to create a seamless bridge from Web 2.0 to Web 3.0, facilitating the transition to decentralized applications that are easy to use and innovative. It has since evolved into a Web3 social conglomerate focused on decentralized social applications, developer tools, protocols, and creative content. It should be noted that Mask manages the largest collection of Mastodon instances, engaging over two million users. In a significant move, Mastodon received its largest single donation of $100,000 from Sujitech LLC, an affiliate of Mask Network, in November 2023.
Mask Network has also contributed to fostering Web3 innovation through its Web3 Social Ecosystem Grant, which has supported approximately 100 projects since 2021. In addition, the December 2023 launch of the Mask Network Academy, a non-profit organization dedicated to fostering Web3 research and storytelling at leading universities and journalism programs—marks another step in its commitment to the Web3 ecosystem.
In collaboration with its social aggregator app, Mask X -Firefly App (Firefly), Mask Network has launched a $10 million building initiative to accelerate the development of decentralized social protocols. This initiative aims to bring together innovators to contribute to a free and open internet. Musk’s acquisition of the team behind RARA, a social curation protocol for NFTs, in April 2023 further underscores his investment in the future of Web3.
Mask Network’s strategic investments and initiatives underscore its leadership in the decentralized social networking space, paving the way for a more accessible and innovative Web3 ecosystem.
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