Web3 technology-supported social media platforms offer a different alternative to traditional centralized platforms. The Hong Kong-based beoble is one of the pioneers of this trend. Most recently, it has completed a $7 million investment round from significant investors such as Hashkey, Samsung, DCG, DWF Ventures, Nomura Laser Digital, Cypher Capital, and Blockchain Founders Fund.
Successful Funding Round for Platform Development
The latest funding round represents a critical step for the platform’s development. The company will use these funds to launch beoble V2, which includes various features such as multi-chain integration, in-app social commerce functions, over-the-counter (OTC) trading capabilities, and business-to-business (B2B) integrations.
CEO and co-founder Sung Min Cho made the following statement regarding the investments that strengthen their vision to create a revolution in Web3 communication:
“Our latest fundraising round supports our vision to create a revolution in Web3 communication by enabling everyone to interact in a secure and authentic way. We aim to promote a connected world where every individual can interact and engage using a true Web3 method one day.”
Demand for Decentralized Social Media Alternatives Grows
The rapid growth beoble has achieved since its beta launch indicates an increasing demand for decentralized social media platforms. As of January 2024, with 354,000 monthly active users and 600,000 monthly active wallets, the platform has an impressive user base. This stage highlights the importance of decentralized social media alternatives in an environment where concerns about data privacy and user ownership are growing.
The Web3 platform beoble’s “SocialFi” focused approach is in line with a trend that tends to integrate DeFi elements into social media platforms. This approach offers users financial opportunities beyond traditional social media models. The company will launch its native token, BBL, on February 28, 2024. This token will be used for various purposes such as B2B payments, donations, social commerce, NFT OTC fees, and in-app advertising.
With these new features and its native token, beoble is expected to offer its users more opportunities. The platform’s future growth and impact could be a significant indicator of the rise of Web3-based social media platforms.
