Mask Network is launching a $100 million fund from Bonfire Union to support decentralized social networks and infrastructure and drive Web3 innovation, and contributing to Mastodon and Web3 education through its $10 million Builders initiative.
Mask Network, a pioneer in decentralized social networking, has announced the launch of its second fund under its Bonfire Union venture, reaching the remarkable milestone of $100 million across both funds since its inception in 2022. Growth and innovation in decentralized social networks and infrastructure.
Since its founding, Bonfire Union has welcomed more than 120 projects to the Mask Network ecosystem, highlighting some of the most dynamic Web3 initiatives such as RSS3, Lens, and Scroll. Suji Yan, founder of Mask Network, emphasized the organization’s commitment to fostering a decentralized social network community through various grants and donations. The establishment of the new fund promises to expand support for a wider range of initiatives.
Founded in 2017, Mask Network’s vision was to create a seamless connection from Web 2.0 to Web 3.0, fostering the transition to user-friendly and innovative decentralized apps. It has since evolved into a Web3 social giant with a focus on decentralized social apps, developer tools, protocols, and creative content. In particular, Mask operates the largest collection of Mastodon instances, involving over 2 million users. Mastodon received its largest single donation of $100,000 in November 2023 from Sujitech LLC, an affiliate of Mask Network.
Mask Network has also played a key role in fostering Web3 innovation through its Web3 Social Ecosystem grants, which have supported nearly 100 projects since 2021. We also launched the Mask Network Academy (a non-profit dedicated to promoting Web3 research and storytelling) in December 2023. Top universities and journalism programs—another step toward our commitment to the Web3 ecosystem.
Mask Network has joined forces with social aggregator app Mask This initiative aims to bring together innovators to contribute to a free and open internet. Mask’s acquisition of the RARA team, a social curation protocol for NFTs, in April 2023 further highlights its investment in the future of Web3.
Mask Network’s strategic investments and initiatives highlight its leadership in the decentralized social network space, paving the way for a more accessible and innovative Web3 ecosystem.
Image source: Shutterstock