In a move to fix the limitations presented by centralized social platforms, OP3N has raised $28 million to create a platform. The funding came from Animoca Brands, Superscrypt, Dragonfly Capital, Republic Crypto, Warner Music, Connect Ventures, and others.
This series A round now increases the company’s valuation to about $100 million.
Over the years, centralized social platforms have grown to be some people’s worst nightmare due to privacy violations and lax security protocols. Decentralized messaging is the new face of freedom because it gives power back to the people.
Calling the investors strategic partners for the long haul, the co-CEO Jaeson Ma stated that the team was putting together a decentralized WhatsApp and other social media platforms for Web3.
He further revealed that their Whatsapp-like product, titled Superapp, was born out of the need for blockchain enthusiasts to access Web3 experiences through Web2 interfaces. With the interfaces, creators will share NFT experiences with followers across various pricing points.
In addition, just like Amazon, the app will also serve as an e-commerce platform and merge creators, chats, and commerce.
Superapp promises to incorporate various features, such as video, audio, and multimedia sharing, during chats. It will create crypto wallets for users after registering via email.
OP3N, a subsidiary of EST Media Holdings, was founded in 2021 by Jaeson Ma and Eric Tu. Its vision is to incorporate all facets of NFTs, including production, minting, and community building.
Projects from OP3N’s portfolio include partnerships with AMBUSH and Now United Music. The partnership with Now United Music has been made possible by OP3N’s commitment and vision to bridging the gap between Web2 and Web3 and delivering unparalleled musical experiences to fans.