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Musk Network, a decentralized social network protocol, is preparing to launch its second fund through Bonfire Union, with total investments of $100 million since its inception in 2022.
The venture arm aims to invest strategically in decentralized social networks and infrastructure, and has over 120 projects already part of the Mask Network ecosystem, including RSS3, Lens, and Scroll. Masu.
“Mask Network has actively contributed to and supported the decentralized social network community through a series of grants and donations,” said Susie Yang, founder of Mask Network. initiatives can benefit from our support.”
The company has evolved into the Web3 social conglomerate, which supports projects and initiatives through grants and donations. Musk has launched three rounds of Web3 Social Ecosystem Grants, supporting approximately 100 innovative Web3 projects.
Additionally, Mask Network has established the nonprofit Mask Network Academy, which provides financial and technical support to leading universities and journalism programs for Web3 research.
Musk has teamed up with social aggregator app Firefly to launch a $10 million Builders Initiative to accelerate the development of decentralized social protocols.
Mask Network and Firefly are inviting global participation in a $10 million decentralized social initiative aimed at building a free and open internet. These encourage innovators to contribute to the future of decentralized social networks.
Mask Network’s significant investments and efforts highlight its efforts to promote decentralized social networks and position it as a key player in shaping the future landscape of Web3.
Also read: Peter Thiel’s Founders Fund makes $200 million profit on crypto rebound
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