Web3 social network OP3N raises $28m at a $100m valuation

Web3-based AI-powered social network OP3N has raised $28 million in a Series A round.

Some news ?

We’re raising $28M to build the ‘WhatsApp meets Amazon’ for web3.

Read all about it in @techcrunch https://t.co/9ouccIyylh

— OP3N (@OP3Nworld_) March 21, 2023

The lead investor was Animoca Brands, the blockchain-games operator. Among the other participants were: Dragonfly Capital, Galaxy Digital, Republic Crypto, Avalanche’s Blizzard Fund, Connect Ventures, GSR Markets, The Spartan Group, BRV Capital Management and NBA player Russell Westbrook.

OP3N’s valuation after the round stood at $100 million.

Founder Jason Ma positions the product as a blend of WhatsApp and Amazon built on Web3 technology.

“I wanted to bring together authors, communication and commerce in one place. […] We are here to build a service that, I hope, will become a decentralised Facebook in two years,” he added.

The funds will be used to further develop the app and to expand the staff.

Founded in 2021, the platform already has its own crypto wallet and a prototype NFT marketplace.

In March 2023, the Web3 platform Wild raised $7 million in a seed round. Investors include actress Gwyneth Paltrow and rapper Snoop Dogg.