Mask Network, a decentralized social network protocol that has raised $100 million in total since its founding in 2022, is getting ready to open its second fund through Bonfire Union.
The venture arm’s goal is to make strategic investments in decentralized social networks and infrastructure; it has already contributed more than 120 projects to the Mask Network ecosystem, such as RSS3, Lens, and Scroll.
“Mask Network has been actively contributing to and supporting the decentralized social network community through a series of grants and donations. With the new fund, more initiatives can get our support,” said Mask Network’s founder, Suji Yan.
Through grants and donations, the company has developed into a Web3 social conglomerate supporting various organizations and initiatives. With the launch of three rounds of the Web3 Social Ecosystem Grant, Mask has helped about one hundred creative Web3 initiatives.
Furthermore, Mask Network founded the nonprofit Mask Network Academy, which offers technology and financial assistance to top colleges and journalism programs for Web3 research.
Mask launched a $10 million building program to accelerate the development of decentralized social protocols in partnership with its social aggregation app Firefly.
In an effort to create a free and open Internet, Mask Network and Firefly are calling on people all around the world to join their $10 million Decentralized Social Initiative. They invite innovators to participate in the development of decentralized social networks in the future.
The Mask Network is positioned as a major actor in determining the future direction of Web3 because to its significant investments and initiatives, which highlight a dedication to promoting decentralized social networks.
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