Phaver, a Web3 social platform that empowers users to create and monetize their own content, has announced that it has raised $7 million in seed funding from a group of investors in the round included Polygon Ventures, Nomad Capital, Symbolic Capital, dao5, Foresight Ventures, Alphanonce, f.actor, Superhero Capital and others, according to a statement.
Phaver is a decentralized social network that leverages blockchain technology to enable users to own their data, identity, and reputation. Users can create and join communities, post and interact with content, and earn rewards in the form of Phaver tokens, which can be used to access premium features, tip creators, or stake for governance rights. Phaver also allows users to mint and trade NFTs of their content, creating new possibilities for digital art and creativity.
Phaver’s co-founder and CEO, Joonatan Lintala said that the platform aims to disrupt the traditional social media landscape by giving users more freedom, control, and value. “We believe that Web3 is the future of the internet, where users are not exploited by centralized platforms, but rather rewarded for their contributions. Phaver is a platform where anyone can create, share, and monetize their content without intermediaries or censorship,” he said.
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He added that the seed funding will help Phaver scale its team, develop its product, and grow its user base. He also expressed his gratitude to the investors for their support and vision. “We are thrilled to have such a stellar group of investors backing us. They share our passion for Web3 and social media and have deep expertise and networks in the space. We look forward to working with them to make Phaver the best Web3 social platform in the world,” he said.
“Phaver’s mission is to connect the entire web3 by allowing users to bring in their own building blocks for their social graph, whether that means building credibility with a decentralized ID, finding community among holders of the same collectibles or building relationships across the entire internet with on-chain social layers like Lens,” Phaver CEO Joonatan Lintala said in the statement.
“Users, who now own crucial pieces of the social network, also deserve their fair share of the pie and should be heard in important decisions,” Lintala added. Phaver first launched in 2022 on Lens, a blockchain mainnet undergirding web3 social platforms.
In a similar development of ecosystem advancement, the Sui Foundation, the non-profit organization behind the Sui protocol, has announced a major decision to reallocate 117 million SUI from external market makers to its own treasury. This move is aimed at supporting the growth and development of the Sui ecosystem, as well as enhancing the security and decentralization of the protocol.
The Sui protocol is a decentralized platform for creating and exchanging synthetic assets, such as stocks, commodities, cryptocurrencies, and more. Users can mint synthetic assets, called sAssets, by staking SUI tokens as collateral. They can also trade sAssets on the Sui exchange or provide liquidity to earn fees and rewards.
The Sui Foundation explained that the reallocation of SUI tokens was necessary to ensure the long-term sustainability and innovation of the protocol. By having more control over its own funds, the Foundation can invest in research, development, marketing, community building, and governance initiatives that will benefit the Sui ecosystem and its users.
The Foundation also stated that the reallocation of SUI tokens will improve the security and decentralization of the protocol. By reducing the amount of SUI tokens held by external market makers, the Foundation can prevent potential attacks or manipulations by malicious actors. Moreover, by increasing the amount of SUI tokens in its treasury, the Foundation can distribute more tokens to the community through various incentives and reward programs, such as liquidity mining, staking, grants, and airdrops.
The reallocation of SUI tokens will take place gradually over the next few months, according to the Foundation. The Foundation will work closely with the external market makers to ensure a smooth and transparent transition. The Foundation will also publish regular reports on its website and social media channels to keep the community updated on the progress and impact of the reallocation.
The Sui Foundation expressed its gratitude to the external market makers for their support and cooperation in this decision. The Foundation also thanked the Sui community for its continued trust and participation in the protocol. The Foundation said that it is confident that this decision will bring positive outcomes for the Sui ecosystem and its users, and that it is looking forward to building a more robust and innovative platform for synthetic asset creation and exchange.