Business News Report
March 07, 2024

Animoca Brands Invests in Beoble to Help Expand its Web3 Social Platform

In Brief

Web3 social platform Beoble received a strategic investment from Animoca Brands to expand its capabilities and boost global user expansion.

Animoca Brands Invests in Beoble to Help Expand its Web3 Social Platform

Web3 messaging and social platform beoble received an undisclosed strategic investment from Animoca Brands, a prominent entity pioneering digital property rights for gaming and the open metaverse.

Beoble’s Web3 social platform offers secure and decentralized wallet-to-wallet messaging, token-gated chatrooms and distinctive earn features. The newly acquired funding is earmarked to expedite the platform’s development and broaden its capabilities, facilitating global user expansion.

Collaboratively, Animoca Brands and beoble plan to extend beoble’s chat features to pertinent entities in Animoca Brands’ portfolio, enriching community engagement and interactivity throughout the Web3 ecosystem.

“beoble 2.0 aims to provide B2B chat solutions to other applications, e.g. in-game chat in web3 games or trading terminal chat in DEX. Given that Animoca has a massive portfolio, we believe that getting exposure to Animoca’s ecosystem will help us grow rapidly,” Sung Min Cho, Founder and CEO of beoble told MPost.

“We already provide a lot of web3 native functionalities like token-gated chat, NFT-gated chat, in-chat trade alert, token-gated spam filtering etc. We aim to expand this further by providing native token donation features, entrance fees and advertisements.”

Beoble recently raised $7 million funding in a seed round from investors including Hashkey, Samsung, DCG, DWF Ventures, Nomura Laser Digital, Cypher Capital and Blockchain Founders Fund. Since its beta launch in December, beoble has gained a solid user base with 354,000 monthly active users and registered 600,000 monthly active wallets during January 2024.

Unveiling the Next Era of Social Media with Web3

As users shift from passive consumerism to active participation, beoble has quickly emerged as a platform that can address the users’ social media needs in a future-proof manner, evidenced by more than 21 million chats being delivered monthly.

“Our investment in beoble reflects our confidence in the ability of its team and technology to drive advances in how people interact digitally. The integration of beoble’s chat features can foster more vibrant and engaged communities, aligning with the vision of a more enriched social experience in an interconnected, interactive Web3 ecosystem. We look forward to beoble’s continued growth and impact,” said Yat Siu, the executive chairman and co-founder of Animoca Brands.

The rise of socialFi comes at a time when skepticism towards centralized social networks is growing, and decentralized social media applications are gaining traction as viable alternatives.

Contrasting sharply with web2 social platforms, which are often criticized for restricting users, creators and businesses, web3 platforms have introduced a new era of innovative financial streams for users. This represents a new chapter in the evolution of cryptocurrencies and an expansion of DeFi’s reach into social media.

“We are aiming for a fully decentralized messaging protocol, by focusing on B2B rather than just being an app,” beoble’s Sung Min Cho told MPost. “Our goal is to become a uniform web3 chat layer, where users can chat from dApp to dApp (cross-dApp) and manage a single point of chat storage through our app.”

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Victor is a Managing Tech Editor/Writer at Metaverse Post and covers artificial intelligence, crypto, data science, metaverse and cybersecurity within the enterprise realm. He boasts half a decade of media and AI experience working at well-known media outlets such as VentureBeat, DatatechVibe and Analytics India Magazine. Being a Media Mentor at prestigious universities including the Oxford and USC and with a Master's degree in data science and analytics, Victor is deeply committed to staying abreast of emerging trends. He offers readers the latest and most insightful narratives from the Tech and Web3 landscape.

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Victor Dey
Victor Dey

Victor is a Managing Tech Editor/Writer at Metaverse Post and covers artificial intelligence, crypto, data science, metaverse and cybersecurity within the enterprise realm. He boasts half a decade of media and AI experience working at well-known media outlets such as VentureBeat, DatatechVibe and Analytics India Magazine. Being a Media Mentor at prestigious universities including the Oxford and USC and with a Master's degree in data science and analytics, Victor is deeply committed to staying abreast of emerging trends. He offers readers the latest and most insightful narratives from the Tech and Web3 landscape.

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