Key Notes

Key Notes:

Mask Network says Next.ID, Web3.Bio, and Firefly can now expand, innovate, and secure independent funding.Mask Network and Bonfire Union will continue investing in Web3 communities, decentralized technology, and digital content.Mask Network has managed Pawoo.net since 2022, reinforcing its role in decentralized social networking.

Mask Network has reorganized its ecosystem MaskDAO. The decentralized protocol stated in an official release that three Web3 social projects, Next.ID, Web3.Bio, and Firefly, have spun off into independent entities but remain under MaskDAO’s management.

This process allows each project to expand its team, develop new ideas, and explore fundraising options. Mask Network, along with its venture partner Bonfire Union, will continue supporting and developing Web3 communities, technology, and digital content to enhance accessibility.

Next.ID is a tool that provides developers and projects with a reliable identity framework to build new decentralized applications. It also serves as an identity system that links user profiles across traditional and blockchain-based platforms, giving users more control over their data.

Web3.Bio, launched in 2023, functions like a “Web3 LinkedIn”. The team explained that this project connects various identity systems like ENS, Farcaster, and Lens to create detailed user profiles. With its Profile API and easy-to-use search tools, it helps users and developers explore Web3 identities more efficiently.

Furthermore, Firefly is an all-in-one platform for Web3 users, bringing together platforms such as X, Lens, and Farcaster along with Mirror, Gitcoin, Snapshot, and NFT feeds into a unified interface. Firefly retains full X functionality while integrating with decentralized networks and collaborating with major Web3 projects.

The team revealed that with the spinoff, these three projects will now operate independently within their own focus areas.

Mask Network was launched in 2017 with the aim of connecting Web2 to Web3 decentralized applications. The founder of Mask Network and MaskDAO, Suji Yan, stated that this process brings them closer to creating a more open digital space. He also compared their approach to Tencent, which grew its ecosystem through diverse ventures in investments, gaming, and other digital services.

“We are one step closer to achieving a new and open internet through building and growing the decentralized social network ecosystem. We have positioned ourselves as a Web3 social conglomerate similar to Tencent who has successfully expanded their ecosystem through different business units in investment, gaming, and other applications,” he stated.

Mask Network has attracted tens of thousands of users while securing over $100 million in funding through its venture arm, Bonfire Union, as it strengthens its role in decentralized social networks. The team said:

“To help build the next phase of decentralized social networks, Mask has obtained tens of thousands of users and has raised over US$100 million from private and institutional backers via its venture arm, Bonfire Union.”

Since December 2022, Mask Network has managed Pawoo.net, one of the largest Mastodon instances. The platform believes that expanding decentralized social networks is essential to building a more open internet.

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Temitope is a writer with more than four years of experience writing across various niches. He has a special interest in the fintech and blockchain spaces and enjoy writing articles in those areas. He holds bachelor’s and master’s degrees in linguistics. When not writing, he trades forex and plays video games.

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