Three Friends Start Web3 Social Network DSCVR As Experiment to Build New Social Media Model; Raises $9M in Seed Round Led By Polychain Capital
Launched last year, the startup has already onboarded over 100,000 users, produced one million posts and comments and generated millions of dollars in NFT rewards to users.
DSCVR, a Web3 social network built entirely on a blockchain, today announced it has raised $9 million in its seed funding round led by Polychain Capital.
“We initially created DSCVR as our personal experiment to see if it would even be possible to build a modern social web application on a blockchain,” said Rick Porter, CEO and Co-Founder at DSCVR. “With our exponential growth in users, this raise will help us accelerate our roadmap and make Web3 accessible to anyone who knows how to use social media.”
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Some new features will include gifting non-fungible tokens (NFTs) to posts and comments; integrations with other token and NFT ecosystems; a Discord bot that will enable gated content by NFT ownership; the ability for other projects to use DSCVR’s gating technology; governance tools like mod elections; enabling DSCVR’s communities to become decentralized autonomous organizations (DAOs); and more ways to interact with NFTs and fungible tokens in a social context.
“When it comes to the state of social media, it’s clear people are seeking a new option,” said Olaf Carlson-Wee, Polychain Capital Founder and CEO. “DSCVR is pushing the boundaries of what is possible by creating a native Web3 social solution with unique functionality.”
Other investors in the round include: Upfront Ventures, Tomahawk VC, Fyrfly Venture Partners, Shima Capital and Bertelsmann Digital Media Investments (BDMI). Upfront’s Mark Suster commented, “The team at DSCVR truly understood how to build and develop social media communities and how to scale a Web3 platform. It is rare to see both skills in the same company.”
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