Web3 Social Platform SO-COL Raises $4.5 Million in Funding from DWF Labs

03/29/2023 17:57 • Blockchain Briefs • 97 views

It is reported that the Web3 social platform SO-COL founded by Irene Zhao has completed a new round of financing of US $4.5 million, which is fully supported by DWF Labs. Earlier, Web3 social platform SO-COL announced the completion of a $1.75 million seed round financing led by DeFiance Capital and Animoca Brands in February last year. This platform is a social platform that helps creators publish NFTs, and is committed to creating a decentralized alternative to Discord, Snapshot, and OnlyFans.

Web3 social platform SO-COL completed a $4.5 million financing

Introduction

Web3 social platform SO-COL, founded by Irene Zhao, has reportedly completed a new round of financing of US $4.5 million, fully supported by DWF Labs. SO-COL is a social platform that helps creators publish NFTs and is committed to creating a decentralized alternative to Discord, Snapshot, and OnlyFans. Last year, SO-COL announced the completion of a $1.75 million seed round financing led by DeFiance Capital and Animoca Brands.

What is Web3?

Before we delve into SO-COL’s latest round of funding, let’s first understand what Web3 is. In simple terms, Web3 is the decentralized version of the internet, where data and applications are controlled by users instead of centralized authorities. The Web3 ecosystem includes cryptocurrencies, smart contracts, and decentralized applications (dApps).

About SO-COL

SO-COL is a social platform built on the Web3 infrastructure that allows creators to publish NFTs (non-fungible tokens). NFTs are unique digital assets that represent ownership of digital content such as artwork, music, and videos. SO-COL aims to become a decentralized alternative to Discord, Snapshot, and OnlyFans, providing a secure and censorship-resistant platform where creators can monetize their content.

SO-COL’s Funding History

SO-COL’s latest funding round of $4.5 million was fully supported by DWF Labs, a crypto-focused venture capital firm. This comes after a successful $1.75 million seed round financing round led by DeFiance Capital and Animoca Brands in February 2020.
SO-COL plans to use the newly raised funds to accelerate its product development and expand its user base. The platform’s long-term vision is to become the go-to social platform for Web3 creators and enthusiasts.

How SO-COL is Disrupting Traditional Social Media Platforms

Unlike traditional social media platforms that rely on centralized servers and algorithms to control content distribution, SO-COL runs on a decentralized infrastructure. This allows creators to own and monetize their content without intermediaries, and users can interact with each other without any third-party monitoring.
SO-COL’s focus on NFTs enables creators to earn a direct income from their content, instead of relying on advertising revenue or sponsorship deals. The platform’s decentralized architecture ensures that creators have complete control over their content and can monetize it in a permissionless and borderless manner.

Conclusion

The latest funding round of $4.5 million from DWF Labs is a significant milestone for SO-COL, as it shows investor confidence in the platform’s potential to disrupt the traditional social media landscape. By providing a censorship-resistant, decentralized platform for creators to monetize their content, SO-COL is at the forefront of the Web3 revolution.

FAQs

**1. What is Web3?**
Web3 is the decentralized version of the internet, where data and applications are controlled by users instead of centralized authorities.
**2. What are NFTs?**
NFTs are unique digital assets that represent ownership of digital content such as artwork, music, and videos.
**3. Why is SO-COL important for Web3?**
SO-COL is one of the few social platforms built on the Web3 infrastructure that allows creators to monetize their content without intermediaries. Its focus on NFTs and decentralized architecture ensures that creators have complete control over their content and can monetize it in a permissionless and borderless manner.

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