Mask Network (MASK) Bonfire Union Achieves $100 Million Milestone
Luisa Crawford Feb 20, 2024 14:23
Mask Network launches $100 million fund under Bonfire Union, supporting decentralized social networks and infrastructure, driving Web3 innovation, and contributing to Mastodon and Web3 education through $10 million builder initiative.
Mask Network (Mask), a pioneering force in decentralized social networking, has announced the launch of its second fund under the Bonfire Union venture, achieving a remarkable milestone of $100 million across two funds since its inception in 2022. This strategic move aims to fuel the growth and innovation of decentralized social networks and infrastructure.
Since its foundation, Bonfire Union has welcomed over 120 projects into the Mask Network ecosystem, spotlighting some of the most dynamic Web3 initiatives such as RSS3, Lens, and Scroll. Suji Yan, the founder of Mask Network, highlighted the organization's commitment to nurturing the decentralized social network community through an array of grants and donations. The establishment of the new fund promises to extend support to an even broader range of initiatives.
Established in 2017, Mask Network's vision has been to create a seamless bridge from Web 2.0 to Web 3.0, facilitating the transition to decentralized apps that are both user-friendly and innovative. It has since evolved into a Web3 social conglomerate, focusing on decentralized social apps, developer tools, protocols, and creative content. Notably, Mask operates the largest collection of Mastodon instances, engaging over two million users. In a significant move, Mastodon received its largest single donation of $100,000 from Mask Network’s affiliate Sujitech LLC in November 2023.
Mask Network has also been instrumental in fostering Web3 innovation through its Web3 Social Ecosystem Grant, which has supported approximately 100 projects since 2021. Additionally, the December 2023 launch of the Mask Network Academy—a non-profit dedicated to promoting Web3 research and storytelling in top universities and journalism programs—marks another step towards its commitment to the Web3 ecosystem.
In collaboration with its social aggregator app, Mask X -Firefly App (Firefly), Mask Network has initiated a $10 million builder initiative to expedite the development of decentralized social protocols. This initiative aims to bring together innovators to contribute to a free and open internet. Mask's acquisition of the team behind RARA, a social curation protocol for NFTs, in April 2023, further underscores its investment in the future of Web3.
Mask Network's strategic investments and initiatives underscore its leadership in the decentralized social network space, paving the way for a more accessible and innovative Web3 ecosystem.
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