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CyberConnect, a decentralized social graph protocol for Web3 connections, announced a Series A funding round of $15 million, Invezz learned from a press release. The round was co-led by Animoca Brands, a global gamification and blockchain leader, and Sky9 Capital, a venture capital fund dedicated to supporting disruptive technologies.
Other investors included Tribe Capital, Delphi Digital, Protocol Labs, Spartan Group, GGV Capital, Amber Group, IOSG Ventures, Polygon Studios, and SevenX Ventures.
The funds will be used to continue developing the decentralized social graph protocol, to onboard various Web3 initiatives, and to grow the team.
Elements of the social graph
CyberConnect’s social graph consists of a developer-friendly software development kit (SDK) and a social data network. The SDK streamlines writing and managing social connection data, while the network empowers dApps to use indexed data and recommendations to create meaningful personalized user experiences.
CyberConnect Co-founder Wilson Wei said:
In Web2, companies with the largest social network own users’ social graphs and build walls around them to stem competition and advance corporate interests. Instead of building moats on user data, Web3 developers should be empowered to prioritize building better services and content. All users should be enabled to travel between applications with their own social graph as part of their Web3 identity. For this vision, CyberConnect is building the social graph infrastructure for Web3.
Data ownership has become crucial
The creator market is worth $104 billion and it has become crucial for users to be equipped with data ownership. It is almost impossible to bootstrap a social network and protect yourself from tech giants who control the social graphs and can copy social features from new projects.
CyberConnect solves the problem
The social graph, which is built with IPFS and Ceramic, lets developers solve the cold start problem, restore data ownership, and deliver richer social features. CyberConnect’s social graph protocol represents 9 million connections across 620,000+ addresses that helps dApps build personalized social experiences and bootstrap network effects.
The protocol is already integrated by an array of Web3 projects, including Project Galaxy, Mask Network, Light.so, Grape.art, Metaforo and forum.theopendao.
Yat Siu, the Executive Chairman and Co-founder of Animoca Brands, commented:
Social connectivity in the open metaverse is as essential as ownership, interoperability, and composability. CyberConnect is creating a way for every Web3 user to preserve their connections between platforms, allowing them to become interoperable, making it easier for users to develop a holistic identity across all applications, and for developers to build upon this ecosystem to deliver more meaningful social experiences.
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