Often, web3 spaces are perceived as domains exclusive to the technologically advanced or crypto enthusiasts. This perception is rooted in the fact that many of these platforms necessitate users to possess crypto wallets. This technical requirement often dissuades the average person, making them hesitant to explore the decentralised internet.
Phaver is poised to alter this narrative, especially in the realm of web3 social networks. The startup has successfully garnered $7 million in seed capital to establish a service that offers a seamless web3 onboarding process, reminiscent of traditional social media platforms, as informed to TechCrunch.
The merger of blockchain technology and social media holds immense transformative potential. However, as Joonatan Lintala, Phaver's CEO and co-founder, mentioned, "Users remain indifferent to the backend technology." To truly catalyze mass adoption, the platform's interface must mirror conventional social apps, rather than exuding an overtly technological aura.
Phaver's innovative technology is tailored for decentralised social frameworks. These frameworks empower users with the ability to craft, manage, and capitalise on their social media presence, while also bestowing full data control. This also means users maintain the rights to their profiles and content, irrespective of the social platform they engage with. As of now, Phaver's "social graph" technology has found integration with the Lens Protocol – a decentralised social media ecosystem, and CyberConnect – a prominent web3 social platform.
Esteemed investors such as Polygon Ventures, Nomad Capital, Symbolic Capital, dao5, Foresight Ventures, Alphanonce, f.actor, and Superhero Capital were part of this funding round. Notably, crypto exchange SwissBorg also marked its participation and distributed its share amongst its community.
Founded in May 2022 as a hybrid "Web2.5" mobile application, Phaver's total funding surpasses $8 million, boasting an impressive valuation of approximately $80 million, as reported by Tomi Fyrqvist, Phaver’s CFO and co-founder. This influx of funds is slated for team expansion, product innovation, and forging new collaborations.
Lintala recognised that the demand for a web3 social platform is still in its infancy. Yet, he emphasised the consistent growth trajectory witnessed post-launch, with a current user base nearing 250,000.
Interestingly, while the majority of Phaver's users predominantly engage with crypto-centric content, there’s an emerging segment capturing daily life moments. Lintala even highlighted his grandmother's newfound status as a micro-influencer, sharing vintage images of a young Lintala.
Fyrqvist commented, “By amalgamating experiences from diverse sectors like mainstream internet, tech giants, finance, and more, we’re gearing up to address and overcome complex challenges in the digital domain.”
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