DeSo-Backed SocialFi App Focus raises $20 Million in under 24 hours

by Chainwire

Printed: January 17, 2024 at 1:38 pm Up to date: January 17, 2024 at 1:38 pm

Los Angeles, California, January seventeenth, 2024, Chainwire

Key Takeaways

Focus, the revolutionary new decentralized SocialFi app, raised $20 million in lower than 24 hours
Focus rivals subscription platforms like OnlyFans and Patreon, a multi-billion-dollar trade
The Social Airdrop provides customers the prospect to earn upwards of $100,000 in $FOCUS tokens

Focus is a model new SocialFi app from DeSo, the crew that raised $200M from Coinbase, Sequoia, a16z, Social Capital, and different high funds. It goals to disrupt the trillion-dollar social media market and creator economic system by introducing groundbreaking options rivaling X, Onlyfans, and Patreon.

The TAM for this market is critical, with OnlyFans processing roughly $8 Billion in 2023 and charging 20% per transaction. These excessive charges considerably scale back creator earnings, highlighting the necessity for a extra equitable resolution.

Focus combines the perfect of Onlyfans, Patreon, X, and different billion-dollar social platforms into one app. It’s constructed on the DeSo blockchain and powered by permissionless crypto-native monetization options that aren’t doable in web2.

Below the management of crypto-veteran Nader Al-Naji, Focus is absolutely decentralized, with no company entity behind it. Simply cash and code:

“Decentralized social media is dealing with the identical skepticism Bitcoin did at its inception. Critics consider it might probably’t problem main gamers, received’t scale, and faces a ban if it does. Ask your self: do you need to be on the facet that’s short-sighted and left behind or embrace optimism and innovation? That is your likelihood to be a part of a monumental technological shift.” – Nader Al-Naji, Founding father of DeSo

Focus permits new methods for customers to generate income with nameless crypto-enabled monetization mechanics that embody paid reposts (decentralized advertisements), paid messages, unlockable content material, subscriptions, and Creator Cash, permitting customers to take a position instantly in different creators’ income streams.

Because of the DeSo blockchain and its Revolution Proof of Stake system, Focus customers can transact in quite a lot of cryptocurrencies, together with USDC, Bitcoin, Ethereum, Solana, DeSo, and Focus tokens, all for underneath 1/10,000th of a cent per transaction, together with for cross-chain property.

DeSo additionally helps the storage of content material instantly on-chain for 1/10,000th of a cent per publish, which is way lower than Solana at ~$1 per publish or Ethereum at ~$100+ per publish.

Which means Focus can pioneer progressive monetization and content material mechanics that aren’t doable with older high-fee blockchains or slower and closely censored fiat fee rails.

DeSo Founder Nader Al-Naji continues: “From the start, our technique was clear: lay down a scalable, decentralized groundwork, then roll out purposes that actually showcase the unparalleled benefits and energy of DeSo.”

Focus permits customers to order tokens akin to staking, with the flexibleness to decide on any supported forex by way of HeroSwap, together with BTC, ETH, SOL, USDC, and DESO. Early adopters who reserve tokens in the course of the first week (January eleventh to January 18th) will obtain a 100% bonus in $FOCUS tokens.

In contrast to conventional social networks, Focus democratizes distribution by distributing 100% of all charges on to the holders of $FOCUS tokens. This contradicts the enterprise mannequin customers see with social platforms as we speak, the place a small group of enterprise capitalists and shareholders seize all the worth.

To additional incentivize person participation, Focus is introducing a viral airdrop mannequin, The Social Airdrop, which rewards customers primarily based on their affect on exterior social networks, distributing $FOCUS tokens commensurate with their attain.

This new airdrop mannequin means somebody with a thousand views per publish would get a becoming a member of bonus of about $100 in $FOCUS tokens. In distinction, somebody with thousands and thousands of views per publish, like Elon Musk, would get a bonus of upwards of $100,000 in $FOCUS tokens.

The Social Airdrop additionally features a referral program permitting customers to refer others to the platform and in return obtain 10% of the referee’s becoming a member of bonus and 5% of all revenues the referee generates on the platform.

FOCUS plans to help X, Instagram, YouTube, TikTok, Twitch, choose e-mail domains, DeSo, and OnlyFans at launch.

To order tokens and earn a 100% bonus in $FOCUS, potential customers ought to go to Focus.xyz and reserve their funds earlier than 11:11 am EST on January 18th. The bonus will drop each week till the app goes reside.

About Deso

DeSo is the primary and solely censorship-resistant Layer-1 blockchain purpose-built to energy storage-heavy apps and scale decentralized social networks for mass adoption. Their mission is to decentralize social media like Bitcoin and Ethereum are decentralizing finance. DeSo has gained important adoption and boasts 2.6M customers (wallets) and 93M transactions. With Focus, DeSo goals to usher in a brand new age in crypto led by cutting-edge shopper apps that scale to billions of customers.

Contact

Ed Moss[email protected]

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