WGFDesocial raises US $20 million in seed round for its new decentralized social platform

03/04/2023 14:16 • AI & Tech Insights • 67 views

According to the official news, WGFDesocial has completed a seed round financing of US $20 million, led by Dao venture capital. Humza Saleem, the co-founder and CEO of WGFDesocial, said that WGFDesocial is a completely decentralized social platform that does not collect any user data. 60% of this fund is used for early participant air drop, 40% for WGF ecological development and team expansion. WGFDesocial ecology will be launched in Q3, All contributors who participated in the early interaction were airdropped.

WGFdesacial completed US $20 million seed round financing, and Dao venture capital led the investment

Interpretation of the news:

The recent announcement of WGFDesocial’s successful seed round financing of US $20 million has captured the interest of investors and social media enthusiasts alike. This funding round was led by Dao venture capital and marks a significant milestone for the company as it embarks on the launch of a completely decentralized social platform.

According to Humza Saleem, co-founder and CEO of WGFDesocial, the platform will not be collecting any user data, addressing a key concern of many social media users in the wake of the Cambridge Analytica scandal. Saleem’s statement underscores the platform’s commitment to privacy and security, which is especially crucial in light of growing concerns over online data breaches and misuse.

The allocation of the funds raised is also noteworthy. Sixty percent of the seed round funding is dedicated to early participant air drops, an innovative approach to early engagement that rewards users for contributing to the platform. The remaining 40 percent will be used for WGF ecological development and team expansion, signaling the company’s intent to prioritize the growth of the platform and the team behind it.

WGFDesocial’s ecological development is set to launch in Q3, with air drops for early contributors already underway. This strategy incentivizes user participation and creates a sense of community ownership in the platform, driving adoption and promoting organic growth.

In conclusion, WGFDesocial’s seed round financing and its approach to decentralized social media looks promising in today’s climate, where concerns around data privacy are at an all-time high. The platform’s focus on incentivizing user involvement through air drops and community ownership is an innovative strategy that aligns with the principles of blockchain technology. As WGFDesocial’s growth continues, it will be interesting to see how the platform evolves and whether it can truly transform the landscape of social media.

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