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DeSo-backed socialFi app Focus raises $20m in under 24 hours

Press Releases
DeSo-backed socialFi app Focus raises $20m in under 24 hours

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

Los Angeles, California, Jan. 17, 2024, Chainwire

Key takeaways

  • Focus, the new decentralized SocialFi app, raised $20 million in less than 24 hours
  • Focus rivals subscription platforms like OnlyFans and Patreon, a multi-billion-dollar industry
  • The Social Airdrop offers users the chance to earn upwards of $100,000 in FOCUS tokens

Focus is a new SocialFi app from DeSo, the team that raised $200 million from Coinbase, Sequoia, a16z, Social Capital, and other funds. It aims to disrupt the trillion-dollar social media market and creator economy by introducing features rivaling X, Onlyfans, and Patreon.

DeSo-backed socialFi app Focus raises $20m in under 24 hours - 1

The TAM for this market is significant, with OnlyFans processing roughly $8 billion in 2023 and charging 20% per transaction. These high fees significantly reduce creator profits, highlighting the need for a more equitable solution.

Focus combines the best of Onlyfans, Patreon, X, and other billion-dollar social platforms into one app. It’s built on the DeSo blockchain and powered by permissionless crypto-native monetization features that are not possible in web2.

Under the leadership of Nader Al-Naji, the founder of DeSo, Focus is fully decentralized, with no corporate entity behind it. Just coins and code:

Al-Naji said:

“Decentralized social media is facing the same skepticism Bitcoin did at its inception. Critics believe it can’t challenge major players, won’t scale, and faces a ban if it does. Ask yourself: do you want to be on the side that’s short-sighted and left behind or embrace optimism and innovation? This is your chance to be part of a monumental technological shift.”

Focus allows new ways for users to make money with anonymous crypto-enabled monetization mechanics that include paid reposts (decentralized ads), paid messages, unlockable content, subscriptions, and Creator Coins, allowing users to invest directly in other creators’ revenue streams.

Thanks to the DeSo blockchain and its revolution proof-of-stake system, Focus users can transact in a variety of cryptocurrencies, including USDC, Bitcoin (BTC), Ethereum (ETH), Solana (SOL), DeSo, and Focus tokens, all for under 1/10,000th of a cent per transaction, including for cross-chain assets.

DeSo also supports the storage of content directly on-chain for 1/10,000th of a cent per post, which is much less than Solana at ~$1 per post or Ethereum at ~$100+ per post.

This means that Focus can pioneer monetization and content mechanics that are not possible with older high-fee blockchains or slower and heavily censored fiat payment rails.

DeSo Founder Nader Al-Naji continues:

“From the beginning, our strategy was clear: lay down a scalable, decentralized groundwork, then roll out applications that truly showcase the unparalleled advantages and power of DeSo.”

Focus allows users to reserve tokens akin to staking, with the flexibility to choose any supported currency via HeroSwap, including BTC, ETH, SOL, USDC, and DESO.

Early adopters who reserve tokens during the first week (January 11th to January 18th) will receive a 100% bonus in FOCUS tokens.

Unlike traditional social networks, Focus democratizes distribution by distributing 100% of all fees directly to the holders of FOCUS tokens. This contradicts the business model users see with social platforms today, where a small group of venture capitalists and shareholders capture all the value.

To further incentivize user participation, Focus is introducing a viral airdrop model, The Social Airdrop, which rewards users based on their influence on external social networks, distributing FOCUS tokens commensurate with their reach.

This new airdrop model means someone with a thousand views per post would get a joining bonus of about $100 in FOCUS.

In contrast, someone with millions of views per post, like Elon Musk, would get a bonus of upwards of $100,000 in FOCUS.

The Social Airdrop also includes a referral program allowing users to refer others to the platform and in return receive 10% of the referee’s joining bonus and 5% of all revenues the referee generates on the platform.

FOCUS plans to support X, Instagram, YouTube, TikTok, Twitch, select email domains, DeSo, and OnlyFans at launch.

To reserve tokens and earn a 100% bonus in $FOCUS, prospective users should visit Focus.xyz and reserve their funds before 11:11 am EST on January 18th. The bonus will drop every week until the app goes live.

About Deso

DeSo is a censorship-resistant layer-1 blockchain purpose-built to power 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 over 2.6 million users (wallets) and 93 million transactions. With Focus, DeSo aims to usher in a new age in crypto led by cutting-edge consumer apps that scale to billions of users.

Contact

Ed Moss
[email protected]

Disclosure: This content is provided by a third party. crypto.news does not endorse any product mentioned on this page. Users must do their own research before taking any actions related to the company.