Bluesky, the social media platform that has seen surging development following Elon Musk’s takeover of Twitter, raised $15 million in a funding spherical led by a crypto-focused enterprise capital agency, the corporate introduced Thursday.
However that does not imply the social media community plans to embrace digital property.
The Sequence A funding spherical was led by Blockchain Capital, a enterprise agency that has invested in OpenSea, Kraken, and Coinbase. A number of different crypto-related enterprise companies—together with SevenX, True Ventures and Alumni Ventures—participated within the funding spherical, as properly.
Nonetheless, the social media startup vowed that it might not “hyperfinancialize” the Bluesky “social expertise” by integrating crypto tokens, NFTs, or different blockchain-based know-how into its platform. Bluesky is constructed atop the decentralized AT Protocol.
“This doesn’t change the truth that the Bluesky app and the AT Protocol don’t use blockchains or cryptocurrency, and we won’t hyperfinancialize the social expertise,” Bluesky stated in its assertion.
Bluesky now has over 13.1 million registered customers, in response to knowledge shared by a developer, with just a few million of these customers coming since late August amid controversial strikes from the Musk-run Twitter. In fact, Bluesky was initially based beneath Twitter, beneath the sooner management of co-founder and former CEO Jack Dorsey, however spun out forward of Elon Musk’s 2022 buy.
not now honey the road remains to be going uphttps://t.co/x6v5YW0WFT pic.twitter.com/b4uPlDssiV
— bluesky (@bluesky) October 18, 2024
The social media platform plans to make use of its new capital to assist and develop its group, investing in Belief and Security and boosting its developer ecosystem. It is going to additionally pour the funds into creating a subscription mannequin for Bluesky that can give customers entry to options resembling higher-quality video uploads and customizable profile colours and avatar frames.
The corporate can be contemplating rolling out micropayments for creators inside its group—however these funds won’t use crypto, Bluesky clarified.
Edited by Andrew Hayward
