🌎 Mask Network Restructures to Foster Web3 Growth

Mask Network Restructures Ecosystem to Foster Growth and Innovation

Mask Network has initiated a major overhaul of its MaskDAO ecosystem, spinning off three web3 social projects under its umbrella. The restructuring aims to provide each project with greater freedom to grow, innovate, and secure funding.

Autonomy for Next.ID, Web3.Bio, and Firefly

The three projects in question are Next.ID, Web3.Bio, and Firefly. Next.ID focuses on decentralized identity, giving users cross-platform authority over their data. Web3.Bio functions as a web3-native LinkedIn, combining identities from Lens, Farcaster, and ENS to streamline reputation scoring and identity search. Firefly unifies Web3 natives by combining platforms like X, Lens, Farcaster, Gitcoin, and Snapshot into a streamlined user interface.

By working autonomously, these projects will be able to improve their tokenomics models and grow their user bases without being limited by Mask Network’s larger structure. This move is expected to drive growth and innovation in the web3 social space.

A Step Towards a More Open Internet

Mask Network founder Suji Yan described the decision as a key step towards building a more open internet. He drew parallels with Tencent’s approach to expanding its ecosystem through separate business units across investment, gaming, and applications.

“We have positioned ourselves as a Web3 social conglomerate similar to Tencent which has successfully expanded their ecosystem through different business units in investment, gaming, and other applications.”

Mask Network’s Background and Goals

Founded in 2017, Mask Network has positioned itself as a bridge between web2 and web3, integrating decentralized messaging, payments, and file storage with mainstream social media platforms like X. The project has attracted tens of thousands of users and raised over $100 million with the support of its venture arm, Bonfire Union.

Mask Network has also been a strong backer of decentralized social networks like Mastodon, maintaining some of the largest Mastodon instances and supporting the platform’s team with donations. With this restructuring, Mask Network aims to strengthen its position in the web3 social space.

Key benefits of the restructuring include: