Mask Network has initiated a major restructuring of its MaskDAO ecosystem, spinning off three web3 social projects — Next.ID, Web3.Bio, and Firefly — under its umbrella.
The latest ecosystem update, which was announced on its Medium blog on Feb. 21, is to provide each of the three projects with greater freedom to grow, innovate, and secure funding.
Next.ID, with its emphasis on decentralized identity, gives users cross-platform authority over who owns their data.
Web3.Bio functions as a web3-native LinkedIn, combining identities from Lens, Farcaster, and ENS to streamline reputation scoring and identity search in the decentralized space.
Firefly, on the other hand, unifies Web3 natives by combining platforms like X, Lens, Farcaster, Gitcoin, and Snapshot into a streamlined user interface.
The reorganization will enable the projects to improve their tokenomics models and grow their user bases. According to MaskDAO, working autonomously will allow them to expand without being limited by Mask Network’s larger structure.
Mask Network founder Suji Yan described the decision as a key step toward building a more open internet. He compared the shift to Tencent’s approach of 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.”
Suji Yan
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 more than $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. It has maintained some of the largest Mastodon instances and has supported the platform’s team with donations. With the latest restructuring, Mask Network aims to strengthen its position in the web3 social space.
Read the full article here