Coinbase-Backed DeSo SocialFi App Focus Raises $75 Million in One Week
Los Angeles, California, February 7th, 2024, Chainwire
Key Takeaways
- Focus, the revolutionary new decentralized SocialFi app, raised $75 million in one week
- Focus rivals subscription platforms like OnlyFans and Patreon, a multi-billion-dollar industry
- Users can reserve with DESO, BTC, ETH, and more to earn a 90% bonus in $FOCUS tokens for a limited time
Focus, a new decentralized SocialFi app built on the DeSo blockchain, has made waves in the crypto industry by amassing over $75 million in token reservations within its first week of launch.
This unprecedented achievement not only demonstrates the platform’s potential but also reflects the growing interest in decentralized social media.
Focus (focus.xyz) is built by DeSo, the team that raised $200M from Coinbase, Sequoia, a16z, Polychain, and other top funds. It aims to disrupt the trillion-dollar social media market and creator economy by introducing groundbreaking features rivaling X, Onlyfans, and Patreon.
The total addressable market for this sector is substantial, with OnlyFans projected to process approximately $8 billion in 2023 while charging a 20% transaction fee. These high fees significantly cut into creator profits, emphasizing the need for a fairer solution.
Focus combines the best of Onlyfans, Patreon, X, and other billion-dollar social platforms into one app and features permissionless and anonymous crypto-native monetization features that are not possible in web2.
Built on the Decentralized Social (DeSo) blockchain, Focus distinguishes itself with a unique approach to content ownership, creator monetization, and user engagement.
In response to this overwhelming achievement, Nader Al-Naji, the Founder of DeSo and visionary behind Focus, shared his insights:
“The response we’ve received is nothing short of spectacular. It’s a testament to the community’s belief in a decentralized future for social media. Our platform is not just about reshaping social media; it’s about empowering users and creators in a way that’s never been done before. This milestone is just the beginning of our journey towards a more decentralized social landscape.”– Nader Al-Naji, Founder of DeSo
Focus’s mission extends beyond the realm of conventional social media.
Focus aims to revolutionize the way we interact online by offering unprecedented monetization opportunities for creators, coupled with advanced AI tools, while also tackling the challenges of censorship and content authenticity.
Thanks to the DeSo blockchain and its Revolution Proof of Stake system, Focus will support 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.
One of the key features attracting users to Focus is the opportunity to reserve $FOCUS tokens. This process is akin to staking, with a unique twist – users can reserve tokens using various supported currencies such as BTC, ETH, SOL, USDC, and DESO.
Focus allows anyone in the world to become an owner, even prior to the app launch. Imagine owning a piece of Meta or Twitter before it was even released. Users who participate in the early reservation period is able to buy $FOCUS tokens, and also receives an extra bonus equal to the amount listed, currently set at 90% and drops by 5% each week until the app launch. This is a benefit designed to reward early supporters and adopters of the platform.
The reservation process is user-friendly and fully refundable, ensuring participants can confidently support the platform while maintaining financial flexibility. As Focus gears up for its app launch, the excitement within the community is palpable. With its innovative approach to tokenomics, Focus is poised to redefine the landscape of social media and cryptocurrency.
To reserve tokens and earn a 90% bonus in $FOCUS, prospective users should visit Focus.xyz and reserve their funds before 11:11 am EST on February 8th. The bonus will drop every week until the app goes live.
About Deso
DeSo is the first and only 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 gained significant adoption and boasts 2.6M users (wallets) and 93M 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.