Binance Labs, the venture capital and incubation arm of Binance, has led the $1.5m seed round for Bulletin Board System (BBS) Network – a decentralised Web3.0 public network of user-run online message boards.
BBS Network is a SocialFi project that enables content sharing to reward creators, curators and other stakeholders with its own native token. Revenue generated by the platform is shared across all BBS ecosystem participants in a fully automated, transparent and market-driven manner.
“The mission of BBS Network is to return control of content and its economic upside back into the hands of social media users,” said Eyal Hertzog, founder and CEO of BBS.
“We are excited to cooperate with Binance Labs to further decentralize the reach of SocialFi, the next great frontier for blockchain. The investment will enable us to focus on building and launching new features such as Native App, Search Engine, and Cross-BBS Authentication.”
As a decentralised social network, every post on BBS will be minted into an NFT for better value transfer, and BBS will also leverage an NFT Bidding Model, which enables anyone to purchase the ad space real-estate of any post (NFT) across the network at transparent prices.
Ken Li, Investment Director of Binance Labs, said his team had been exploring the Web 3.0 SocialFi landscape, and were excited by what decentralisation can do for the creator economy.
“BBS Network’s founding team has a strong track record in the crypto ecosystem,” he said.
“Eyal was previously the co-founder and CPO of Bancor, one of the first mainstream decentralized trading protocols. It is a unique opportunity for us to work with a group as crypto-experienced as Eyal and the BBS team.”
The investment is part of Binance Labs’ broader strategy to grow the global blockchain ecosystem. In the past year Binance Labs has invested $150m towards 50 projects, including Moonbeam Network, Plasm Network, Highstreet, LayerZero and DoraHacks. Binance Labs also recently announced Season 3 of its Incubation Program which will support projects in emerging blockchain sectors such as GameFi, NFT and DeFi.
Other co-investors in the BBS Network seed round include DCG (Digital Currency Group), Polychain Capital GPs, Node Capital, NFX, and DAO Maker.