Binance Labs, the venture capital and incubation arm of Binance, has invested in a decentralized Web 3.0 coin project. He led the $1.5 million investment round for the Bulletin Board System (BBS) Network, a network of user-run online message boards. So, what do the project officials think about this investment? What is BSS?
Web 3.0 coin project invested by Binance: What is BSS Network?
BBS Network; It is a SocialFi project that allows content sharing to reward producers, curators and other stakeholders with their native token. The revenue generated by the platform is shared among all BBS ecosystem participants in a fully automated, transparent and market-oriented manner. Eyal Hertzog, Founder and CEO of BBS, said about the latest investment:
BBS Network’s mission is to put control and economic direction of content back into the hands of social media users. We are excited to collaborate with Binance Labs to further decentralize the reach of SocialFi, the next big step for blockchain. The investment will allow us to focus on building and rolling out new features.
As a decentralized social network, every post on BBS will be converted to an NFT for better value transfer. BBS will also benefit from an NFT Bidding Model that allows anyone to purchase ad space of any post over the network at transparent prices. Ken Li, Investment Director at Binance Labs, said that the team has delved into the Web 3.0 SocialFi environment and said he is excited about their investment. Other co-investors in the BBS Network seed round include Digital Currency Group, Polychain Capital GPs, Node Capital, NFX and DAO Maker.