Coinbase-backed DeSo SocialFi App Focus Raises $75 Million in One Week – Blockchain News, Opinion, TV & Careers

adminFebruary 7, 2024

Los Angeles, CA, February 7, 2024, Chainwire

Key Takeaways

Focus, an innovative decentralized SocialFi app, raised $75 million in one week.
Focus competes with subscription platforms like OnlyFans and Patreon, which are billion-dollar industries.
Users can reserve with DESO, BTC, ETH, etc. to receive 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 cryptocurrency industry by accumulating over $75 million in token reservations in just its first week of launch.

This unprecedented achievement not only demonstrates the platform’s potential, but also reflects growing interest in decentralized social media.

Focus (focus.xyz) was built by DeSo, a team that raised $200 million 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 to rival the likes of X, Onlyfans, and Patreon.

The overall market size of this sector is significant, with OnlyFans expected to process approximately $8 billion in 2023 and charge a 20% transaction fee. These high fees significantly reduce revenue for creators, highlighting the need for fairer solutions.

Focus combines the best of Onlyfans, Patreon,

Built on the DeSo (Decentralized Social) blockchain, Focus differentiates itself with its unique approach to content ownership, creator monetization, and user engagement.

In response to these overwhelming achievements, Nader al-Nazifounder of DeSo and visionary at Focus, shared his insights:

“The response we received was absolutely dramatic. This is a testament to the community’s belief in the decentralized future of social media. Our platform doesn’t just reimagine social media. This is about empowering users and creators in a way that has never been done before. “This milestone is just the beginning of our journey toward a more distributed society.” – Nader Al-Naji, DeSo Founder

Focus’ mission extends beyond the realm of traditional social media.

Combined with advanced AI tools, Focus aims to revolutionize the way we interact online by providing creators with unprecedented monetization opportunities while addressing issues of censorship and content authenticity.

Thanks to the DeSo blockchain and the Revolution Proof of Stake system, Focus supports storing content directly on chain for 1/10,000th of a cent per post. This is much cheaper than Solana at ~$1 per post or Ethereum at ~$1 per post. $100+ per post.

One of the key features that attracts users to Focus is the opportunity to reserve $FOCUS tokens. This process is similar to staking in that users can reserve tokens using a variety of supported currencies such as BTC, ETH, SOL, USDC, and DESO.

Focus allows anyone in the world to become an owner, even before the app launches. Imagine owning Meta or Twitter before they were released. Users who participate in the early booking period will be able to purchase $FOCUS tokens and will also receive an additional bonus equal to the amount shown. It is currently set at 90% and will decrease by 5% each week until app launch. This is a benefit designed to reward early supporters and adopters of the platform.

The booking process is user-friendly and fully refundable, allowing participants to apply to the platform with confidence while maintaining financial flexibility. As Focus prepares to launch the app, the excitement within the community is palpable. With an innovative approach to token economics, Focus is poised to redefine the landscape of social media and cryptocurrency.

To reserve tokens and receive the 90% bonus on $FOCUS, potential users must visit Focus.xyz and reserve funds before 11:11 AM EST on February 8th. Bonuses will be paid weekly until the app is released.

About Deso

DeSo is the first and only censorship-resistant layer 1 blockchain purpose-built to support storage-hungry apps and scale decentralized social networks for mass adoption. Their mission is to decentralize social media like Bitcoin and Ethereum. DeSo has gained significant adoption and boasts 2.6 million users (wallets) and 93 million transactions. DeSo aims to usher in a new era in cryptocurrency with cutting-edge consumer apps that scale to billions of users through Focus.