Decentralized social app Bluesky has successfully raised $15 million in a Series A funding round, following its previous $8 million seed round last year. This funding comes amid significant user growth, largely driven by discontent among users of X (formerly Twitter) over recent policy changes, such as modifications to the block feature and allowing third parties to utilize public posts for AI training. In just the past month, Bluesky has added approximately 3 million new users, bringing its total user base to around 13 million.
Bluesky was initially developed within Twitter as part of former CEO Jack Dorsey‘s vision for the future of social media. However, Dorsey is no longer affiliated with the project, having stepped down from the board earlier this year. Despite this change, Bluesky’s core objectives remain intact, focusing on decentralization through its open-source AT Protocol. This allows users to create their own social servers and applications while ensuring transparency in development.
The Series A round was led by Blockchain Capital, with participation from several other investors, including Alumni Ventures and True Ventures. Notably, Bluesky has assured users that it will not pivot towards web3 technologies or integrate blockchain and cryptocurrency into its platform. The company emphasizes that it will not “hyperfinancialize” the social experience through tokens or NFTs.
In addition to enhancing its community and safety features, Bluesky plans to introduce a subscription model offering premium features such as higher-quality video uploads and customizable profiles. Unlike X’s model, which offers visibility boosts for subscribers, Bluesky aims to maintain a fair user experience without prioritizing paying users over others145. Developer Paul Frazee criticized “pay-to-win” models as detrimental to network integrity, reinforcing Bluesky’s commitment to user empowerment and equitable access.
Overall, with this new funding, Bluesky aims to continue its rapid growth while fostering a decentralized ecosystem that supports developers and enhances user control over their social media experiences
Frequently Asked Questions (FAQ) about Bluesky
- What is Bluesky?
- Bluesky is a decentralized social media platform that allows users to create their own social servers and applications using its open-source AT Protocol. It was initially incubated within Twitter, envisioned by former CEO Jack Dorsey.
- How much funding has Bluesky raised?
- As of October 2024, Bluesky has raised $15 million in a Series A funding round, following an $8 million seed round the previous year.
- What are the plans for the raised funds?
- The funds will be used to support community growth, enhance Trust and Safety features, and develop a subscription model for premium features such as higher-quality video uploads and profile customizations.
- Will there be a subscription model?
- Yes, Bluesky plans to introduce a subscription model that will offer features like profile customization and higher-quality video uploads. However, paid users will not receive preferential treatment regarding post visibility or algorithmic boosts.
- What differentiates Bluesky’s subscription model from others?
- Unlike platforms like X (formerly Twitter), Bluesky’s subscription model will not include visibility boosts or exclusive blue check marks for subscribers. The focus is on enhancing user experience without “pay-to-win” features.
- Is Bluesky involved in cryptocurrency or NFTs?
- No, Bluesky has explicitly stated that it will not integrate blockchain technology or cryptocurrency into its platform. The company aims to avoid hyperfinancializing the social experience through tokens or NFTs.
- How many users does Bluesky have?
- As of now, Bluesky has approximately 13 million users, with significant growth attributed to users migrating from X due to recent policy changes on that platform.
- What additional features are being considered for creators?
- Bluesky is exploring options for voluntary monetization paths for creators, including a tip jar feature that allows users to financially support their favorite creators and projects.
- Who are the main investors in the latest funding round?
- The Series A funding round was led by Blockchain Capital, with participation from Alumni Ventures, True Ventures, SevenX, and others.
- What is the vision for Bluesky moving forward?
- Bluesky aims to create a decentralized social network that prioritizes user choice, control, and transparency while fostering a vibrant ecosystem for developers and content creators.
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