Bluesky Secures Millions in Series A Funding Round Led by Blockchain Capital to Double Down on Service Expansion

Bluesky, the decentralized social network co-founded by Jack Dorsey, has reinforced its focus on user-centric design by announcing it “will not hyperfinancialize the social experience” through the launch of a token.

Decentralized social network Bluesky has secured millions in a Series A funding round to expand its services and double down on its user-centric approach.

Co-founded by former Twitter (NYSE:TWTR) CEO Jack Dorsey, Bluesky has reinforced its focus on user experience by announcing that it “will not hyperfinancialize the social experience (through tokens, crypto trading, NFTs, etc.)”

The statement was made in response to the company's decision not to launch a token, despite receiving backing from Blockchain Capital, a venture firm known for its support of web3 startups.

The funding round, which was announced on Thursday, was led by Blockchain Capital with participation from Alumni Ventures, True Ventures, SevenX, and other investors, according to a blog post by Bluesky.

While the company did not disclose its valuation, the new capital will reportedly contribute to the platform's growth, which has seen its user base surpass 13 million since opening up to the public earlier this year.

Among the upcoming initiatives mentioned by Bluesky in the announcement is the development of a subscription model for features like “higher quality video uploads or profile customizations.”

“The Bluesky app and the AT Protocol do not use blockchains or cryptocurrency, and we will not hyperfinancialize the social experience (through tokens, crypto trading, NFTs, etc.)”

Blueskyそれにしても, Dorsey himself has expressed disappointment in Bluesky's alignment with conventional social media practices, particularly regarding moderation tools. His departure from the platform's board has sparked concerns that the social network is deviating from its core goal of decentralization, potentially mirroring the challenges encountered by Twitter during Dorsey's tenure.

However, the platform's commitment to user freedom and open standards remains a key differentiator in the Web2 versus Web3 social media narrative.