<\/p>\n
Two different Web3 social media platforms announced funding rounds this week \u2014 even as Galaxy Research reported crypto venture capital funding has reached its lowest point since 2020.\u00a0<\/p>\n
RepubliK announced a $6 million fundraise led by OKX Ventures this week. The mobile app is laid out similarly to Instagram, but users receive XP for creating and engaging with content \u2014 and will periodically be airdropped RepubliK\u2019s RPK token based on their amount of XP.<\/p>\n
The startup\u2019s website says users keep 100% of what they earn on the app.\u00a0<\/p>\n
\u201cRevenue for the platform is completely redistributed to everybody that uses the platform,\u201d Daniel He, co-founder of RepubliK, said. \u201cWe don\u2019t want to keep it.\u201d<\/p>\n
He said RepubliK\u2019s revenue will come in part from fees charged for minting tokens.<\/p>\n
A similar app named Phaver announced its own $7 million raise this week. Connected via Aave\u2019s Lens protocol, Phaver\u2019s mobile app has the same \u201cWeb2.5\u201d flavor as RepubliK but with a different philosophy on monetization.\u00a0<\/p>\n
Users can earn or buy Phaver points which can be used to post in exclusive communities. Users are also allowed to \u201cstake\u201d posts, or bet on posts they foresee going viral, and receive additional points.\u00a0<\/p>\n
Read more:<\/strong> Friend.tech copycats eager to capitalize on social finance craze<\/a><\/p>\n The company says these Phaver points will be redeemable for on-chain Phaver tokens at a later date.<\/p>\n The Museum of Modern Art (MoMA) added an NFT to its permanent collection this week \u2014 a first for the flagship museum.\u00a0<\/p>\n The piece<\/a> is Machine Hallucinations<\/em> by Refik Anadol, an AI-generated work that uses MoMA\u2019s database to continuously generate art based on the museum\u2019s history.<\/p>\n At the museum on Thursday, visitors perched atop padded black boxes to get a look at the piece, which is displayed in the lobby.\u00a0<\/p>\n The audience represented a mix of ages, with multiple visitors recording clips of the morphing colors on their phones. Reviews were generally positive, but none of the museumgoers Blockworks spoke with were aware the piece was blockchain-based.\u00a0<\/p>\n \u201cI didn\u2019t know it was an NFT<\/a>, but I hope that means the artist gets some income from it,\u201d an elderly man who had been watching the display for several minutes said. \u201cOtherwise I don\u2019t care.\u201d<\/p>\n Don\u2019t miss the next big story \u2013 join our\u00a0free daily newsletter<\/a>.<\/strong><\/p>\nMoMA acquires its first NFT<\/h2>\n
Also of note:<\/h2>\n
\n
\n