SO-COL is a social platform that stands for ‘Social Collectibles’ enabling its users to discover the power of web3 and NFTs. The platform was founded by Irene Zhao, a crypto influencer. The platform prides itself as the future of a better way for communities to connect. The platform is powered by Starkware. For regular users, the platform is promising to bridge the gap between web2 and web3 technologies and make it so easy for communities to benefit from web3 technology while making it feel like a web2 experience. The platform also offers to connect creators and fans while providing bespoke services that are tailored for big brands and celebs. The platform is even promising to go as far as offering tailor-made sites for user’s NFT collections as well as membership passes and event tickets grounded in NFTs. Some of the favorite features the platform offers include private messaging where fans can slide into creators’ DMs(Direct Messages) for an unlimited exclusive chat. The firm also offers premium collectibles and premium tiers related to sub-communities on its ecosystem. Users can sign up easily since the platform utilizes web3 authentication meaning wallets can be set up with email addresses.
SO-COL has recently raised $4.5 million in to rounds with an aims to go multi-chain and support more layer-1 and layer-2 networks on its ecosystem. The most recent funds drive of $1.5 million was facilitated by a single investor, DWF Labs. SO-COL had in the last year raised $3 million in a round led by Blockchain Capital. The former event was conducted at a $100 million valuation. With the acquisition of the recent funds, the platform, through its founder, claims to supercharge influencers’ output with NFTs. Early last year, SO-COL raised $1.75 million in a seed round. All of SO-COL’s fund drives have been executed through tokens where investors have bought SO-COL’s Simp tokens. The latest investment into SO-COL by DWF Labs forms part of the investor’s aggressive purchase of tokens. DWF has so far invested in 15 startups over a very short period of time.
Zhao, the platform’s founder, is an Instagram model and entrepreneur who has expressed the potential NFTs have in monetizing social media. The influencer had earlier released an NFT collection dabbed IreneDAO worth around $6.5 million in ether. The collection comprises of digital stickers showcasing different poses from the influencer followed by catchphrases. Irene Zhao has described the NFT collection as a proof of concept and it has since moved to the Opensea network. The platform aims to utilize the acquired funds to make SO-COL a multi-chain platform so that it can support more networks and allow creators and brands to utilize NFTs and use them as a basis for memberships and unlocking exclusive content.
SO-COL currently has a network of 300 creators and is hoping to onboard more users by incentivizing them with cash payments and Simp tokens. The firm powered by Stripe so as to offer convenient payment options to fans. As indicated earlier, the platform uses StarkEx, Ethereum scaling platform from StarkWare, to reduce creator fees. SO-COL has already listed its Simp token on Kucoin and plans to list it on other exchanges including Binance and OKX.
