Lore is a web3 derivatives co-ownership platform that builds collaborative web3 infrastructure for groups and users of all sizes to facilitate management of on-chain memberships. By leveraging the platform, users can pool and manage capital, co-purchase and co-own digital assets for use with the platform infrastructure to generate new income streams. The firm intends to turn missions into movements while allowing digital communities to posses real-world economic value that will facilitate social and cultural impact. Lore is still in its early stages of development and in lean with only 8 employees based in San Francisco. The firm was founded by 2 childhood friends, Thomas Scaria and Shelby Thomas. The firm operates under the philosophy “own it together, create forever” to enable collectives to spin up a shared vault that pools resources for co-ownership of NFTs.
Lore has announced the closure of a strategic fundraising round that was led by Multicoin Capital. The event that yielded $4 million in funding also saw participation from other investors including Zeneca, Seed Club Ventures, Spice Capital, Mischief Ventures, North Island Ventures and Sublime among other notable venture capitals. The acquired capital is set to facilitate the innovation of new use cases and expand beyond the Ethereum Blockchain to other chains commencing with Solana and Polygon chains. To date, the firm has raised funds totaling to $7.15 million.
Lore is now in the public beta phase and its co-ownership infrastructure is set to distribute ownership stakes and funds to its users through automated administrative features available on the platform once it is completed. This will in the long-run enable collectives to easily access mints, stake digital derivatives and play interactive NFT-based games while allowing them to earn income from their activities on the platform. The platform will also double as a social network of sorts with capabilities in connecting new members to collectives in an easy and seamless manner.
So far, Lore has managed to facilitate 2 000 on-chain transactions – worth an estimated transaction volume of $10 million, 1 000 collectives and 3 500 ETH coordinated transactions among other feats on their online platform. Users can view collectives with the ability to join or create their own collectives and allow other users to join so as to pool staked and co-owned resources. The strategy being utilized is quite philosophical and can be equated to the saying that “alone, you can only go far but together, you can go further”.
This technology could have numerous ramifications as it sets up collectives in a manner that allows contribution into the collectives by purchasing NFTs and in turn get equity in the collective as a percentage of their contribution. The collectives can then embark on more interesting ventures if they reach consensus. These collectives come complete with the ability to set missions and goals, This feature alone can find application in many use cases. The most important feature, at least according to me, is the ability to automatically manage memberships. These membership cards can be issued and managed on-chain to track ownerships and manage exits and sticky situations like when a member loses their wallet.
