Mask Network Announces Major Restructuring of MaskDAO

According to the official statement, MaskDAO now oversees four key projects and applications.

As part of the restructuring, Mask Network will spin off three promising Web3 social projects, Next.ID, Web3.Bio, and Firefly, to enable independent growth and innovation.

Mask Network is a decentralized social protocol founded in 2017 by a team dedicated to promoting a free and open internet. The project bridges traditional Web2 social networks with decentralized Web3 apps, enabling users to securely exchange messages, store files, and conduct financial transactions.

According to MaskDAO, spinning off these projects will maximize their potential and expand their user base within their target market segments. This restructuring will allow the teams to grow, innovate, and develop tokenomics models to attract more funding.

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We are one step closer to achieving a new and open internet through building and growing the decentralized social network ecosystem. We have positioned ourselves as a Web3 social conglomerate similar to Tencent who has successfully expanded their ecosystem through different business units in investment, gaming, and other applications,

said Suji Yan, founder of Mask Network and MaskDAO.

He stated that this strategic spinoff is a crucial step in building a more flexible and innovative ecosystem that can adapt to modern market challenges.

Alongside the restructuring, Mask Network aims to maintain its leadership in decentralized social networks. With its venture arm, Bonfire Union, the company will continue investing in infrastructure, advanced technologies, and creative content to make Web3 more accessible to a broader audience.

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