Fabric Ventures
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Fabric Ventures

Why we Invested in RSS3

$6 million to index and connect all our cyber existence in the era of Web 3.0

Fabric Ventures is thrilled to back RSS3 as part of their $6 million seed funding round led by Coinshares Ventures with participation from Coinbase Ventures, Dragonfly Capital, Mask Network, HashKey Group, Arweave, Dapper Labs, Avalanche Asia Star Fund, Youbi Capital, Headline VC, Formless Capital, imToken Ventures, and private investors, including Balaji Srinivasan, Jeff “Jiho” Zirlin, Miss ₿itcoin and Scott Moore.

The desire and need for content creation, consumption, and social sharing is integral to the human experience, and is a through-line throughout the iterations of the internet, from web1 to web2, and now web3.

Web3-native content and culture are still in their infancy, but have seen remarkable growth in the past 18 months, with NFTs at the forefront. Here at Fabric, we are proud to have supported companies within this new media ecosystem both at the infrastructure layer (such as portfolio company Immutable) as well as at the content creation layer (such as portfolio companies Concept Art House and Sorare).

As this web3 content has grown in popularity and adoption (for example, portfolio company Sky Mavis’s Axie Infinity had around two million daily active users in October 2021), so we have seen the green shoots of web3 identity, defined around the assets owned and displayed by individual users. After all, identity in the physical world is not just defined by what you read or say, but also by what you wear, the clubs and communities you buy into, the physical “things” you purchase.

We believe that users will demand that their identity and content is self-sovereign and portable, able to be displayed wherever identity and content ultimately aggregate, indexed as per the user’s desires. Content will continue to diversify and complexify, both across chain and in type, and there will be a need for aggregation and standardisation to happen for social presentation. To phrase it differently, each user will want to display what they own (who they are) in their own way, indexed as they themselves wish, and allow others to subscribe/discover that curated identity.

RSS3 provides the infrastructure for this to occur, across any platform. They aggregate and index any open data (web2 or web3) into a single feed that is controlled by the user. Users can receive information on the web3 activities of themselves and their community, and developers can use this feed to build new primitives based on this aggregated user activity. Furthermore, this will happen in a decentralized and scalable manner with the RSS3 node, a departure from the controlled and centralized platforms of the web2 era, such as Facebook/Youtube/Twitter, allowing control of each user’s online identity to remain in their hands. Content creators, whose careers and success have been at the mercy of the whims of their chosen platform’s “feed”, will be able to generate their own distribution and monetisation: able to maintain control and ownership of their work.

In Joshua and tech lead DIYGod we have found passionate exponents of the importance of decentralised media, who possess excellent technical understanding of RSS; DIYGod having maintained the open source RSSHub github for years.

We are impressed by the strong start the team has made to implementing a decentralised feed for web3. The RSS3 protocol already supports a variety of content types from numerous centralized or decentralized networks, including Ethereum, Mirror.xyz, Arweave, and Twitter, and has indexed hundreds of thousands of assets and tens of thousands of links. The team generated impressive demand with recent demos, racking up almost twenty thousand users in less than two months.

Social aggregation of web3 content and assets will happen in some form. Creators want reusability and virality, an ability to share and identify the verified origin of content. As the amount, the complexity and variety of web3 content increases, we believe RSS3 can become the crucial infrastructure to distribute & share a user’s curated identity & content to wherever it is ultimately displayed. RSS3 can enable the consumption, discoverability, and transaction of all web3 content.

We back the boldest technologists & communities at the earliest stages, supporting them throughout their journey and becoming active participants within the networks they are building.

To learn more about Fabric Ventures, you can visit our website, follow us on Twitter and read our investment thesis.

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