Mask Network unveiled a major restructuring, spinning off Next.ID, Web3.Bio, and Firefly into independent entities. This change aims to strengthen growth potential and innovation.
Mask Network's Restructuring
In a February 21 blog post, Mask Network announced the spin-off of three projects — Next.ID, Web3.Bio, and Firefly — into independent units. The move is expected to enhance innovation, scaling potential, and independent funding opportunities for each project. The Mask Network team claims the restructuring will help improve the projects’ tokenomics models and drive greater user adoption.
About Next.ID, Web3.Bio, and Firefly
Next.ID is a decentralized identity protocol allowing users to maintain ownership and control over their data. Web3.Bio is proposed as a LinkedIn alternative, integrating identities from Lens, Farcaster, and ENS. Firefly merges various platforms like X, Lens, and Gitcoin to provide a unified social interface.
Impact and Future Outlook
With greater autonomy, these projects can evolve independently, strengthening their ecosystems. Mask Network founder Suji Yan compared the restructuring to Tencent’s model, where independent business units have driven significant growth. Additionally, Mask Network supports decentralized social networks, funding the largest Mastodon servers and integrating messaging and payments into platforms like X.
Mask Network's restructuring could mark a pivotal moment in Web3 development, offering enhanced growth and innovation opportunities. It signifies the company's adaptive approach to changes and user needs.
