Dear beloved SOMESING community supporters, SSX token holders, and potential investors!
We want to share more details about the recent investment from DWF Labs.
In this article, we will share more about DWF Labs as an investor, the background behind their involvement in the current investment, and the strategic vision SOMESING has outlined for the future in the context of this financial backing.
1) Overview of DWF Labs
DWF Labs is the global digital asset market maker and multi-stage Web3 investment firm, one of the world’s largest high-frequency cryptocurrency trading entities, which trades spot and derivatives markets on over 60 top exchanges.
DWF Labs has played a role in contributing to the ecosystem of the established mainnet project ADA, forming partnerships with the Tron Foundation and the Algorand Foundation. They also initiated projects and networks that serve as bridges between Web2 and Web3, including the Web3 music platform label (LABEL) aimed at activating the Music Fi ecosystem and the open-source platform infrastructure protocol Fetch.ai leveraging blockchain technology.
2) Investment for the Implementation of SOMESING’s Web3 Ecosystem and Global Expansion
DWF Labs has recognized the substantial potential in SOMESING’s Web3 ecosystem, particularly the innovative concept of ‘Singverse,’ designed to connect global users through the universal language of music. This acknowledgment prompted DWF Labs to embark on its inaugural investment in SOMESING in November 2022.
Through this investment, DWF Labs has acquired valuable insights into SOMESING’s development, R&D initiatives, and global roadmap. The trust forged through the transparent execution of SOMESING’s development roadmap has significantly resonated with DWF Labs, reinforcing their belief in the growth potential facilitated by a global launch.
In alignment with the present agreement, DWF Labs is poised for a two-year collaboration with SOMESING, earmarking an investment exceeding seven figures for ecosystem development. This strategic funding will be allocated to support R&D, marketing, PR, global exchange listings, and liquidity expansion. The overarching objective is to expedite the global expansion of SOMESING across diverse domains.
Furthermore, DWF Labs operates as a prominent global liquidity provider and investor, actively participating in the market by offering liquidity derivative trading platforms like Synthetix, contributing to liquidity provision for QUICK SWAP, and actively engaging in various CEXs and DEXs, alongside providing support for OTC trading. Leveraging these strategic initiatives, DWF Labs anticipates its support will optimize the seamless supply of SSX tokens in the global market, delivering tangible benefits to market participants.
3) The Imperative for Investment in Global Expansion
Over the past few years, the SOMESING team has been committed to expanding the SOMESING’s ecosystem. This commitment encompasses global service launches, collaborations with various entertainment companies and artists, and partnerships with domestic and international blockchain projects — all undertaken with a focus on ongoing service improvement.
In the global landscape, allocating resources through virtual assets to establish collaborations presents challenges owing to unclear accounting standards associated with these assets. Additionally, securing liquidity for virtual assets within a specific entity remains complex. Despite these hurdles, the SOMESING team executed digital marketing campaigns in 2021 and 2022 to achieve mass adoption of the service. However, the results were limited due to constraints in the utilization of virtual assets by partners.
The challenging reality is evident — expanding the ecosystem becomes difficult without consistent development and global localization. This is underscored by the decline in user numbers for Smule, the leading global social karaoke app, and the discontinuation of Everysing, the top karaoke app in South Korea, on November 6th, 2023. The sustained growth of the ecosystem relies heavily on ongoing development efforts and effective global localization.
Hence, in the pursuit of establishing Singverse and expanding into the global market, it is crucial to proactively invest in financial resources. This involves collaborating with both domestic and international companies to develop new business models while concurrently advancing R&D efforts. Achieving the full potential of song content necessitates effective localization in each market. Successful global localization demands proactive investment, encompassing targeted promotions in each market, securing local music sources, establishing contracts with copyright associations in respective countries, and integrating translation services within the platform to facilitate seamless communication among our global user base.
Furthermore, it is paramount to empower users to leverage the revenue generated from their content locally. This approach not only attracts more users but also nurtures the growth of high-quality content creators.
4) White Paper and Circulation
As outlined in the publicly available SOMESING whitepaper, 20% of the total 6 billion tokens are designated for strategic partners, while 25% is allocated to the community. These resources serve to establish diverse collaboration models with businesses, projects, funds, and other crucial entities. This collaborative effort is crucial for both operating and expanding SOMESING in conjunction with strategic allies. Moreover, the community allocation functions as a resource pool for ecosystem builders, crucial for the continual growth of the ecosystem.
DWF Labs’ recent investment targets the attraction of funds by leveraging tokens allocated to partners and the ecosystem. The secured funds are earmarked for future initiatives, including development, R&D, localization, marketing, PR, and expansion to listed exchanges for SOMESING. The collaborative vision includes partnering with DWF Labs to extend the Web3 ecosystem to regions such as Japan, Southeast Asia, and the MENA region in the coming years.
Since its inception, SOMESING has been committed to providing accurate and transparent information to its members, holders, and investors through channels such as Xangle, Coinmarketcap, and its own communication channels. To ensure prompt and precise information about the circulating supply, SOMESING swiftly implemented Xangle’s Live Watch system, and we transparently disclose the real-time circulation data for all foundation-owned wallets and tokens, including monitoring future circulation plans.
With the recent investment expanding SOMESING’s ecosystem, the SOMESING team envisions the potential for Singverse, a value interconnected through songs, and the global adoption of blockchain services. Acknowledging the challenges in executing a multi-chain strategy and achieving global localization for a region-independent Web3 infrastructure, collaboration with DWF Labs — possessing a diverse portfolio — is expected to overcome these obstacles. This strategic partnership with DWF Labs is poised to position SOMESING as a game-changing Super Dapp service in the market.