Bluesky, Twitter founder Jack Dorsey's New Startup, Receives $8 Million Investment

Hours before the general launch of Threads, a social media site developed by Meta as a competitor to the Twitter platform, Bluesky, another Twitter competitor, received investment. Twitter had not been able to achieve a steady momentum with Elon Musk and downsized. This led to a defoliation of this social media site. As a matter of fact, Twitter responds to users' text-oriented social media habits. However, later on, Twitter was unable to respond to this need, prompting the developers who left the team and saw that users faced too many problems within the application.

Jack Dorsey, the founder of the Twitter platform, rolled up his sleeves to create a new platform. Bluesky investment, founded by Jack Dorsey, received 8 million dollars in seed round. The seed round was led by Neo and included angel investors such as Joe Beda, Bob Young, Amjad Masad, Amir Shevat, Heather Meeker, Jeromy Johnson, Automattic, Protocol Labs, Sarah Drasner, Katelyn Donnelly. Bluesky held a launch in March. With this launch, Bluesky was opened to a certain number of users. The app allows its members to share and like posts and communicate with friends.

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Will the Twitter Platform Get Smaller?

The Bluseky platform is based on a decentralized social networking protocol. Recently, the Twitter platform was restricted by Elon Musk. Blusky then suddenly faced an influx of users. Bluesky, which had to temporarily pause new memberships after the increase in traffic, announced that it will soon intensify its efforts to invite more users to the beta version. Bluseky has not yet fully secured its place among social media platforms. Instagram and Twitter in particular are the most established of these platforms. In this context, Bluesky made an investment announcement hours before the general launch of Threads, Meta's Instagram-based Twitter competitor, which is also a new social media platform. Having completed its seed round and gained a new competitor, Bluesky aims to grow its team, expand the AT Protocol underpinning its app, secure new investments, and better manage operations and infrastructure costs.

"We will experiment with different strategies and services to see what provides real value to our users, and we will continue to share what we share," the platform said, sharing its plans for new revenue streams with the investment. The Bluseky platform, which is free to use and different from platforms that generate revenue from advertising, aims to continue to look for alternative and other revenue models, starting with paid services, especially in the early stages. In the light of these plans, Bluesky, which announced one of its paid services, will start offering custom domain names in cooperation with the popular domain name company Namecheap. Just like on Twitter, users of this platform will be able to create their own custom domain names for a monthly subscription to change the link of their accounts on the web. The private domains created with the service, the price of which has not yet been announced, will be linked to users' Bluesky profiles.