Fabric Ventures co-leads a $5 million funding round for Primitive, aimed at developing the Tapestry Protocol to revolutionize decentralized social applications on Solana.

Target Information

Primitive, a prominent player in the Web3 landscape, has successfully raised $5 million in a funding round jointly led by Fabric Ventures and Union Square Ventures. This round also saw participation from notable investors such as Stellation Capital, Slow, and Foresight Ventures. The company is focused on developing the Tapestry Protocol, an innovative platform designed to facilitate the creation and deployment of social applications.

The Tapestry Protocol builds on the team’s previous successful initiative, the Primitives application, which began as an engaging art-collecting game. This initial offering attracted a significant user base, minting over 350,000 pieces of digital artwork. Drawing from their deep expertise in consumer social products, the Primitive team aims to enhance the social infrastructure within the Solana ecosystem, thereby providing users and developers with opportunities to innovate freely.

Industry Overview in Solana

Solana has emerged as a leading platform for decentralized applications, particularly in the realm of consumer-facing products. Its unique technological attributes, such as high transaction speeds, concurrent updates, and affordable data storage via compre