Paragraph, a blockchain-based publishing platform, has acquired its rival Mirror in a deal that leads to the creation of a new web3 social media app, “Kiosk.”
Following the acquisition, Mirror will continue operating independently for a time before merging with Paragraph. However, Mirror’s developers will turn their attention to building the new app while maintaining their existing platform.
“Kiosk” will be built on the Farcaster Protocol, a decentralized framework on Ethereum that facilitates social media-like features with the additional ability to track and trade digital assets.
Mirror’s Pivot to A New Web3 Social Platform
Denis Nazarov, Founder of Mirror, described the new platform as a social space where users “not only see what people are saying, what they’re liking and who they’re following – but also what assets they are buying”. He added, “We think that the whole idea of asset ownership and collection is not just transactional, it’s also social.”
While the financial details of the acquisition were not made public, Colin Armstrong, Founder of Paragraph, indicated that the deal was structured to satisfy both parties. “Everyone is very happy with the outcome. Mirror gets to pursue their new product, and the Mirror product gets to continue under someone who’s fully dedicated to publishing,” he shared.
Union Square Ventures, an investor in both Mirror and Paragraph, was involved in facilitating the agreement.
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