Magic Square is building a web3-friendly app store that lets developers list projects vetted by the community through a DAO-based validator system. Each app is reviewed by 250 randomly picked validators — 50 qualified and 200 standard — who are paid in Magic Square tokens, while users earn review points convertible into tokens. The company operates an affiliate marketing marketplace where developers set per-user acquisition prices and Magic Square takes a 10% cut of campaign budgets as revenue. Founded last year, the startup has about 40 employees worldwide and reports 250,000 people signed up to test its upcoming beta. The store is transitioning from Solana to Binance Chain, and the team plans to add headcount and focus product development on its affiliate marketing program. Leadership says the aim is to lower marketing costs for crypto startups and provide a community-vetted layer of user protection against scams. Magic Square operates a decentralized Crypto App Store that aggregates dApps, CeFi and DeFi services, NFTs, and games in a single, user-friendly interface. Its core product includes a DAO-based vetting and ranking system with earning metrics to incentivize validators, creators, and users. The platform uses MagicID, a multi-chain decentralized ID/wallet, to enable one-click access to community-vetted content and aims to be a Web3 alternative to Google or Apple connect. Magic Square is currently in Beta Phase I with 5,000 invitees testing core functionalities while the team refines the in-store experience based on user feedback. The company plans to launch a fully functioning app store and expand globally with strategic partners. No revenue or other financial results were disclosed in the article.

Total raised

$1M

Funding rounds

2

Latest round

Equity

Latest activity

Oct 2022