Initial contributions are anticipated to be around $100,000, primarily aimed at initiatives that demonstrate “genuine business strategies, robust teams, and tangible products,” according to Wang, which will enable them to reach a significant proof point and secure more substantial subsequent funding.

Yet, how significant can Skyseed become as a fund?

“I believe reaching $5 [million] to $10 million is feasible, notably as we begin to witness some proof points,” Wang expressed.

Alongside formal equity investments, Skyseed plans to provide developer grants (similar to Bluesky), within the range of $5,000 to $25,000.

“The grants are fairly selective, as I’m essentially handing over funds to someone. Trust in their technical vision and execution capability is crucial,” Wang noted. “Typically, it will involve individuals who have already released tools that I consider of high quality and deserving — either I’m utilizing them, or I know others who are.”

Several developer grants will be distributed by the year’s end, with the primary equity capital likely commencing disbursement early next year.

“I’m already targeting several apparent high-quality projects. They’re not excessively capital-demanding, and assisting someone out of ‘ramen mode’ just to focus on building is perfectly acceptable,” Wang elaborated. “Quite a few of these projects require minimal funding to progress, as they’re essentially one-person or small two-member teams working in their downtime.”

Regarding the incubator aspect, Wang mentions that Skyseed will act as a platform for like-minded individuals to exchange ideas with a collaborative aspiration, especially where complementary projects are present.

“It will be a rather proactive mentorship, developing into a network where they assist one another,” Wang said. “What I observe is numerous projects across different sectors aim for similar objectives. Some of this will also involve founder matchmaking.”

Dunbar’s number

Bluesky ultimately represents just another application, facing similar moderation challenges that X has encountered since its early days, and advertising could soon appear on the platform as well. However, this underscores some potential advantages of a genuine ecosystem emerging as a result of the AT Protocol.

Dunbar’s number, a concept from British biological anthropologist Robin Dunbar, proposes a cognitive ceiling on the number of people who can maintain stable social relationships. This limit is 150. Social media frequently disregards this number, drawing billions into the same social realm, sparking chaos; large social networks compel individuals to interact with those they’d generally avoid in real life. The AT Protocol alters this equation, enabling a multitude of niche and micro-networks constructed upon the same foundational framework.

“We’re not compelled to all fit inside a singular, universal app,” Wang emphasized. “The essence of the protocol is to develop a diverse array of apps, allowing various user experiences to thrive.”

In the days following the launch, Wang mentioned he reviewed about 50 project submissions, though he couldn’t confirm which projects would ultimately secure funding. He did, however, share insights on the potential tools that might emerge if the AT Protocol is given room to develop.

Alternatives to Bluesky itself are certainly on the agenda in regard to the AT Protocol. This could involve a version more aligned with children and families, incorporating children’s social graphs branching from parents’ and offering detailed privacy controls, or it might be directed towards dissident journalism or whistleblowers, or potentially cater to marginalized communities.

Similarly, it might resemble a Reddit copy, or socially enhanced alternatives akin to SoundCloud, Bandcamp, or even Google Maps. “Some individuals have crafted photo-focused apps similar to Instagram, others are envisioning event-coordination platforms akin to Eventbrite or Partiful with social graph integrations,” Wang mentioned.

While the eventual appearances of such products remain uncertain, they could serve as the foundation for an entirely new application ecosystem. This underlies Wang’s aspirations with his fund.

“So many of the components currently residing at the core of large social media companies might now detach, forming parts of a modular ecosystem upon which others can build,” Wang explained.

Notably, this doesn’t preclude networks supported by advertisements or subscriptions — it merely provides options.

“You can undeniably have ventures supported by advertisements, but it must be balanced as a business model,” Wang affirmed. “The unfortunate scenario for large social media corporations was stumbling into advertising and the attention economy, by which time they had already accumulated billions in investor debt. Thus, that’s the fundamental difference. We’re planning to attempt a distinct evolutionary trajectory.”

Forked off

Despite all the conversation regarding openness and decentralization, one cannot overlook the open secret: Bluesky, the controllers of both their app and the underlying open-source protocol, is privately owned, with the typical array of venture capitalist supporters. Open-source is not always a permanent fixture, as historical instances demonstrate.

Simply put, there’s considerable potential for things to diverge, both at Bluesky and the protocol it’s built upon. However, Wang doesn’t perceive this as an issue.

“In virtually all open-source environments, users are the final arbiters,” he stated. “If a major corporation opts to exploit an open-source project, it becomes irrelevant if users reject it. They can easily fork it and proceed on their path. There’s always the choice to depart and pursue alternative innovation.”

Numerous projects potentially eligible for funding are side hustles pursued during free time, a scenario that Skyseed itself might also embody. It undoubtedly sounds like a daunting amount of work, especially with no managing partners or administrators currently involved.

“It really is a part-time endeavor for me,” Wang admitted. “Yet, there are numerous supporters, and many are optimistic about its success. I’ve been unapologetic about using their time. Over the holidays, part of my activities will include establishing some of that framework.”