Tuesday, September 27, 2022

Web3.0 Tracker App Context Raises $19.5M in a Seed Funding Round

Context, a unique web3 tracker app, successfully raised $19.5 million in a seed financing round co-chaired by Variant Fund and OpenAI’s boss Sam Altman as tweeted by the startup on Wednesday.

The financing round had representation from heavyweights in the crypto sphere ranging from CEOs to Non-Fungible Token (NFT) artists, some of which include Dragonfly Capital, Adam D’Angelo (Quora’s CEO), Phantom’s Francesco Agosti, venture capitalist Lachy Groom and a host of others.

The tracker app which affords users an avenue to track transactions and wallets in an Instagram-like feed of individuals they follow, also upgraded its app to include a feature that allows users to automatically find and view wallets associated with friends they follow on Twitter.

Drawing ideas from social media platforms like Instagram and Pinterest, Context believes keeping track of wallet activities of colleagues, stars, decentralized autonomous organizations (DAO), and influencers will “follow/subscribe” to the emerging web3 age offering. As an outlet for users to get on board with the new and trending NFT projects, Context unlike other tracking tools is free.

Context in a way serves as the meeting point between the thriving relationship and the web3 ecosystem. Social media such as Instagram has integrated NFT while Twitter supports NFT-linked display pictures for its VIP subscribers. The platform similarly shows market data from NFT marketplaces like OpenSea and Rarible as it concentrates on NFT projects and collections.

The web3 tracking tool was established in October 2021 by Luke Miles and Adam Ludwin, and currently has 7 staff with the intent to increase this figure in 2022. Miles is a former software engineer at Stripe while Ludwin is the past CEO and co-founder of Chain which was purchased in 2018 by Stellar.

Other tracking tools in the web3 ecosystem include Nansen and DappRadar.

Nansen, a blockchain platform that combines on-chain data with a growing database of millions of wallets provides paid services that monitor the on-chain actions of high-level investors. It is valued at $750 million as of December 2021.

Lithuania-based DappRadar is a data collection company, it monitors over 350 decentralized apps across several blockchains helping users make informed decisions.

Joyce Onose
A Blockchain enthusiast and growing writer in the space with an understanding of the importance in creating quality content for readers in the industry. Also, keen on using her skills in improving Blockchain journalism.

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