Quick take:
- Users of the app can track on-chain activity of the wallets they follow.
- A new version of the product adds Twitter-linked wallets to user feeds.
- The app stands at the intersection of Web3 and social media.
Web3 startup and wallet watcher Context has raised $19.5 million in a seed round co-led by Variant Fund and OpenAI CEO Sam Altman.
Other participants in the round include venture capital firms, founders and artists such as Dragonfly Capital, Quora CEO Adam D’Angelo, Vine co-founder Dom Hofmann, Phantom CTO and co-founder Francesco Agosti, and musician Holly Herndon.
Founded last year, Context is led by co-founders Luke Miles and Adam Ludwin. Miles was formerly a software engineer at Stripe while Ludwin was the former CEO and co-founder of cryptographic ledger systems builder, Chain, which was acquired by Stellar in 2018.
Context currently has a team of seven and the company plans to double its staff this year.
The startup has released an app that allows users to monitor the wallets and transactions of people they follow. A new version of the product also allows users to find the wallets of people they follow on Twitter.
Taking inspiration from Instagram and Pinterest, Context stands at the intersection of Web3 and social media. Early examples of this intersection were shown when Twitter rolled out its NFT profile pic feature, Twitter Blue, while Mark Zuckerberg confirmed that Instagram has plans to integrate NFT features.
The startup believes that watching the wallets of friends, influencers, celebrities and DAOs will be the “follow/subscribe of the Web3 era.”
Context’s app is focused on NFT projects and collectors. Its main page currently displays wallet activity related to NFT transactions. The app also includes market data from NFT marketplaces like OpenSea and Rarible.
Other on-chain data tracking platforms in the Web3 ecosystem tools include Nansen and DappRadar.
Nansen offers paid subscription plans that track the on-chain activities of high-value investors, and was valued at $750 million last December. DappRadar enables users to track, analyze, and discover over 3,000 dApps across more than 10 blockchains. The platform also data on transactions, token volume and the number of active users.
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