Context Raises $19.5M in Seed Round Led by Variant Fund

Crypto startup firm Context has raked in $19.5 million in a seed round led by Variant Fund and OpenAI CEO Sam Altman. This was participated by several crypto CEOs and artists including “Dragonfly Capital, Quora CEO Adam D’Angelo, Vine co-founder Dom Hofmann, and Phantom CTO and co-founder Francesco Agosti.” The round was also joined by “Trevor McFedries, Meltem Demirors, Jacob Horne, Tess Rinearson, John Palmer, Andy Chorlian, Mathew Dryhurst, Holly Herndon, and David Rudnick.”

Context is focused on permitting users to use Instagram-esque feed to observe people’s wallets and transactions. It has come out with a new feature that allows users to automatically find wallets linked to the people they follow on Twitter.

Its recent development is much focused on the Web3 industry, specifically, Non-Fungible Tokens (NFTs) and collectors. It also has an additional feature on its app which provides market data from various NFT marketplaces like OpenSea and Rarible. Context’s main page also shows updates on NFT wallet activities.

The intersection of Web3 and social media is hitting a new level of acceptance after Twitter and Instagram announced their efforts in that area. Last year, Twitter introduced the NFT profile picture, Twitter Blue. Twitter Blue soon introduced a verification feature for NFT Profile Pictures (pfp). The NFT pfp verification feature was said to allow users to link Ethereum wallets to their Twitter accounts. In this way, they can choose their preferred NFT for their pfp. Twitter would then crop the NFT pfp automatically into a hexagonal shape to complete the verification. Twitter is using OpenSea’s API to obtain the NFT pfps.

Mark Zuckerberg also disclosed that it has plans to integrate NFT into Instagram. According to Zuckerberg, it will allow users to bring NFTs from other platforms, and then later introduce minting tools.

“Long-term, I would hope that the clothing that your avatar is wearing in the metaverse can be minted as an NFT, ” said Zuckerberg.

Context believes that the “follow/subscribe” of the Web3″ era will mark the beginning of watching wallets of celebrities, influencers, friends, etc.

Some of its competitors in the on-chain data tracking space are Nansen and DappRadder. DappRader permits users to analyze and track over 3000 dApps on over 10 Blockchains. In addition, it provides data on token volume, transactions, and active users. Nansen on the other hand was valued at $750 million last December. It has a paid subscription that enables users to track or monitor the on-chain activity of investors.

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Excellent John K. Kumi is a cryptocurrency and fintech enthusiast, operations manager of a fintech platform, writer, researcher, and a huge fan of creative writing. With an Economics background, he finds much interest in the invisible factors that causes price change in anything measured with valuation. He has been in the crypto/blockchain space in the last five (5) years. He mostly watches football highlights and movies in his free time.