Highlights:
- Researchers and advocates of blockchain-based decentralization refer to the next generation of the Web3 as the platform that will enable token economies and smart contracts to run autonomously.
- More than 200,000 smart contracts across multiple blockchains and over 55,000 unique wallets have been deployed ever since the inception of Thirdweb.
Thirdweb, a crypto developer platform for building NFT and Web3 apps, announced a raise of USD 24 million in Series A at a USD 160 million valuation. Haun Ventures led the round.
Coinbase Ventures, Shopify, Polygon, Protocol Labs, Shrug VC, and billionaire Joseph Lacob were among other participants who contributed to the Series A round.
Thirdweb provides developers with software tools that help them design, administer, and construct decentralized and open-source Web3 applications. This includes pre-built smart contracts and templates that a blockchain programmer may need for decentralized blockchain coding, such as nonfungible token drops, decentralized exchanges, games, and marketplaces. Other tools include software development kits and dashboards that help manage on-chain contracts.
Bebo founder Furqan Rydhan, currently chief executive of Thirdweb, and entrepreneur Steven Bartlett of Dragon’s Den UK founded the company.
Researchers and advocates of blockchain-based decentralization refer to the next generation of the World Wide Web, Web3, as the platform that will enable token economies and smart contracts to run autonomously. Web3 applications allow programmers to construct decentralized alternatives to traditional finance and eschew middlemen such as banks and brokers.
According to Rydhan, many programmers interested in getting into Web3 development are faced with many challenges, such as the chance of flaws or exploits in their programs that could lead to disastrous outcomes. With Thirdweb’s solution, developers can confidently construct secure applications thanks to a library of pre-built smart contracts and tools that have been thoroughly tested for monitoring and managing these contracts.
Rydhan said, “I’ve built internet companies in Web1 and Web2, and I’m seeing the same patterns in Web3, which suggest this is going to transform the internet as we know it. Thirdweb is building the infrastructure layer for Web3, giving builders the tools to unlock the power of blockchain technology and accelerating them as they build the next world-changing companies.”
More than 200,000 smart contracts across multiple blockchains and over 55,000 unique wallets have been deployed ever since the inception of Thirdweb. According to the firm, many Web3 initiatives, such as NFT drops, decentralized autonomous organizations, blockchain games, and token-gated memberships, have benefited from its technologies.
Together with established companies like New York Fashion Week and Afterpay, the firm is incorporating Web3 services into their offerings, like NFT-gated membership clubs, tickets, and virtual metaverse worlds, intending to enhance consumer engagement.
Nonfungible tokens (NFTs), are a type of blockchain-based asset used to prove ownership of intangible assets like digital works of art, songs, films, collectables, and game items. They have a real-world dollar value and can be purchased, sold, and exchanged.
Furthermore, owning an NFT can “unlock” previously inaccessible premium content. NFTs can be utilized by merchants in a variety of ways, including rewarding repeat customers with discounts and allowing access to restricted areas. NFTs could also be used in concert and event venues as tickets for entry into exclusive lounges and VIP sections. A bar can offer a special drink that is exclusive to NFT holders.
These examples showcase the limited applicability of a single set of Web3 capabilities—nonfungible tokens. Online marketplaces, payment gateways, financial institutions, loans, cryptocurrency exchanges, decentralized games, and more have all emerged as direct results of the development of smart contracts.
Bartlett said, “Web3 is the most important technological shift I’ve witnessed in my lifetime. We built Thirdweb to give the builders that are creating this next iteration of the internet the tools they need to be successful, and when they are successful, the world as we know it will be remarkably different — remarkably better.”
Over 20 investors, including angel investor Gary Vaynerchuk and billionaire Mark Cuban, contributed to the preliminary investment round for Thirdweb in December, totalling five million dollars.
Since May, the number of contracts built on the platform by developers utilizing Thirdweb’s tools that have seen recent activity has doubled, and developers have made over USD 1.5 million in the past 30 days.
In addition, Thirdweb’s collaboration with Shopify officially kicks off today. The firm will provide a hand in incorporating Web3 features into the e-commerce platform’s tech stack to increase user participation.
