Blockchain analytics firm Thirdwave emerged from stealth mode with the completion of a $7 million seed funding round on September 14, 2022. Web3-focused venture capital firm Framework Ventures led the fundraise.
Other investors that supported the round are Animoca Brands, Hustle Fund, Oceans Ventures, Play Ventures, and Shima Capital.
Thirdwave plans to use the funding to build their own discovery engine of the same name. The company will focus on developing the engine’s key elements such as scaling and data features. The platform will offer benchmarking tools and on-chain analytics. Project-specific dashboards, and deep community and data web integrations, are also some of Thirdwave’s capabilities.
Essentially, the company is creating tools and an infrastructure that will grant Web3 builders and game developers extensive understanding of the market. This will give blockchain entities better access to customer insight and find tangible ways to entice and retain patrons.
“Today’s Web3 developers don’t have access to meaningful customer data insights, which in turn creates major inefficiencies in the building process,” Framework Ventures co-founder Michael Anderson stated.
Thirdwave is considered the first blockchain discovery engine. The platform provides projects with the analytics and insights. These are data needed to understand customers, as well as strategies that can expedite growth.
The team was founded by industry experts who built products that pushed Web2’s shift from desktop to mobile. They were joined by a group of professionals who handled Facebook’s games and mobile app strategy.
The partnership led to the formation of Thirdwave, an entity that has its sights on empowering game developers and their communities. Moreover, Thirdwave also covers Decentralized Autonomous Organizations (DAOs), projects, protocols, and other Web3 companies in general.
There are over 3 billion gamers worldwide. That is more than ten times more than the estimated total number of crypto holders on the entire planet. This is why adherents have faith in Web3 gaming. They believe that games will onboard a sizable portion of the population into the space.
Thirdwave has the capability to transform raw data into useful insights that businesses can utilize. Some of the data that Thirdwave can analyze include customer data, industry benchmarks, on-chain activity, social channel data, and website analytics, among others.
“With their past experience building and scaling data discovery engines for consumer giants like Facebook, we think Thirdwave is positioned to give Web3 projects, especially in the GameFi space, the ability to truly understand their users,” Anderson added.
Web3 Funding Rounds this Month
Although the industry has yet to get back on track, funding has continued to flow into the space this year. The first half of September highlighted several promising blockchain gaming projects successfully raising funds to turn their ideas into reality.
Popular NFT collection Doodles also raised $54 million in its first-ever funding round, along with perennial closer Animoca Brands’ $110 million metaverse fund. Moreover, gaming guild Metaverse Magna also raised $3.2 million on September 5 to build “Africa’s largest gaming DAO.”
Since August 1, Web3 games and metaverse projects have raised over $750 million (per DappRadar). The amount of capital that investors are putting into the space has surprised some pundits. This is due to the fact that the market is still fighting to regain its footing in the bear market.