A new Seattle startup is diving into the nascent world of NFTs in an attempt to build a digital token search and discovery platform.
Thred recently raised $3.5 million to help develop a covert product.the company is a spin out bright roomis a customer data startup based in Seattle.
headed by a thread Ben Strayleya former executive at Starbucks and Amazon, and most recently president of Brightroom.
The company is still in private beta and has no public website. Here’s how Straley described the platform in his email to GeekWire.
Major brands such as NBA, Porsche, Instagram, Reddit, Starbucks and Nike are increasing their investment in NFT technology and projects. For example, more and more brands are rolling out innovative ways to enhance their loyalty programs with NFTs. At a time when instability and distrust are pervasive in the crypto space, people want reliable and transparent information about NFTs. Thred is a consumer-facing platform that addresses this need and is slated to launch in early 2023.
The NFT market has been hit hard amid crypto and the broader economic downturn. Trading volumes are down 88% from January when the market peaked at his $5.36 billion in sales. Decryption report.
Starbucks in September Starbucks Rewards members will be able to earn and purchase collectible digital stamps (NFTs) that can be bought and sold in the Marketplace with other members of the loyalty program. Starbucks OdysseyBlockchain technology authenticates each token and tracks its ownership as it changes ownership in the company’s digital marketplace.
Thred’s investors include Valor, Kindergarten, Augeo, as well as Brightloom shareholders.