Gary Vee, Mark Cuban Among Investors In Web3 Developer Thirdweb: What Investors Should Know

A Web3 company that helps build apps for partners announced a new funding round Monday.

What Happened: Thirdweb, a technology platform for building NFT and Web3 apps, announced a funding round of $5 million.

The funding round was led by Gary Vaynerchuk, Adam Foroughi, Mark Cuban and Ryan Hoover.

“With thirdweb, launching a Web3 project is as simple as creating an e-commerce store on Shopify,” the company said in a press release.

Features that Thirdweb can help with include NFTs, social tokens, marketplaces and lootboxes and NFT drops. The company can work with partners on timed drops for NFTs, creating chance-based packs of NFTs and making their own marketplaces to buy and sell NFTs.

Another thing Thirdweb can do is split royalties between multiple people, rather than one lump payment for the ownership team.

A growing item for NFTs and crypto communities is launching tokens, which is something with which Thirdweb plans on helping potential interested parties.

Money from the funding round will be used for hiring and scaling the business.

Related Link: Exclusive: Gary Vee On Sports Cards, Investment Options, What's Ahead For NFTs 

Why It’s Important: Thirdweb was founded by Steven Bartlett and Furqan Rydhan. Bartlett is the founder of Social Chain and the youngest investor on BBC’s "Dragons’ Den" TV show. Rydhan is the founding CTO of Bebo and AppLovin APP.

“Web3 is not just the future, it’s also the present. We’re currently witnessing one of the greatest technological shifts of our lifetime; it’s happening before our eyes and its going to touch every major industry and everyone’s life,” Bartlett said.

The company supports a multi chain ecosystem of blockchains, provides smart contracts, widgets and UI components for creating customized Web3 ecosystems. The company deploys an on-chain contract, giving the developer full control and ownership of their projects.

“We built thirdweb to allow entrepreneurs, developers, brands and creators to unlock the potential of this 3rd iteration of the internet in the easiest way possible – without having to learn a brand new coding language and without needing to hire a completely new team.”