The venture arms of FTX and Coinbase have joined a $2 million seed funding round for Coinfeeds, a startup that lets people monitor the social media mentions and activity of web3 and NFT projects.
The firm, which says it want to become the Bloomberg for crypto, applies natural language processing to the social channels most frequented by web3 communities, Twitter, Telegram, and Discord to generate insights about community activity and sentiment.
After joining the Y Combinator accelerator programme, Coinfeeds has launched an app which includes free and premium options alongside API support for institutional and professional users.
All users have access to Twitter mentions and followers, Discord, and Telegram message activity alongside price and market cap change. However, sentiment-based insights are a premium feature. In addition to having these metrics for NFT projects and tokens, the app can also provide premium users with insights on some of the top crypto investors, and breakout projects based on social metrics.
Says CEO Dang: “Coinfeeds was developed around the idea that web3 communities are social first. Pretty much all important information is shared through some sort of social platform, which is openly accessible. The way the crypto community shares and engages with information provides auto-curation.
“By taking advantage of this data, we can not only filter out spam, but we can also pick up on what is important in real time. By organizing this information well, we lower the cost of doing research, and we lower information asymmetry in crypto, which is very high.”