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Web3 attribution firm Spindl raises $7M from crypto VCs

Tim Baysinger
Oct 20, 2022
Illustration of a collage of circles made of money forming a decentralized web.

Illustration: Shoshana Gordon/Axios

Spindl, a Miami-based startup that wants to bring attribution measurement to web3, raised $7 million in funding led by crypto VCs Ani Pai of Dragonfly and Jeff Morris Jr. of Chapter One.

Why it matters: Attribution is one of the key pillars of e-commerce on the modern web, but the decentralized nature of web3 makes finding where your customers are coming from significantly more complex.

  • For NFT sellers like OpenSea or Rarible, they know who buys an NFT off their platform and where it's going. But they may not know how that buyer found them in the first place.
  • "There's a wall between Web2 and Web3," the company's CEO Antonio García Martínez told Coin Desk.

How it works: Spindl combs through Discord posts, Reddit forums, ad impressions and other click-through links and combines that with purchase behaviors like buying, selling and trading.

  • "Correct attribution in Web3 isn't some horrible intrusion of skeumorphic Web 2 machinery, it's a way to correctly credit a digital asset (and ultimately its owner) with the revenue they produced, in whatever downstream form," García Martínez said in a post on Spindl's website. "Without it, the NFT market will struggle to be more than a speculative art market mimicking the real-world one."

Details: Additional investment in the round came from Multicoin Capital; Polygon Ventures; Solana Ventures; Tribe Capital; FJ Labs; Founders, Inc.; Heracles Capital; and HodlCo.

  • Angel investors Balaji Srinivasan, Anthony Pompliano, Dan Romero and Ryan Selkis also participated.
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