Sam Altman Invests in NFT Social Network Startup

Sam Altman, the previous president of Y Combinator conservatively estimated to be value $250 million, has invested in Context, a social community like startup that permits you to comply with blockchain addresses.

Context raised $19.5 million from quite a few traders, together with Meltem Demirors which at present works at CoinShares.

The premise of the startup is to allow you to comply with addresses to see what they’re doing, with it additionally promising to ship you notifications.

Unfortunately it’s restricted to only NFTs and we did signal as much as take a look at it, however have acquired no notifications.

Trustnodes reached out to the crew, however no response was acquired in time for publishing.

Still the startup itself is considerably fascinating as we are able to see what Vitalik Buterin is doing on his new tackle.

As it occurs he’s receiving tons of NFT presents, together with free BAYC land. This seemingly being some deliberate new metaverse for Bored Apes Yacht Club (BAYC).

So there’s a brand new technique to spam promote now, with the Ethereum Foundation additionally receiving tons of free NFTs.

Nothing is being despatched to our take a look at tackle although, possibly as a result of Trustnodes doesn’t have $1 billion eth sitting there like each Buterin and the Ethereum Foundation does.

But, we did come throughout a mildly fascinating new undertaking from browsing on Context, some kind of information artwork visualization of people in area based mostly on area information from these explorations as proven within the featured picture above.

Making this a technique to curate what’s happening based mostly on the actions of different individuals, whereas trying to enforce one of the best description of NFTs for the uninitiated: Instagram on the blockchain.

Because in lots of ways in which’s form of what NFTs are, however as a substitute of someday useless and nugatory photos, with NFTs there may be worth and so that you attempt to create photos that may have worth.

The curation technique of what are your ‘buddies’ doing, nevertheless, has a really important weak point in so far as your precise buddies received’t inform you by means of some app, and the ‘buddies’ which are there are in all probability incentivized in a roundabout way to spend so much of time to ‘inform’ you issues.

On twitter, this ‘comply with’ association has the side-effect of main individuals to say outrageous issues or to troll simply to get some consideration. In Instagram, it had the impact of simply entrepreneurs actually bothering with it.

Here, it stays to be seen whether or not this startup provides a lot to draw important utilization, but when it does, it should in all probability be gamed by entrepreneurs that will curate out the precise creativity.

It can nevertheless have a really restricted, however truly helpful, utilization. It may inform us by means of e mail just about instantly if Buterin moved his eth once more, as he did in May final yr to no good impact for the value, and seeing what ‘spam’ NFTs he’s getting could possibly be helpful as properly as a result of it does make you marvel why is he getting free BAYC stuff when the apes are pretty properly know already.

In addition, the eth tackle because the account is a reasonably new improvement, so this startup may be just the start of a brand new manner of web3 exploration as username and password is changed with MetaMask or different ethereum connectors.

Something that may impact combating bots on account of growing prices past requiring simply an e mail tackle to requiring an eth tackle and possibly much more, an eth tackle that has a sure stage of exercise.

From right here you too can have a distinct stage of social networks, one for the poor, one for the wealthy, or after all you possibly can require one thing to take part, and possibly you possibly can even let the group set these guidelines concerning who can discuss on say r/eth.

Meaning after years of speaking and experimenting, this area is maybe now transferring in the direction of re-gaining possession of public digital areas.