The possibilities created by Web3, hailed as the next iteration of the internet, are attracting various early stage companies such as Metastitch, a new Seattle startup led by a former investment banker.
Spencer Cheng left Goldman Sachs last year and took the startup leap, launching Metastitch to create a new platform that helps brands manage Web3-related community engagement.
Cheng has raised a pre-seed round and is partnering with Seattle startup studio Madrona Venture Labs on the endeavour.
Metastitch is betting on the promise of Web3, which is built on blockchain technology and aims to give individuals more control and ownership of digital assets without a third party intermediary. It includes burgeoning technologies such as cryptocurrency and NFTs.
The concept behind Metastitch (not to be confused with the NFT apparel brand) is to help brands in Web3 identify and engage with their community. Cheng said he was inspired to start the company after hearing someone talk about a digital concert they attended and how much fun it was.
“Brands in Web3 recognize the power of community but are challenged to understand who their community members (customers and fans) are, let alone figure out how to identify and attract relevant new ones,” Cheng said.
Working with a community in Web3 presents new challenges, Cheng noted, given different identifying elements such as wallet addresses, Discord usernames, Twitter handles, and more. Metastitch wants to provide a helping hand.
“We want to give brands the ability to have a brain, a nucleus, a central point of control for their activities in Web3,” Cheng said.
Some brands are rolling out their own Web3-related projects. Starbucks, for example, announced earlier this month that it plans to use NFTs to create a digital community and provide access to exclusive perks.
Madrona Venture Labs recently hosted an event aimed at Web3 startups. Mike Fridgen, managing director at MVL, said the studio is excited about Web3 because of the talent flowing into the sector. He’s also bullish about “the promise and power of an internet owned by users, community-driven product development, and shared value creation.”
“We believe there is an untapped opportunity for Metastitch to empower companies entering Web3 with deeper insights and a unique view into their most valuable users,” Fridgen said.
Cheng is the only employee at Metastitch but the startup is hiring. The company is working with a handful of pilot customers and has a waitlist.