Former Amazon, Starbucks exec launches Yelp-like platform to review and discover NFTs • TechCrunch

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Amid signs of life in the NFT market, an NFT-focused startup, Thred, launched today to help users discover new collections, the company exclusively told TechCrunch.

“We think of it as a Yelp, Tripadvisor or Zillow of the room,” Ben Straley, founder and CEO of Thred, told TechCrunch.

Straley has over 25 years of experience in leadership for digital products and customer experiences and was, among other things, head of global outbound marketing and deals at Amazon and VP of global digital products at Starbucks. “Between these two roles, I learned a ton about how to use data and machine learning to elevate the customer experience.”

Thred’s platform combines automated machine learning and algorithms to rank NFT collections on the Ethereum and Polygon blockchains and then ranks the desirability of each NFT collection and combines it with collector, consumer and community content, Straley said.

Users can search, read and share reviews of any NFT collection to help buyers better understand the collections and know which ones are “trustworthy or obscure and maybe sketchy.” As Thred is currently compatible with Ethereum and Polygon-based NFT collections, it will look to expand to other chains such as Bitcoin and Solana in the future, Straley said.

Image credit: Thread (opens in new window)

The NFT market has seen a bit of a resurgence in recent months as trading volumes rose for two consecutive months, with January reaching the highest volumes since June last year, according to a report. Ethereum, the largest blockchain by NFT sales volume, has seen a 34% increase in sales volume over the past 30 days, to $892.5 million, showing continued growth for the sector, CryptoSlam data showed.

“One of the biggest problems holding back the NFT market is how difficult it is for ordinary people to find authentic NFTs that are relevant to their lives and ones they might want to own,” Straley said. “So it makes it difficult for creators and brands to reach a larger audience in the space. It’s a two-sided problem for consumers and brands who have a hard time accessing the potential of NFTs.”

Even as the market expands, there are limited options to help people determine which collections are valuable, reliable or even of interest, Straley said.

“I think it’s a really good time for us to come in with this solution because there’s renewed interest in digital assets and NFTs, and we’re seeing that in the data,” Straley said. “But there’s still this problem when you hear about a Nike NFT or Porsche NFT, or whatever you call it — it’s really not simple or easy to know where to go for the authentic collection.”

When consumers find NFTs they want through Thred’s platform, they are sent to marketplaces to complete purchases or trades. “We believe we can be a platform for discovery and for creators and brands to reach who they want to reach,” Straley added.

In the long term, Thred shares a similar sentiment to many other NFT believers that this market is “going to be massive,” Straley said. “What exists now is just scratching the surface.”

“When we enable the average person to find NFTs and digital assets that are relevant to their lives, that solves half the equation,” Straley said. “The other half, where we move forward, is building the tools and capabilities that enable small, medium and large creators – including brands – to connect, reach and engage audiences in the space in ways that will drive adoption, growth and engagement with their special fans and audiences.”