A $5 million seed round lead by venture capital powerhouse Andreessen Horowitz (a16z) was invested in Setter, a consumer app that lets brands experiment with Web3-powered commerce.In an email statement on Tuesday, New York-based Setter stated that its software will assist firms in innovating their strategies for promoting unique products and offering customers limited edition drops.
According to the statement, Setter seeks to address “the complexity and unfriendliness of current wallet technologies,” facilitating a more seamless introduction into Web3 for a greater number of users.
“It looks and feels like a Web2 app, but it is a full-blown smart contract wallet under the hood,” CEO Juan Hernandez told CoinDesk in an interview. Web2 refers to the existing, centralized Web-based technology.
“We’re trying to make it really seamless, where the Web2 and Web3 objects are just sitting right next to each other … whether you’re just paying with traditional Web2 rails or whether you need to convert into crypto from a credit card.”
At first, Setter is concentrating on forming alliances with streetwear and sneaker companies in order to grow into the fashion, luxury goods, and consumer collectibles markets.
In addition, Marcy Ventures Partners, Superlayer, Thirty Five Ventures, and the legendary retired tennis player Serena Williams supported the seed round.