SINGAPORE: A prominent player in the Web3 space, Intract, has marked a significant milestone by surpassing 2 million users and achieving a remarkable $1 billion in Gross Merchandise Value (GMV). The platform, known for its profitable ventures, has now announced a substantial $3 million funding round to catapult its efforts in scaling Web3 adoption to the next billion users. The mission: to build the world’s leading learn and earn platform.
Leading the funding round are influential backers including Alpha Wave Global, BITKRAFT Ventures, Gumi Cryptos, and Polygon Ventures. Other notable contributors include DeVC, Tokentus, MoonPay, Web3 Studios, and angel investors from esteemed organizations like Coinbase and Alchemy. The $3 million infusion is earmarked for doubling the team size and amplifying efforts to bring the platform to a billion users worldwide.
Founded in 2022 by Abhishek Anita, Apurv Kaushal, and Sambhav Jain, Intract originated from the camaraderie formed during their studies at IIT Delhi. The platform operates by providing users with educational resources in the form of engaging ‘quests’ to learn and earn within the Web3 domain. These quests serve as an innovative means to educate users about emerging technologies such as blockchain while rewarding them for embracing Web3 companies early on.
Users are incentivized to complete a diverse array of tasks, including content engagement on social media, educational quizzes and courses, as well as exploring products like trading and gaming. In return, users receive incentives in the form of crypto, NFTs, and loyalty points.
Recognizing the potential benefits of Web3 quests for growth, marketers and founders are increasingly turning to platforms like Intract to enhance user reach and engagement. Rewarding users for completing tasks is seen as a strategic way to cultivate a dedicated community that is more likely to become loyal customers and vocal advocates for the platform’s success.
Intract’s vision extends beyond its current success, with plans to launch an ecosystem of products in 2024. This includes an academy, designed as a curated learning environment to transition Web2 users into the world of Web3, and an Internal Economy, a network slated to eventually become decentralized.
Sambhav Jain, Co-founder and CEO of Intract, envisions building an ecosystem that empowers users to unlock value from new financial opportunities and digital economies within the Web3 space. Jain states, “We have only just gotten started with our strong network effects and profitable business model, and Intract is well on its way to becoming the ecosystem giant of Web3.”
Tushar Behl of Alpha Wave expresses excitement about supporting Intract’s journey, noting that “Intract’s innovative blend of community and rewards is transforming user distribution in Web3. Their impressive growth in the user base is a testament to their success. We’re excited to support Intract as they expand and bring Web3 to a wider audience.”
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