MoonPay Launches Web3 Platform to Boost Digital Engagement for Brands
Summary:
MoonPay, a crypto infrastructure company, is launching a platform that combines existing services with new tools like crypto payments, identity verification, and NFT minting, advancing digital engagement for brands. The move will help brands create more interactive and personalized experiences for consumers, with companies like Louis Vuitton already integrating digital collectibles with physical products. MoonPay's new focus aligns with the anticipated growth of the customer loyalty and engagement market, forecasted to reach a value of $25.4 billion by 2029.
MoonPay, a leading company in the crypto infrastructure sector, is expanding its services with a focus on enhancing the digital experience of brands. On May 28, it was announced that MoonPay is initiating an exclusive platform equipped with Web3 tools aimed at boosting digital participation. This innovative platform will unite existing services from MoonPay with novel tools such as crypto transactions, authorization, verifying identities, ticketing, tokenization, and nonfungible tokens (NFT) creation. Brands have begun to employ Web3 solutions to engage with consumers through interactive and tailor-made experiences. Notably, high-end brands like Louis Vuitton have successfully united digital collectibles with their physical merchandise. Furthermore, brands are developing loyalty schemes using NFTs to provide continuous perks and rewards. "The future of consumer engagement hinges on digital experiences," stated Ivan Soto-Wright, MoonPay’s co-founder and CEO, elaborating on the firm's commitment to helping brands transition to Web3. "Brands require safety and simplicity to confidently introduce new commercial opportunities to the market." According to Markets and Markets, it is anticipated that the customer loyalty and engagement market will attain a worth of $25.4 billion by 2029, with a compound-annual-growth-rate (CAGR) of 17.3% throughout this period. The market research company stated that the adoption of loyalty schemes targeting recurring revenue streams has increased due to the popularity of subscription-based business models across a range of sectors. MoonPay, considered a crypto unicorn, has gained the backing of venture companies like Tiger Global, Coatue, Blossom Capital, Thrive Capital, and Paradigm. The start-up was initiated in 2019 with a focus on bridging fiat-to-crypto transactions via debit and credit cards. Adidas, Gucci, Puma, and MasterCard are among the companies that have employed MoonPay solutions to explore the Web3 domain. In partnership with Gucci, MoonPay crafted a digital bidding and purchasing experience for Gucci's digital art program, while Puma used MoonPay to create digital versions of collections, thus enabling fans to buy digital sneakers that can be redeemed for physical pairs. MasterCard collaborated with the crypto company to establish the 'Pass to Priceless' service, a unified platform that combines digital assets for Mastercard customers.
Published At
5/28/2024 4:00:00 PM
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