Crypto infrastructure firm MoonPay has doubled down on services targeting digital experience for brands. According to an announcement on May 28, the company is launching a platform dedicated to Web3 tools for digital engagement.
The new platform integrates pre-existing services offered by MoonPay with new tools, including crypto payments, authentication, identity verification, ticketing, tokenization and nonfungible tokens (NFT) minting.
Brands are leveraging Web3 solutions for consumer engagement by creating more interactive and personalized experiences. For instance, luxury brands like Louis Vuitton have integrated digital collectibles with physical products. In addition, brands are building loyalty programs utilizing NFTs to provide ongoing benefits and rewards.
“Digital experiences are the future of consumer engagement,” said MoonPay co-founder and CEO Ivan Soto-Wright, commenting on the company’s focus on onboarding brands to Web3. “Brands need safety and simplicity to confidently bring new commerce opportunities to market.”
According to Markets and Markets, the customer loyalty and engagement market is estimated to reach a value of $25.4 billion by 2029 at a compound annual growth rate (CAGR) of 17.3% over the period. The market research firm said the rise of subscription-based business models across various industries has led to the adoption of loyalty programs targeting recurring revenue streams.
MoonPay is a crypto unicorn backed by venture firms such as Tiger Global, Coatue, Blossom Capital, Thrive Capital, and Paradigm. The startup was launched in 2019 and focused on bridging fiat-to-crypto transactions with debit and credit cards
Companies that have already used MoonPay solutions to get into the Web3 space include Adidas, Gucci, Puma, and Mastercard. With Gucci, the company designed a digital bidding and purchase experience for its digital artwork program, while Puma used MoonPay to create digital twins of collections, allowing fans to purchase digital sneakers redeemable for physical pairs.
Mastercard, on the other hand, partnered with the crypto firm to build the ‘Pass to Priceless’ service, a unified platform combining digital assets for Mastercard customers.
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