Author: Weilin, PANews
In this bull market, the prediction market has ignited the enthusiasm of end users, and meme coins have propelled the growth of the crypto market. With the total market capitalization of stablecoins hitting an all-time high, the mass adoption of Web3 has entered a new stage of development. In the integration of real life and blockchain technology, what is the next potential opportunity for the consumer-facing market?
The Web3 travel platform Umy brings new possibilities to the consumer goods track. Designed specifically for Web3 users, Umy addresses issues such as high costs and weak privacy protection in the traditional travel industry through blockchain technology. It not only helps the industry increase basic traffic and promote growth but also accelerates the application of crypto payments in daily life. As a platform promoting the development of PayFi (Payment Finance) and RWA (Real World Assets) tracks, Umy is committed to providing more diversified travel and consumption experiences for Web3 users.
Connecting crypto payments with the offline world
Mass adoption and entry into the mainstream have always been the goals of the crypto market, with RWA and PayFi becoming important entry points.
Bringing real-world assets onto the chain (RWA) is a hot track in this cycle. As of December 4, according to data from rwa.xyz, the total scale of RWA track assets (excluding stablecoins) reached $13.21 billion. Ondo Finance, which brings US Treasuries onto the chain, and Propy, which puts real estate on-chain, have both performed well in the market this year.
The PayFi concept was only proposed in July of last year. Data from SoSoValue shows that as of December 4, the top four projects by market capitalization in the RWA space have exceeded $1 billion, representing a new way to construct financial markets, creating financial primitives and product experiences around the time value of money (TVM) to achieve more efficient, low-cost transactions, applicable to Web3 transactions, offline consumption scenarios, retail environments, creator monetization, accounts receivable, payment processing, private credit pools, and other scenarios. Current representatives in the PayFi space include the long-standing project Ripple, which has recently led the secondary market, and payment solution provider COTI aimed at B-end, and multi-signature wallet provider Safe.
RWA and PayFi tracks are flourishing, and with the improvement of infrastructure and the increase of on-chain users, the two tracks can organically combine. Umy, as a Web3 travel and consumption platform, is exploring this. Umy focuses on crypto payments, enhancing the time value of money (TVM) in PayFi and supporting cross-border payments. Its product matrix is expected to lead a wave of Web3 consumption applications.
Four core products: Redefining travel and consumption experiences
Surrounding accommodation, transportation, e-commerce, and innovative consumer products, Umy has launched four core products: Umy Beds, Umy Flights, Umy Shop, and Umy X.
First, Umy Beds is a decentralized global hotel booking platform that connects hotels with consumers, reducing intermediary fees and enhancing transparency, helping the industry increase basic traffic. For example, there are currently platforms in the market that support paying hotel costs with USDT. However, the prices on these platforms are usually much higher than those of traditional online travel agencies like Trip.com, Qunar, or Fliggy. In contrast, Umy platform, in collaboration with HashKey, offers hotel prices that are basically on par with the over-the-counter (OTC) prices of USDT, and in some cases even more favorable than OTC prices. This pricing advantage makes Umy a better choice for users to pay hotel costs with USDT.
Another product, Umy Flights, supports cryptocurrency payments for airline tickets, breaking down traditional payment barriers, simplifying global payment processes, and further expanding market potential.
In addition, Umy Shop is a diverse Web3 e-commerce platform that provides convenience and discounts for travelers shopping online.
Umy X is an innovative Web3 consumption product that supports the tokenization of real-world asset (RWA) trading, enhancing travelers' overall lifestyle, fully integrating digital assets with consumer goods, promoting industry growth, and is expected to drive growth in the RWA track.
From the perspective of traditional travel pain points, traditional platforms can no longer meet the needs of Web3 users, with high privacy risks, personal data easily leaked and misused, high costs, and hidden fees associated with cross-border payments that are troublesome. In addition, traditional platforms currently face barriers to crypto payments, as most platforms cannot seamlessly support cryptocurrency payments.
By adopting Web3 technology, Umy aims to prioritize privacy and ensure data security through blockchain technology. Its cryptocurrency payment enables transactions without currency conversion fees, making them quick. Its innovative travel experience focuses on meeting the needs of Web3 users.
Multiple new features launched, partnering with HashKey to open new scenarios for Web3 business travel.
The Umy team completed two iterations of the homepage in just four months and has basically perfected the hotel booking function. Meanwhile, the flight booking feature is also about to launch, providing users with more comprehensive travel services.
Currently, Umy has reached collaborations with ImToken, HashKey, and the TON ecosystem, and will support more ecological assets in the future, continuously expanding the platform's compatibility and user choice.
On November 22, Umy announced a partnership with HashKey HSK to jointly promote new scenarios for Web3 business travel and consumption. Both parties will work together to advance the Web3 consumption experience and the implementation of PayFi, providing users with a more convenient and innovative payment experience. They plan to conduct in-depth collaboration in the area of Web3 consumption experience in the future. Through resource sharing and technological complementarity, Umy will provide Hashkey users with customized business travel services and a convenient payment experience for PayFi scenarios.
On the future development roadmap, Umy has planned four phases:
Phase 1: Global hotel and flight booking, addressing the most basic pain points of the travel industry.
Phase 2: Support for blockchain conferences, improving information exchange efficiency within the industry and helping attract more traffic.
Phase 3: Personalized travel and shopping services, enhancing user experience and promoting long-term user growth on the platform.
Phase 4: Integrating e-commerce with goods payments, connecting the global consumer payment chain, and facilitating seamless integration between the platform and the consumer goods track.
Overall, Umy is an e-commerce platform that supports crypto payments, dedicated to providing a one-stop digital lifestyle experience for crypto natives. Before large e-commerce platforms fully integrate crypto payment tools, Umy has a valuable market window. With the growing scale of crypto native users and the meme wave attracting more Gen Z into Web3, Umy has great potential to compete with traditional giants in Web2.
