[MoonPay launches Web3 brand and digital experience platform]
Crypto infrastructure company MoonPay enhances services for branded digital experiences. According to a May 28 announcement, the company has launched a platform dedicated to providing Web3 tools for digital interaction.
The new platform integrates MoonPay’s previously offered services and new tools, including crypto payments, identity verification, ticketing, tokenization and non-fungible token (NFT) minting.
Brands are leveraging Web3 solutions to enhance consumer engagement and create more interactive and personalized experiences. For example, luxury brands such as Louis Vuitton have combined digital collectibles with physical products and built loyalty programs that leverage NFTs to provide ongoing benefits and rewards.
"Digital experiences are the future of consumer interaction," said Ivan Soto-Wright, co-founder and CEO of MoonPay. "Brands need secure and simple tools to confidently bring new business opportunities to market."
According to Markets and Markets, the customer loyalty and engagement market is expected to reach $25.4 billion by 2029, growing at a compound annual growth rate (CAGR) of 17.3% over the period. The market research firm noted that the rise of subscription-based business models has led to the adoption of loyalty programs targeting recurring revenue streams.
MoonPay is a crypto unicorn backed by venture capital firms including Tiger Global, Coatue, Blossom Capital, Thrive Capital, and Paradigm. Founded in 2019, the startup focuses on fiat-to-crypto transactions via debit and credit cards.
Companies that have entered the Web3 industry using MoonPay solutions include Adidas, Gucci, Puma and Mastercard. Working with Gucci, MoonPay designed a digital bidding and buying experience for its digital art initiative, while Puma used MoonPay to create digital twin collectibles that allow fans to purchase digital sneakers that can be exchanged for physical shoes.
On the other hand, Mastercard has partnered with MoonPay to establish the “Pass to Priceless” service, a unified platform that combines digital assets and is specially built for Mastercard customers.
