Friday, June 9, 2023
HomeNFTNFT brand loyalty platform Hang banks $16M from Paradigm – TechCrunch

NFT brand loyalty platform Hang banks $16M from Paradigm – TechCrunch

Cryptocurrency startups are the next step in their lives where the mere mention of “NFT,” “DAO,” or “DeFi” may not be as tempting to investors as it used to be, from a mind-boggling bullish run. I am preparing for. The types of cryptocurrency startups that are growing today are trying to double the scoring of more traditional customers, rather than building a customer base for self-referenced cryptocurrencies. These start-ups are under pressure to extract the lessons of Burlan and find the truth in the former bubbling.

Web3 startup Go down Is one such startup that seeks to build a brand’s client base and leverage NFTs to help replace existing membership and loyalty programs. Startups can leverage blockchain to help users buy and sell elite membership status, find market value for the benefits offered by the loyalty program, and build closer relationships with the brands they use most. I hope to be.

“There is a much better way to solve a real brand problem by leveraging NFTs and blockchain,” CEO Matt Smolin told TechCrunch. “We really think this is a new way to build new relationships between consumers and brands.“”

Smolin’s startup has deposited $ 16 million in banks with new Series A funding from crypto venture company Paradigm. Other investors include Tiger Global, Good Friends, Kevin Durant’s 35 Ventures, MrBeast’s Night Ventures and Shrug Capital. Early customers of the brand include Budweiser, Bleacher Report, Pinkberry and the music festival group Superfly.

Loyalty programs have existed long before blockchain, but Smolin is better off adding a liquid market for the right to enter and exit the brand’s loyalty benefits for all involved. I think it’s good. Hang’s efforts are aimed at providing users with NFTs that can be upgraded by becoming fans, rather than giving each brand points backed by its own cryptocurrency. Users can upgrade their membership NFT status by engaging with brands, purchasing products, and attending events. This will eventually allow you to sell it to others with the benefits you receive.

Smolin refers to the long time users spend reaching the next level of airline status at the end of the year as a way to show how they value the value of their services. He wonders if more services can build this relationship and create a better membership program for users. In reality, most brand loyalty programs aren’t very good and often provide a more direct way to spam users through communication. Smolin believes that rising customer acquisition costs will force brands to rethink their basic approach and potentially risk NFTs.

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