web3powered nfts 16m series paradigmmatneytechcrunch
web3powered nfts 16m series paradigmmatneytechcrunch Crypto startups, having experienced an astounding bull run, are gearing up for the next stage where the allure of terms like “NFT,” “DAO,” or “DeFi” might not captivate investors as much as they did previously. This new wave of crypto startups is prioritizing the pursuit of more traditional customers rather than solely focusing on cultivating a self-referential crypto customer base. These companies are compelled to extract the valuable insights from the bull run and confront the reality behind the previous exuberance.
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hang web3powered 16m series paradigmmatneytechcrunch
One notable example of such a startup is Hang, operating within the web3powered nfts 16m series paradigmmatneytechcrunch space, which aims to establish a clientele of brands and assist them in utilizing NFTs to replace their current membership and loyalty programs. The startup anticipates that blockchain integration will enable users to invest in and trade exclusive membership status, thereby determining the market value of the benefits provided by loyalty programs. This approach is designed to foster stronger bonds between users and the brands they regularly engage with.
web3powered nfts 16m paradigmmatneytechcrunch
CEO Matt Smolin expressed to TechCrunch, “Through the utilization of NFTs and blockchain technology, there exist significantly more effective solutions to address tangible challenges faced by brands. We firmly believe this marks the dawn of a fresh era in fostering a renewed and enhanced relationship between consumers and brands.”
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Smolin’s startup has recently secured a substantial $16 million in Series A funding from crypto venture firm Paradigm. Notable investors in this round include Tiger Global, Good Friends, Kevin Durant’s Thirty Five Ventures, MrBeast’s Night Ventures, and Shrug Capital, among others. Early adopters of the platform include renowned names such as Budweiser, Bleacher Report, Pinkberry, and the music festival organization Superfly.
hang web3powered nfts 16m series paradigmmatneytechcrunch
Despite the existence of loyalty programs long before the advent of blockchains, Smolin advocates for the incorporation of a fluid market for accessing a brand’s loyalty benefits, believing it to be advantageous for all stakeholders. Rather than allocating individual cryptocurrencies to each brand, Hang’s initiative aims to provide users with web3powered nfts 16m series paradigmmatneytechcrunch that can be enhanced through their engagement with the brand. Through activities such as making purchases or participating in events, users can elevate the status of their membership NFT, potentially selling it later with attached benefits to another party.
web3powered 16m paradigmmatneytechcrunch
Drawing parallels with the efforts individuals make to attain higher airline statuses by year-end, Smolin highlights how users implicitly assess the value of the service.web3powered nfts 16m series paradigmmatneytechcrunch He contemplates whether more services could foster similar relationships and develop enhanced membership programs for users. In reality, many brand loyalty programs fall short and often serve as a means to inundate users with promotional communications. Smolin predicts that escalating customer acquisition costs will prompt brands to reconsider their core strategies, potentially leading them to explore the use of NFTs.
