web3powered nfts 16m series paradigmmatneytechcrunch With the crypto market maturing, crypto startups are shifting their focus from niche terms like “NFT,” “DAO,” and “DeFi” to attracting more conventional investors. This strategic pivot reflects a collective understanding of the changing dynamics within the industry, moving beyond the previous excitement and hype.
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Hang, a notable startup in the web3-powered NFT space, exemplifies this shift by aiming to assist brands in utilizing NFTs to revamp their membership and loyalty programs. By leveraging blockchain integration, users can invest in and trade exclusive membership status, thereby determining the true value of loyalty program benefits and fostering stronger customer-brand relationships.
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CEO Matt Smolin emphasized the potential of NFTs and blockchain technology in solving critical brand challenges, fostering a new era of consumer-brand interaction.
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Having secured a significant $16 million Series A funding round led by Paradigm, Hang attracted investments from prominent names like Tiger Global, Thirty Five Ventures, Night Ventures, and Shrug Capital. The startup has already partnered with renowned brands such as Budweiser, Bleacher Report, Pinkberry, and the music festival organizer Superfly.
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In challenging the traditional approach to loyalty programs, Smolin advocates for establishing a flexible market for accessing brand benefits. Hang’s approach involves empowering users with web3-powered NFTs that can be enhanced through their engagement with the brand, allowing for the potential sale of upgraded membership NFTs with attached benefits to other users.
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Drawing parallels with airline loyalty programs, Smolin highlights the need for more effective and customer-centric membership programs. He predicts that rising customer acquisition costs will encourage brands to rethink their strategies, potentially leading them to embrace the use of NFTs.
