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MoonPay to roll out 'soulbound' NFT loyalty program


www.theblock.co 01 December 2022 12:57, UTC
Reading time: ~2 m

Crypto payments infrastructure firm MoonPay is rolling out what it calls a "soulbound" NFT loyalty program for its users.

Soulbound tokens are non-transferable tokens representing a person's identity using blockchain technology.

Dubbed the "Web3 Passport," the token will grant its owner access to exclusive events, the firm is set to announce at Art Basel in Miami. The benefits of this program would be related to ticketing for fashion, art, sports, music and entertainment, and rolled out early next year.

MoonPay has more than 10 million customers; all verified customers can join the passport program, with additional tiers to be added over the next year.

Through this program, the company will also extend white glove support from MoonPay Concierge – a part of its business that provides a service to individuals who want help buying NFTs.

Over the last few months, the business has gone to great lengths to align itself with big-named brands making forays into web3. Earlier this year, the fintech partnered with Universal Studios to create an NFT-based scavenger hunt at its Universal Theme Parks. In June, it launched Hypermint, a service that lets brands mint up to 100 million digital assets at once.

"We're becoming more like an American Express," MoonPay CEO Ivan Soto-Wright said in an interview with The Block. "You have an obviously robust payments network and platform. But then you also have all the experiences. And so I think that's kind of how we see us bridging both of these components of our business."

With additional reporting from Ryan Weeks.

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