SNEAK PEEK
- Hang, the first Web3-based and no-code membership platform, enhances loyalty and reinvents the way brands interact with customers.
- Hang allows building long-term relationships with customers in a sustainable, modern and economic way.
- Program managers can set up membership rules and logic, connect to third-party and add perks and rewards.
Crypto startups are set to roll out for the next phase where the terms like DAO, NFT and DeFi won’t excite the investors like before.
Moving ahead, crypto startups are planning to double down on increasing traditional customers over the self-referential crypto customers.
Hang, a Web3 startup, is prepared to build a clientele of brands and assist them in leveraging NFTs so as to replace both their current membership as well as loyalty programs.
According to the startup, leveraging the blockchain will allow users to purchase and sell top-notch membership status, figure out the market value for the benefits associated with loyalty programs and establish a deep connection with their preferred brands.
CEO Matt Smolin, said in a statement that real issues of brands can be solved by leveraging NFTs and blockchain. Furthermore, new relationships will be built between consumers and brands.
Hang has banked $16 million in funding from Paradigm, a crypto venture firm.
Moving on to other investors, they include Good friends, MrBeast’s Night Ventures, Tiger Global, Thirty Five Ventures by Kevin Durant, Shrug Capital and others.
Pinkberry, Budweiser, music festival group Superfly and Bleacher Report are some of the early customers.
Smolin thinks that the addition of a liquid market to enter or exit the loyalty perks of a brand is better for the involved parties. Hang aims to provide users with NFTs that can be leveled up upon becoming a fan.
Users can upgrade their membership status through engagement with the brand, purchase of stuff or participation in events. The upgraded membership NFT could be sold along with the benefits attached to it.
Smolin mentions the great lengths users go to reach the next level of airline status to show how they price the value of the service. He also thinks that more services can build this relationship as well as create enhanced membership programs.
In reality, the majority of brand loyalty programs offer only a way to directly spam a user via communications. As per Smolin, brands will be pushed towards rethinking their fundamental approach and may also take risk on NFTs owing to the increasing customer acquisition costs.
