MoonPay Launches Soulbound NFT Loyalty Program

Quick take:

• The soul-bound token gives its owner access to exclusive fashion, art, sports and entertainment events.
• MoonPay will also provide white glove support from its concierge service through this program.
• MoonPay CEO Ivan Soto-Wright compares the company’s services to American Express.

Web3 payment service provider MoonPay is set to launch a soul-bound NFT loyalty program, according to a report from The Block.

Soulbound tokens are non-transferable tokens that represent a person’s identity, using blockchain technology.

Scheduled to be announced at Art Basel Miami 2022 this weekend, the NFT loyalty program is called ‘Web3 Passport’. The soul-bound NFTs will give their owners access to exclusive events and other benefits related to fashion, arts, sports and entertainment, perhaps in part because of their association with public figures in these sectors. The program will be rolled out early next year.

The company will also provide white-glove support from its concierge service that helps high-net-worth individuals and creators purchase NFTs and cryptos. Clients of MoonPay’s concierge service include Jimmy Fallon, Post Malone, Snoop Dogg, Eva Longoria and Madonna.

In March, MoonPay won a bid for a highly sought-after World of Women NFT on behalf of a mystery buyer. The mystery buyer of this WoW NFT appears to have used the concierge service – which usually buys NFTs on OpenSea – for the auction at Christie’s.

MoonPay’s connection with celebrities extends beyond NFT purchases. The company raised $87 million from over 60 celebrity investors in April, including several who are active in the NFT space, such as Steve Aoki, Paris Hilton, Snoop Dogg, Justin Bieber, The Weeknd, Ashton Kutcher and Guy Oseary, among others.

The company has more than 10 million customers, all of whom can join the Web3 Passport program. Additional levels will be added to the program over the next year.

“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 payment network and platform. But then you also have all the experiences. And so I think in a way we see ourselves bridging both of those components of our business.”

In October, Flamengo, one of the biggest sports clubs in Brazil, announced that it has entered into a multi-year partnership with MoonPay to launch a range of Web3 products that may include loyalty programs, unique experiences and free items.

For Art Basel Miami last year, MoonPay teamed up with Bored Ape Yacht Club to host an interactive scavenger hunt. This year the company is running “The Gateway: A Web3 Metropolis”, an event that will host installations by GMoney’s 9dcc, Art Blocks, Christie’s, Faze Clan, Instagram and RTFKT as well as speakers, artists and musicians such as Gary Vee, Beeple, Kmoney and Amanda Cassatt.

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