NFT brand loyalty platform Hang banks $16M from Paradigm
Crypto startups — fresh off a mind-boggling bull run — are preparing for the next phase of life where the mere mention of "NFT," "DAO" or "DeFi" may not tempt investors quite as much as before. The breed of crypto startups raising now are looking to double down on scoring more traditional customers rather than building up a self-referential crypto customer base.
Web3 startup Hang is one such startup looking to build up a client base of brands and help them leverage NFTs to replace their existing membership and loyalty programs. The startup hopes that by leveraging the blockchain, users will be able to buy into and sell elite membership status, finding the market value for the perks offered by loyalty programs and build a closer relationship with the brands they frequent.Loyalty programs existed long before blockchains, but Smolin believes that adding a liquid market for the right to enter.
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