Quick take:
- Hang officially launched today.
- The platform is already working with brands like Budweiser, Pinkberry, and Bleacher Report.
- Brand program managers can set up membership rules, logic, benefits and rewards on the platform.
NFT brand membership platform, Hang, today announced the official launch of the platform and a successful raise of $16 million in a Series A funding round led by Paradigm.
Investors in the round included Tiger Global, Kevin Durant’s Thirty Five Ventures, Mr. Beast’s Night Ventures, Tiffany & Co.’s Alexandre Arnault, Green Bay Ventures, Shrug Capital, Good Friends (Founders of Warby Parker, Allbirds, and Harry’s), Alt & Lob’s CEO Leore Avidar, Roger Ehrenberg/Eberg Capital, Bomba’s CEO Dave Heath, Scott Belsky, Impatient Ventures, Red Sea Ventures, K5 Global, among others.
Hang proclaims itself as “the first Web3-powered membership platform” that aims to reward customers for their loyalty to brands and reinvents how brands interact with their customers. It is a no-code platform for brands to create and manage Web3-powered membership programs seamlessly.
Membership programs built with Hang leverage two core features of NFTs that enable customer incentivisation and engagement.
The first core feature, Liquidity, allows NFT-powered memberships to turn customers into stakeholders by incentivising them to stay loyal in order to earn rewards and unlock new perks, as well as increase the asset value of their membership as they level it up.
The second feature is interoperability, which aims to reward customers both in the physical and digital world. “As Web3 endpoints proliferate, NFT-powered memberships can be credentialized across more and more of the digital and physical world. Brands no longer need to create deep, one-off integrations to offer rewards from a third-party site or provide their customers with a herding ground,” the platform wrote in a blog post.
Hang’s no-code platform provides marketing teams with the infrastructure needed to create, track, and manage highly customized, Web3-powered membership programs. On the platform, brand program managers can set up membership rules, logic, benefits and rewards, as well as connect to third-party services.
The platform is already working with brands including Budweiser, Pinkberry, Bleacher Report, and Superfly (the parent company of music festivals Outside Lands and Bonnaroo) for SUPERF3ST.
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