Hang, an NFT membership platform, obtains $16 million in Series A funding.

Hang, a membership and loyalty rewards platform driven by non-fungible tokens (NFT), has raised $16 million in a Series A round headed by Paradigm.

Tiger Global, the creators of Allbirds, Warby Parker, Harry's, Tiffany's CEO Alexandre Arnault, Kevin Durant's Thirty Five Ventures, and Mr. Beast's Night Ventures were among the additional investors.

Brands can use the platform to introduce NFT subscriptions for devoted customers. They might make use of these to obtain advantages and gain long-term membership in a brand's community.

The company will utilize the additional capital, according to Hang co-founder and CEO Matt Smolin, to grow its engineering and product teams and develop its go-to-market division.

Smolin said,

“It is easier than ever to create a brand today, which has led to so much competition in the fashion and greater apparel world, with acquisition costs skyrocketing. As such, it is more important than ever for these brands to offset the increased acquisition costs by increasing the lifetime value of their users."

In addition, Smolin noted that the greatest method to achieve this is to increase customer loyalty within their organizations. These brand executives view Hang as a solution that is completely different from what is currently available on the market and that can ultimately align incentives between companies and consumers.

Even if they are not "crypto natives" or aficionados, Smolin said he doesn't anticipate many difficulties with onboarding clients into a membership program powered by NFT.

Currently, Hang collaborates with Superfly, Budweiser, Pinkberry, and Bleacher Report.

"The businesses we're collaborating with are well-known brands with millions of customers, "added said. "I frequently warn companies and CMOs that the name "NFT" might become obsolete in the future because the concept is the same as https, which we no longer use.

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