Mastercard will soon incorporate additional Web3 technologies into their experiential marketing efforts as part of a deal with payments infrastructure firm, Moonpay.
In a statement, Moonpay said its subsidiary Otherlife, which it acquired at the beginning of the year, will play a key role in the partnership. Otherlife is a studio that specialises in design, development, strategy, and experiential marketing. Back in January it was Moonpay’s first acquisiton as the company expanded its Web3 creative capabilities.
Speaking on on the partnership, MoonPay’s co-founder and CEO Ivan Soto-Wright said this deal represented a big step forward for Web3.
“We’re excited to collaborate with Mastercard, a prominent supporter of Web3 and the digital economy, to redefine customer loyalty and engagement. Joining forces will create new opportunities to showcase blockchain’s potential in establishing unique connections and meaningful moments while broadening our industry’s overall reach,” he said.
As well as offering a way to buy crypto products with fiat currency, MoonPay has been moving further into the NFT space. Last year, it launched Hypermint, a service that lets brands mint up to 100 million digital assets at once while it partnered with Universal Pictures to bring an NFT-based scavenger hunt to Universal Studios park visitors.
Meanwhile, earlier this year, Mastercard launched a Web3 and music education platform that allows musicians to create, collaborate and monetise their work using Web3 tools and resources. In addition, MoonPay said it will leverage Mastercard Crypto Credential, a set of common standards that helps to validate trusted interactions between consumers and businesses using blockchain networks.
This partnership was first announced by MoonPay’s President of Enterprise, Keith Grossman, and Mastercard’s Chief Marketing & Communications Officer, Raja Rajamannar, at Money20/20 in Las Vegas.
