MoonPay And Flamengo Collaborate On Multi-Year Web3 Loyalty Program

One of the major sports teams in Brazil, Flamengo, revealed on Thursday that it would collaborate with MoonPay over a period of time to create a range of web3 products.

According to a release, the fiat on-ramping service turned web3 infrastructure provider will make an effort to increase fan participation at the football team through ticketing, marketing, and merchandise.

The corporation gave the example of customized food and beverage selections during games as an example of how the partnership’s potential breadth may include loyalty programs, distinctive experiences, and complementary incentives.

“NFTs and web3 technology have helped increase fan engagement and loyalty as well as create new revenue streams worth hundreds of millions of dollars for sports teams around the world,” said Ivan Soto-Wright, co-founder and CEO of MoonPay. 

MoonPay representative responded that the profits would be split between the two parties

As a result of the pandemic’s near-total suspension of sports and the games being played in empty stadiums during lockdowns, the financial model of football clubs has come into sharp light. According to the Deloitte Annual Review of Finance, the aggregate revenue of European clubs decreased by £3.4 billion ($3.8 billion) to $22 billion ($24.7 billion).

MoonPay is entering the sports business for the first time, joining companies like Socios. Football clubs frequently work with Socios to introduce fan tokens. These have previously come under fire for being unpredictable and serving as a means for fans to lose money.

This year, MoonPay introduced HyperMint, a platform that enables businesses to design and produce their own utility NFTs. It announced in September that an actual NFT scavenger hunt would begin at Universal Studios theme parks. It has also had a side business of using a white glove concierge service to negotiate pricey NFT sales for celebrities.

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