Announcing our $16M Series A led by Paradigm
Today, we are excited to officially announce the launch of Hang, the first Web3-powered membership platform that supercharges loyalty and reinvents how brands interact with their customers.
At Hang, we believe the future doesn’t have to be one in which we are all faceless consumers transacting with cold and indifferent corporations. Web3 enables a different future, placing brands at the precipice of a new era of commerce. For the first time, brands have an opportunity to transform the relationship they have with their customers and build a new one rooted in shared incentives, reciprocity, and community. This deeper type of relationship supercharges loyalty and makes a brand’s interactions with its customers more engaging, collective, and fun. To help brands take advantage of this opportunity, we built Hang — a no-code platform for seamlessly creating and managing Web3-powered membership programs.
Just six months into this journey, we are excited to work with the likes of Budweiser, Pinkberry, Bleacher Report, Superfly (Outside Lands and Bonnaroo) for SUPERF3ST, and many other globally renowned brands to radically redefine what membership means.
Bringing brands into the modern era with Hang
It has never been more expensive for brands to acquire and retain customers. While the democratization of e-commerce infrastructure is making it easier than ever to create a new brand, it also gives consumers more choice than ever. Social media feeds and search result pages have become battlefields, intensifying with new privacy changes from Apple and Meta. Although brands may be able to find their 15 minutes of fame, standing out from the crowd for longer is a grueling fight.
Hang’s membership platform offers brands an alternative path, a path to building long-lasting relationships with their customers in a more sustainable, economic, and modern way. That’s because membership programs built with Hang take advantage of two core features of NFTs that enable new paradigms in customer incentivization and engagement:
Liquidity. NFT-powered memberships turn customers into stakeholders. With an NFT-powered membership program, members are not only incentivized to stay loyal in order to earn rewards and unlock new perks, but also to increase the asset value of their membership as they level it up. While, historically, it wouldn’t have been possible for a brand to create a secondary membership marketplace on its own, NFT marketplaces now enable one for any brand. With free minting at a base membership tier, brands can allow all customers to become members. As members then begin to ascend to higher tiers to unlock new rewards, the appreciation of their membership NFT produces an additional incentive system that is significantly greater than what a rewards system can produce on its own.
Interoperability. Hang’s vision is to be the fabric between brands and consumers — no matter where customers are in the digital or physical world, brands will enable them to earn, be rewarded, and come together with Hang. 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. Furthermore, with this interoperability, brands can unlock radically new possibilities for what membership rewards and experiences can look like. The brands we love help shape our identity. They should be able to meet us wherever we are and engage with us on a much deeper level.
To leverage the unique benefits of NFTs, Hang offers a no-code platform for marketing teams with all the building blocks and integrations needed to create, track, and manage highly customized, Web3-powered membership programs. With Hang, program managers can easily set up membership rules and logic, add benefits and rewards, and connect to third-party services.
In addition to the launch of Hang, we are thrilled to announce a $16M Series A round of financing led by Paradigm. As part of the round, we are also proud to be partnering with 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, and several other amazing VCs and entrepreneurs.
We look forward to sharing a number of exciting initiatives we have in store in the months ahead. To stay up-to-date, you can find us on Twitter at @hangxyz_. If you’re also interested in helping create the next generation of memberships, we’d love to hear from you! Please visit https://jobs.ashbyhq.com/Hang for more information on our openings and how to apply.