MoviePass, once considered the future of cinema subscriptions, has announced its partnership with the Sui Foundation to incorporate blockchain technology
MoviePass, once known for its $9.99 unlimited movie subscription service, is now back after filing for bankruptcy in 2020. The company has since relaunched its services with a new credit-based system, which seems to be working well. In fact, MoviePass reported its first profitable quarter in February 2023. Now, the platform is making another interesting move by partnering with the Sui Foundation.
Through this partnership, MoviePass will be integrating blockchain technology into its services. One notable aspect of this integration is the acceptance of USDC, a stablecoin from Circle, for subscription payments. This move signals MoviePass’s effort to modernize its offerings and adapt to the growing demand for digital and decentralized payment solutions.
This collaboration between MoviePass and the Sui Foundation goes beyond just digital payments. In fact, MoviePass is planning to introduce a range of blockchain-based experiences, which will be supported by Sui’s blockchain technology. We can expect to hear more about these new features and functionalities early next year.
Moreover, the Sui Foundation is also taking an equity stake in MoviePass, which shows its strong belief in the potential of this collaboration. Interestingly, MoviePass’s co-founder, who reacquired the company in 2021, has been emphasizing the importance of Web3 technology in reshaping how audiences engage with cinema.
The company sees Web3 as a critical factor in making movie-going more affordable while also broadening access to a wider, more dedicated fan base. This new era of blockchain integration is expected to streamline and improve the overall movie-watching experience, making it more seamless and interactive for users.
One of the core aspects of this collaboration involves introducing blockchain-based rewards for users, recognizing the content they consume. By offering these incentives, MoviePass hopes to foster a deeper connection between moviegoers and the platform. Another ambitious vision for the partnership is to allow users to invest directly in film productions through the Sui blockchain, enabling deeper audience participation in the creative process.
This concept represents a bold step towards integrating blockchain with mainstream entertainment, making it easier for audiences to become financially involved in the content they love.
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