Visa Embedded Lending June 2024 Banner

MoonPay Debuts Tools For Web3 Digital Commerce

Moonpay, Web3 adoption, investments

Web3 infrastructure firm MoonPay has launched Web3 Tools, a platform for “building mainstream-ready digital experiences.”

The platform, announced Tuesday (May 28), expands on MoonPay’s payments and minting infrastructure to offer services such as authentication, identity verification, advanced token-gating, ticketing and insights.

“The full potential of digital ownership can’t be realized in today’s fragmented Web3 landscape,” MoonPay’s CEO and Co-founder, Ivan Soto-Wright.  “Brands need safety and simplicity to confidently bring new commerce opportunities to market. MoonPay is committed to making digital ownership simple, accessible, and valuable for everyone.”

According to a full press release emailed to PYMNTS, the Web3 Tools platform aims to help the $81.5 billion digital ownership market push back against progress that has been slowed by a “lack of trust in the infrastructure and players, and a confusing patchwork of point solutions.”

MoonPay said several high profile brands have already used the platform, including Mastercard, Gucci, Puma and Adidas.

Mastercard, the release said, teamed with to develop its ‘Pass to Priceless’ platform, which brings Mastercard’s Web3 assets into a unified space.

Gucci used MoonPay to build the bidding and purchasing digital experience for its digital artwork initiative, while Puma worked with the company to create digital twins of their latest collections, letting fans purchase digital sneakers that could be redeemed for physical pairs.

“MoonPay is a pivotal partner in adidas’s Web3 expansion, providing the technology backbone for building our community and offering exclusive commerce experiences,” said Erika Wykes-Sneyd, global vice president of adidas /// studio.

Elsewhere in the world of Web3, PYMNTS last week examined decentralized finance’s (DeFi) role in the future of the technology.

“By offering users access to DeFi services without the need to navigate complex blockchain interfaces or manage multiple wallet integrations, proponents of the Web3 space believe they will be able to scale adoption across what has traditionally been a tech-focused, and not user-experience-driven, crypto landscape,” PYMNTS wrote.

Sheraz Shere, head of payments at Solana Foundation, told PYMNTS last week that it is “important to know that crypto is not just bitcoin and Doge and NFTs … Blockchains are really alternative rails for payments and financial assets.”

In addition, DeFi protocols are often interoperable and composable, which can be combined in different ways to launch new financial products and services, allowing for innovative applications tailored to specific industry needs.

For all PYMNTS digital transformation coverage, subscribe to the daily Digital Transformation Newsletter.