MintGate Raises $1.7M to power memberships and loyalty programs
Through the new funding, the MintGate team will enable creators and community-focused brands to create more secure and robust membership and loyalty programs through NFT ownership. MintGate aims to become the most seamless and blockchain-agnostic platform to create, distribute, and use NFTs to manage membership perks around communities.
MintGate is excited to have raised $1.7 million in their pre-seed round to help brands curate the most exciting and new experiences for their superfans and members. Through token gated NFTs, MintGate will create a future where NFTs become non spoof-able keys or OAuth to the metaverses of their favorite brands, influencers, and creators.
With many crypto projects raising far (FAR) more capital than needed, we decided to raise only what we directly budgeted for our pre-seed development period. It’s our primary goal to be self-sustainable through our community without having to rely solely on capital. We’re here to help independent creators as well as community-spirited brands move into the new brave world ownership economy.
Investors include Dapper Labs, IOSG Ventures, CMT Digital, SterlingVC, SevenX Ventures, YBB Foundation, Kernel Ventures, Cypher Capital, and PARSIQ. Angel investors include Elies Campo (WhatsApp, Telegram), Jay Rosenzweig (Rosenzweig & Company), Peter Chen (Building Block Group), Joyce Yang (Global Coin Research), Matt Lockyer (NEAR Protocol and Proximity Labs), and Nir Kabessa (Yup).
Why tokenized memberships
Today, traditional loyalty programs do not translate to loyalty, and fan following does not guarantee engagement and fair revenue. The allure of NFTs as a supplement, or even replacement, to exclusive reward programs come from their ability to create community and securely distribute media.
Upon creating an NFT, brands and creators can lock any physical or digital content behind it. By enabling support for various blockchains and DeFi mechanisms, brands can create various types of programs with different ways of receiving rewards. For example, fans can own a reward NFT that has built-in resale royalties and passive earnings through staking.
NFTs become an immutable membership card that enables shared brand ownership. Imagine owning your favorite cafe membership token to enjoy your free daily coffee, while also having voting rights on the cafe menu and wall artwork?
MintGate’s solution envisions the producer and consumer to become intertwined and hold uttermost trust.
The MintGate Team came together in 2020 through the Gitcoin KERNEL, web3 accelerator program, to enable greater utility for NFTs and social tokens. Shortly after, they joined the Tachyon Accelerator by Protocol Labs and Consensys Mesh to actualize their vision.
MintGate has become the best for tokenized content, enabling creators and brands to create their personally branded whitelabel NFT storefronts with in-app token gated content streaming. They have also built a series of widgets and APIs that enable the creation of token gated links.