How MoonPay Plans to Onboard the World Into Web3
Since establishing MoonPay in 2019 to alleviate some of the biggest pain points of the Web3 user experience, the company’s Founder and CEO, Ivan Soto-Wright, has since broadened MoonPay’s scope from crypto payment service to its current status as a fully end-to-end Web3 infrastructure.
At The Gateway 2022, Soto-Wright spoke of MoonPay’s macro-level business model in Web3 and how legacy brands can leverage this emerging technology to deliver loyalty-based experiences that were never possible before in the consumer market. Of course, underneath all these plans for the future is a simple core belief that’s held strong since MoonPay’s earliest days: user experience is king. Through recent MoonPay initiatives such as HyperMint, a service that enables the fast and easy deployment of metadata as an NFT, Soto-Wright has sought to build the groundwork for a genuinely frictionless Web3 user experience at scale.
Speaking on the FTX fiasco that dominated headlines toward the end of 2022, Soto-Wright said, “the biggest barrier of adoption to [owning your private keys] has been user experience.” Despite the usability of crypto exchanges such as CoinDesk, Binance, and FTX, Soto-Wright explained that “the FTX debacle is really a case of not your keys, not your crypto.” To truly create a Web3 ecosystem that’s faithful to its principle of empowering users through ownership, the path forward is marked by a non-custodial experience where users fully control the contents of their crypto wallets.
In our latest episode of the nft now podcast, we cover how MoonPay plans to seamlessly onboard the audiences of legacy brands into Web3, the shifting nature of digital ownership made possible by Web3, why “the mom test” is a crucial metric in determining a platform’s ease of use, and how MoonPay’s Web3 Passport fits into its larger strategy of bringing Web3 to the world.
Editor’s note: nft now has a financial relationship with MoonPay.