Moongate’s CEO and Co-Founder Jonathan Mui presents before the judging panel at the Start-up Express Final Pitching day in July.
When it comes to non-fungible tokens (NFTs), there is a fierce debate on whether they are digital artwork or speculative assets. Moongate, a start-up in Hong Kong, holds different views.
It recognises a more practical application of this Web 4.0 technology in the ticketing and membership industries. Moongate leverages the power of NFTs to develop a system that provides ticketing and membership services, helping brands and events deliver a more engaging and remarkable experience for their audience.
Moongate’s journey began when co-founders, Jonathan Mui and Peter Hui, noticed a fascinating trend. Despite a fluctuating cryptocurrency market, businesses were still captivated by the potential of NFTs. These forward-thinking companies recognised the opportunity to expand their brands and forge deeper customer connections. However, they faced significant challenges due to the underdeveloped nature of the NFT market, both in terms of technical complexity and real-life integration.
Moongate saw vast market potential in harnessing the power of NFTs as a platform to help companies cultivate thriving communities.
“Currently, only the top 0.1% of brands have the resources to build dedicated web3 strategy teams, leaving the remaining 99.9% struggling to piece together fragmented solutions. That’s where we come in, bridging the infrastructure gap and empowering businesses whether big or small,” Mr Mui said.
“Our mission is clear,” said Jonathan. “We aim to communise the use of NFTs and empower companies to create vibrant membership communities. Moongate is here to provide a robust, integrated solution that removes the barriers and complexity attached to adaptation of NFTs.”.
NFT tickets as identity records
NFT tickets are not just your average access passes. They serve as a unique identity record, offering immense value to ticket distributors and ticket holders. While NFT tickets may resemble QR codes, their capabilities extend far beyond scanning for entry. They allow ticket distributors to track and analyse the activities of ticket holders, providing invaluable insights. Singers and concert organisers, for instance, can examine NFT tickets to understand audience participation rates and categorise fans into different tiers.
“Our vision is to empower singers and concert organisers with the ability to gauge fan loyalty through NFT ticket history,” Mr Hui explained. “By understanding the purchasing patterns of fans, we can personalise their concert experiences, offering exclusive perks, such as album previews or secret playlists for those who demonstrated unwavering support.”.
To bring this idea to life, Moongate offers an all-in-one, no-code platform that helps brands and events create their own NFT tickets within minutes. The platform is designed to be simple and user-friendly allowing organisers to connect with their audiences effortlessly.
Transferrable NFT membership
Mr Mui said NFT membership offered higher flexibility than traditional ones. He highlighted an airline example: if a long-term customer decided to stop flying with a specific airline one day, their years of loyalty rewards become worthless when they move to another airline.
However, if the airline adopts NFT membership, the customer can choose to sell membership status and loyalty points to a new customer. In that case, the company replaced a less motivated customer with someone willing to pay for membership.
In short, Moongate's NFT membership solutions provide brands and businesses with opportunities to enhance customer engagement and increase revenue. Their robust and simple platform tailors traditional and Web 3.0 industries, allowing brands to create memberships and customise perks for their most loyal customers in a few clicks.
Fast-growing brand wins Start-Up Express
Just months after its launch last year, Moongate has already worked with more than 100 partners from over 15 countries around the world, with in excess of 50,000 end users.
They have powered Thailand’s annual music festival Wonderfruit, one of the biggest celebrations in Southeast Asia, and some of the world’s most renowned crypto conferences and activations.
The ambitious start-up joined HKTDC’s annual entrepreneurship development programme Start-up Express 2023 and became one of the final 10 winners.
Seeking to explore business opportunities across Southeast Asia, Northern America and Europe, the HKTDC will support Moongate in attending fairs and events in Hong Kong, Mainland China and overseas.