The Sui Foundation on Tuesday unveiled a partnership with MoviePass, with a team that will eventually let users of the layer 1 network pay for subscriptions to the cinema service using stablecoins.
Meanwhile, the Sui Foundation, which is responsible for managing and developing the blockchain launched last year, said it was taking an “equity stake” in MoviePass. The partnership was announced at Token 2049, a crypto conference in Singapore.
MoviePass was founded in 2011, and the company rose to prominence with its all-you-can-binge plan that allowed users to go to the movies for $9.99 a month. However, the company has been serving customers with a limited, credit-based system since it fully relaunched last May.
The MoviePass integration with Sui will specifically leverage Circle’s USDC stablecoin, the company said in a press release. MoviePass added that the feature will be “available soon,” while other Sui Network experiences will go live early next year.
The vision includes on-chain rewards for users based on customer engagement and the ability to purchase digital collectibles, MoviePass said. The company also wants to let users “invest directly in movies,” using the Sui network as the backbone for those transactions.
MoviePass expects that US-based users will be able to participate in features such as fan staking, the company said Declutter. When asked for clarification on what a fan strike entails, MoviePass declined to comment.
Furthermore, MoviePass and Sui do not know when exactly USDC will appear natively on Sui. A spokesperson for MoviePass said Circle “does not release timelines as a rule,” and the announcement was created by Circle CEO Jeremy Allaire Tuesday during a Sui Builder House event.
MoviePass co-founder Stacy Spikes, who bought back the company for $140,000 in 2021said the partnership brings several benefits. Spikes said blockchain technology could ultimately make going to the movies easier and give fans a completely richer experience.
“Web3 is the key to making moviegoing more accessible and ensuring it can reach a broader audience through deeper fan engagement and rewarding them with digital assets that can turn into physical value,” he said in a statement. “The global cinema audience is a huge untapped community.”
MoviePass was once heralded as the ‘Netflix of cinema’ due to its disruptive ambitions. But the costs associated with the unlimited movie experience pushed MoviePass out of business in 2020. its first profitable year.
The path to profitability was strengthened by venture capital funding from the crypto space. Animoca Brands, which has a portfolio of more than 400 Web3 investments, led a seed financing round for an undisclosed amount in MoviePass last year.
Sui’s development team is also no stranger to second chances. The network was developed by Mysten Labs, which had talent at work about Meta’s now defunct digital wallet program, Novi.
When Sui’s mainnet launched last May, the original token had a value of around $1.40. Since then, Sui has fallen to $0.37, having peaked at $2.09 in March. At the time of writing this was the case valued at $1.05with a gain of 129% over the past year.
MoviePass’ focus on building a “transparent and engaging platform” aligns with Sui’s design as a global coordination layer, Kim, head of Marketing Gap at the Sui Foundation, said in a statement. Kim added that the partnership is about creating “mutually beneficial relationships” with fans.
“It’s an experience that will resonate with everyone on a human level,” Kim said. “We’re excited to partner with MoviePass to bring it to the world.”
Edited by Andrew Hayward