OneOf, a music-oriented NFT company, has announced its acquisition of a Web3 rewards platform, Tap Network. Tap Network has been in operation for the past five years, enabling users to redeem loyalty points and crypto tokens for real-life products and services from top companies such as Warner Music Group, Brave, and Uber, among others. OneOf intends to incorporate Tap Network with its newly launched OnePlatform, a ready-made solution that will allow brands to build their Web3 strategies by integrating e-commerce, data, and loyalty programs.
The integration of Tap Network on OneOf is a critical development for the NFT platform as it seeks to onboard more brands and customers to Web3, especially via e-commerce. Lin Dai, cofounder, and CEO of OneOf, underscored the necessity of building the next generation of loyalty program solutions that embrace Web3 and its advantages. He notes that as it stands, “the use case of collecting a branded [profile picture] is very far from the average consumer’s life.”
OnePlatform will feature a multi-signature wallet that will enable both Web3 natives and new entrants to access and own their digital identities. Dai notes that “for enterprise companies, we think it’s a very valid step towards decentralization for the company to own their full stack instead of relying on other centralized marketplaces that may not respect creator royalty.”
OneOf launched in May 2021 after receiving $63 million in seed funding. It has been a key player within the music industry from the start, using non-fungible tokens to empower artists. The acquisition of Tap Network reinforces its position in the industry and strengthens its brand as it seeks to onboard more enterprise clients to Web3.
In conclusion, OneOf’s acquisition of Tap Network is a significant step in helping the music-oriented NFT company build out its Web3 strategy. The incorporation of Tap Network with OnePlatform is part of the company’s mission to create the next generation of loyalty program solutions that embrace Web3 and its benefits. With the new multi-signature wallet feature on OnePlatform, enterprise companies can now access and own their digital identities, a significant step towards decentralization of their full stack without relying on other centralized marketplaces.