The Sui Foundation has announced a new partnership with MoviePass, the U.S.-based movie subscription service.
According to a press release shared with crypto.news, this collaboration will allow MoviePass users to pay for subscriptions with USDC (USDC), a widely used stablecoin. Sui (SUI), a blockchain platform, will soon integrate USDC into its ecosystem, enabling payments for MoviePass subscriptions and other Sui applications.
As part of the deal, Sui will also take an equity stake in MoviePass, signaling its confidence in the platform’s potential.
MoviePass, originally known for its all-you-can-watch $9.99 monthly plan, now offers a credit-based system to its users. The platform has been refocusing on innovation and technology, as evidenced by this partnership.
For those unfamiliar with blockchain or stablecoins like USDC, the technology allows for more secure and transparent transactions. Unlike traditional currencies, stablecoins are digital assets tied to a stable value, such as the U.S. dollar, making them less volatile than other cryptocurrencies like Bitcoin. (BTC).
By introducing these payment options, MoviePass aims to provide its users with more flexible and secure methods of payment.
Crypto meets movie fans
The collaboration also promises to enhance fan engagement. Future developments include fan staking, where users can support films by investing in them directly. MoviePass also plans to offer on-chain rewards for users who engage with the platform, as well as opportunities to purchase digital collectibles, according to the release.
This is part of the larger Web3 movement, where digital assets are increasingly becoming part of everyday interactions, such as watching movies or participating in fandoms. MoviePass sees this partnership as a way to tap into a global moviegoing audience.
MoviePass CEO Stacy Spikes noted that Web3, the next phase of the internet built on blockchain technology, is crucial to expanding the movie experience. Fans will not only watch movies but also actively participate in the creative process by supporting films and earning rewards.
“Web3 is key to making moviegoing more accessible, and enabling it to reach a wider audience through deeper fan engagement and rewarding them through digital assets that can turn into physical value.”
Stacy Spikes
