Sui Blockchain

MoviePass Expands Crypto Strategy with Sui Collaboration and USDC Integration

Harvey

• 3 min read
MoviePass Expands Crypto Strategy with Sui Collaboration and USDC Integration
MoviePass Expands Crypto Strategy with Sui Collaboration and USDC Integration

MoviePass is integrating USDC payments through the Sui blockchain, as the Sui Foundation takes an equity stake in the cinema subscription service.

In an announcement at the Token 2049 crypto event in Singapore, the Sui Foundation revealed a new collaboration with MoviePass. This partnership is set to allow users of the Sui blockchain to pay for MoviePass subscriptions using the USDC stablecoin.

Additionally, the Sui Foundation, which oversees the development and governance of the Sui Blockchain, disclosed that it has acquired an equity stake in MoviePass. This marks another significant step in the revival of MoviePass, which first gained popularity with its $9.99 unlimited movie plan but has since revamped its offering into a credit-based subscription model after relaunching in May last year.

As part of the new collaboration, MoviePass plans to enable USDC payments using Sui’s blockchain infrastructure. The feature will be available soon, with further enhancements powered by Sui expected to be rolled out next year, according to the official press release.

MoviePass has also shared ambitious plans to integrate blockchain-based rewards for users based on engagement, offer digital collectibles, and even facilitate investment in films directly through Sui’s network. The company also hinted at a feature called “fan staking,” though further details remain under wraps for now.

While the timeline for USDC’s native launch on Sui remains unclear, MoviePass stated that Circle, the company behind USDC, has not provided a specific schedule. The announcement of the USDC integration was made by Circle’s CEO, Jeremy Allaire, during a Sui Builder House event.

Stacy Spikes, co-founder of MoviePass, emphasized the transformative potential of blockchain in the cinema industry. He highlighted how blockchain could enhance the moviegoing experience by increasing accessibility and offering fans unique rewards through digital assets that can have real-world value.

“Web3 will redefine how we interact with the movie industry, opening up new ways to engage with audiences while adding value to their experiences,” Spikes said. He underscored the potential of reaching untapped moviegoers worldwide.

Once hailed as the “Netflix of cinema,” MoviePass struggled to sustain its unlimited movie offering and ultimately filed for Chapter 7 bankruptcy in 2020. After reemerging under new ownership, the company recently reported its first profitable year, fueled in part by venture capital investments from Web3 companies like Animoca Brands, which led a funding round last year.

Sui’s partnership with MoviePass aligns with its broader vision of creating an accessible and engaging platform powered by blockchain. Developed by Mysten Labs, a team with experience in Meta’s discontinued Novi digital wallet project, Sui has established itself as a promising layer-1 blockchain. Despite fluctuations in its token value since launching last May, Sui’s native token has shown notable growth over the past year.

Gap Kim, Head of Marketing at the Sui Foundation, stated that the partnership with MoviePass focuses on building a transparent platform that nurtures meaningful connections with audiences.

“This collaboration brings together the innovation of blockchain with the shared experience of moviegoing,” Kim said. “We’re thrilled to partner with MoviePass to create something that resonates on a global scale.”

Through this collaboration, MoviePass aims to position itself as a leader in merging entertainment with Web3 technology, leveraging Sui’s blockchain to offer a unique, fan-centered experience.

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