The Sui Foundation unveiled a partnership with MoviePass on Tuesday, with a team-up 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 started in 2011, and the company rose to prominence on its all-you-can-binge plan letting users into movie theaters for $9.99 a month. However, the company has served customers with a capped, credit-based system since it was fully re-launched 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,” with other experiences using Sui’s network slated to go live early next year.
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The vision includes on-chain rewards for users that are based on customer engagement and the ability to purchase digital collectibles, MoviePass said. The company also aims to let users “invest in films directly,” using Sui’s network as a backbone for those transactions.
MoviePass anticipates that U.S.-based users will be able to participate in features such as “fan staking,” the company told Decrypt. When asked for clarification about what fan staking entails, MoviePass declined to comment.
Additionally, MoviePass and Sui are unaware of when exactly USDC will launch natively on Sui. A MoviePass spokesperson said that Circle “does not give timelines out as a rule,” and the announcement was made by Circle CEO Jeremy Allaire Tuesday during a Sui Builder House event.
MoviePass co-founder Stacy Spikes, who repurchased the company for $140,000 in 2021, said the partnership carries several benefits. Spikes said that blockchain tech can ultimately make going to the movies more convenient while providing fans with entirely richer experiences.
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“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,” he said in a statement. “The global moviegoing audience is a massive untapped community.”
MoviePass was once billed as the “Netflix of cinema” for its disruptive ambitions. But the costs that came with its unlimited movie experience tipped MoviePass into Chapter 7 bankruptcy in 2020. This February, following its rebirth, the company declared that it had notched its first profitable year.
The path to profitability was bolstered by venture capital funding from the crypto space. Animoca Brands, which has a portfolio of over 400 Web3 investments, led a seed funding round for an undisclosed amount in MoviePass last year.
Sui’s development team is no stranger to second chances either. The network was developed by Mysten Labs, which had talent working on Meta's now-defunct digital wallet program, Novi.
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When Sui’s mainnet launched last May, its native token was valued around $1.40. Since then, Sui has dipped as low as $0.37, while peaking at $2.09 in March. As of this writing, it was valued at $1.05, showing gains of 129% over the past year.
MoviePass’ focus on building a “transparent and engaging platform” is aligned with Sui’s design as a global coordination layer, the Sui Foundation’s Head of Marketing Gap Kim said in a statement. Kim added the partnership is all about creating “mutually beneficial relationships” with fans.
“It’s an experience that will connect 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
