OneOf Announces Tap Network Acquisition

Music orientated NFT company, OneOf, has acquired Web3 rewards platform, Tap Network, in a bid to help enterprise clients build out their Web3 strategies. Tap Network has been around for the past five years, helping users redeem loyalty points and crypto tokens for real-life products and services from top companies such as Uber, Brave, Warner Music Group, and many others.

OneOf plans to incorporate Tap Network with its newly launched OnePlatform, a ready-made solution that will allow brands to build up their Web3 strategies by incorporating e-commerce, data, and loyalty programs.

OneOf  Targets a New Onboarding Strategy for Web3

The acquisition and integration of Tap Network on OneOf is key as the NFT platform seeks to onboard more brands and customers to Web3, especially through e-commerce. At least this is the sentiment of Lin Dai, cofounder and CEO of OneOf.

Speaking to the press, he highlighted the need for building the next generation of loyalty program solutions that embrace Web3 and its perks. As things stand, “the use case of collecting a branded [profile picture] is very far from the average consumer’s life.”

That said, OnePlatform will feature a multi-signature wallet that will allow both Web3 natives and new entrants to access and own their digital identities. On this, Dai notes, “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. Some of the prominent backers included Quincy Jones, a legendary music producer. From the start, the platform has been a key player within the music industry, using non-fungible tokens to empower artists.

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