CUB3, a loyalty platform that aims to revolutionise how communities reward active and valuable members, has announced a $6.5 million Series A funding co-led by BITKRAFT Ventures and Fabric Ventures.
The funding will help the company launch its Proof of Behaviour protocol and platform that automates Web3 rewards based on people’s real-world activities.
Dr Muddy Bhatt, Co-Founder and CTO of CUB3 commented, “Web3 has incredible potential when it comes to new models of interaction, commerce, and value distribution by enriching the user experience in digital and real-world crossover applications. For record labels or musicians, CUB3 can direct listeners to new music, encourage fans to share music on different platforms, and reward fans who buy tickets from the musician directly. We consistently see rates of up to 50% engagement in a space where 5% is considered good.”
User rewards
CUB3’s platform allows brands to create their own incentive programs to increase engagement and retention. These brands can use their self-service tool to launch campaigns directing users to complete specific behaviours on different platforms across Web2 and Web3. In addition it can reward them with money-can’t-buy perks and experiences via digital collectables.
For instance, users that send positive tweets about the brand, upload videos of themselves dancing to TikTok, and complete a yoga class in branded gear can earn points and tokens which can be traded for anything from exclusive content to discounted merchandise.
“From receiving a digital collectable for a retweet to incentivizing fans with unique rewards for streaming artists’ new music. Cub3 is creating a Proof-of-Behaviour Protocol including a full-service Web 3 tool suite where brands, publishers, agencies and artists can use positive reinforcement to create brand alignment and incentivize user actions. The veteran team has decades of experience in the fields of technology, AI, ML, media and will leverage their deep expertise to revolutionize how active and valuable members of communities are rewarded,” commented Malte Barth, Founding General Partner at BITKRAFT Ventures.
Blockchain goals
“CUB3 to us represents a significant step forward in the extension of the loyalty programme beyond the traditional, and stale, exchange of points for money spent. Crucially for Fabric it is a leading example of a mass-market application of blockchain technology, with low friction on-boarding and Web2 engagement” commented Anil Hansjee, General Partner at Fabric Ventures.
The platform is still in beta and was deployed across a number of live campaigns through 2022. All activities and rewards are stored on the blockchain and users can see their own progress in comparison with the wider community and brands having access to analytics to measure ROI.
Isa Muhammad is a writer and video game journalist covering many aspects of entertainment media including the film industry. He's steadily writing his way to the sharp end of journalism and enjoys staying informed. If he's not reading, playing video games or catching up on his favourite TV series, then he's probably writing about them.
