NFT Platform OneOf Acquires Blockchain Rewards Company Tap Network

Non-fungible token (NFT) platform OneOf has acquired blockchain rewards tool Tap Network to help large companies connect with their consumers in Web3.

In addition, OneOf is launching the OnePlatform, a turnkey option for companies looking to expand into Web3 that combines elements of e-commerce, data and loyalty programs.

Tap Network, founded in 2018, allows consumers to redeem loyalty points or cryptocurrencies for real world products and services from major brands. It has partnered with companies such as internet browser Brave, rideshare company Uber, entertainment firm Warner Music Group and more.

Lin Dai, CEO and co-founder of OneOf, told CoinDesk that integrating Tap Network will help onboard more companies and customers into Web3 via e-commerce.

“The use case of collecting a branded [profile picture] is very far from the average consumer's life,” said Dai. “What OnePlatform can do is build a next generation loyalty solution.”

Dai told CoinDesk that OnePlatform will include a multi-signature wallet, allowing Web3 natives and newer users alike to access and take ownership of their digital identities.

“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” said Dai.

OneOf has historically been a prominent player in the intersection of music, entertainment and Web3. In November 2021 it signed a three-year partnership with the Grammys to create NFTs for the annual music awards. In February, OneOf brought on former Warner Music Group CEO Stephen Cooper as a board member, advising the company in forging partnerships to strengthen its Web3 presence.