Sui Foundation Brings Blockchain Technology To MoviePass Movie Service

MoviePass, which was predicted to be the "Netflix of cinemas", is now cooperating with the Sui Foundation to integrate blockchain technology in its subscription services. Through this partnership, MoviePass seeks to provide a more interactive and connected viewing experience with its fans. This innovation also allows users to pay for their subscriptions using USDC, a stablecoin from Circle.

This collaboration does not only stop at digital payments. MoviePass also plans to launch various blockchain technology-based experiences supported by Sui, with several new features expected to come early next year. The Sui Foundation, which is responsible for Sui's blockchain network launched in 2023, also takes stock in MoviePass, shows confidence in this potential collaboration.

living Spikes, co-founder of MoviePass who bought the company back in 2021 for $140,000, stated that Web3 technology has an important role in expanding the reach of cinema audiences.

"Web3 is key to making the experience of watching movies more affordable and able to reach a wider audience through the involvement of deeper fans," Spikes said. He also predicts that blockchain will make the experience of watching movies more smooth and interactive.

More than that, MoviePass plans to offer blockchain-based awards to its users as a form of appreciation for the content they watch. One of the biggest visions of this collaboration is to allow users to invest directly in film production through the Sui blockchain, which is the main infrastructure of this plan.

MoviePass was previously known for its unlimited subscription packages for $9.99, but was forced to go bankrupt in 2020 due to an unsustainable business model. In May 2023, the company re-launched its services with a more realistic credit system. In February, MoviePass announced its first gains since the revival.

The blockchain suite itself was developed by Mysten Labs, which is backed by a team with experience in the now-stop Meta Libra project. Sui's original token, SUI, is currently trading at $1.18 (approximately IDR 18,054) according to CoinGecko data.