How Influencers & Health Startups Are Tapping Into A Reward-Based Cryptocurrency System

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The online world has seen the rise in cryptocurrencies in fields that are primarily aimed at millennial audiences, including influencers and health. Instead of using coins to buy things, these sort of brands are mainly tapping into a reward-based system, which seems much more appealing to the general public.

It seems a rather obvious choice to discuss cryptocurrencies when, just a few weeks ago, Bitcoin and other cryptocurrencies like Ripple and Ethereum have fallen dramatically. For people who may still be dabbling with the idea of Bitcoin, this is a cryptocurrency not controlled by a single administrator and can be used to buy things worldwide electronically.

The Pay-Per-Fame Solution

When it comes to influencer marketing, the one post solution is fading. Influencer marketing platforms are struggling to work on a pay-per-post as it seems counterproductive for both brands and influencers. Platform IndaHash created Bitcoin-like private currency tackling a few issues including slow payments, multiple banking systems as well as promoting follower engagement: “Pay-With-Fame”, influencers will have the possibility of exchanging their earned coins for a variety of different offers from brands – yes, cryptocurrency is coming to the influencer world, and with a bang.

As mentioned by Chief Product Officer Wlas Chorowiec to Marktech, Indahash is “setting up a network of eCommerce websites that will accept the IndaHash Coins as a direct payment. Or influencers will be able to use a debit card at online and physical stores that take debit cards, except the withdrawals will be from accounts holding IndaHash Coins.”

Brands will be encouraging true loyalty from the influencers by offering exclusive discounts on products and services, as well as bespoke packages. On the one hand, brands can look to receive authentic reviews, on the other hand, it may be hard to justify the influencers’ work in exchange for a discount.

You Have To Sweat For It

Vlique is a personal training (PT) app, whose model has been shaping over the past two years. The company recently changed its very own reward system: you earn coins by booking classes or PT sessions on the platform, which you can then spend on classes and PT sessions within the platform or on rewards such as activewear and brunches with partners. “We’re trying to put a nice millennial pink face on cryptocurrency,” says Katie Booth, one of the co-founders of Vlique to the Evening Standards. Vlique will make an initial coin offering (ICO), which she describes as a “crowdfund for cryptocurrency”.

However, Vlique is not the only app currently working on a reward basis. Welcome to SweatCoin. SweatCoin is a currency linked to the app, which tracks your steps using your phone’s accelerometer and GPS location. Those steps get converted into the app’s currency: SweatCoins. What can you purchase with your sweat coins? A few options include Amazon gift cards as well as fitness products, gadgets, nutrition, and more. The UK company has currently opened to the US market: over the past few months, the company has received a lot of media attention from major media outlets – including Forbes, CBS, and The Daily Mail.

Nevertheless, the reviews are mixed according to iNews:“The app markets itself as a way to earn money or free rewards for your steps but the offers are so bad that it’s not worth using the app and draining your battery. I’ve had the app for four months now and haven’t redeemed a single reward.”

More and more startups are now exploring different ways to exchange value with customers, clearly changing the overall relationship between millennial users and their companies. The way this is going to shape the next years is something yet to be clarified, but surely bringing some rather exciting developments in the industry.



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