Retail brands, Amazon and Starbucks, are known for their innovative move into the brand currency space. However, other companies are gaining momentum in this sphere, heralding the third wave of the branded currency revolution.
Fitness and gaming brands are creating their own brand currency which allows their clients to continue to interact with their brands and their ecosystems (digital and real world), thereby solidifying consumer brand loyalty and trust.
Nike created the Nike+ Fuel Lab, a platform used to facilitate collaborations with other fitness tracking and monitoring start-ups i.e. FitDeck, GeoPalz and Sprout. This move has been made to ensure that the Nike+ brand is the dominant brand currency (using Nikefuel) across various fitness offerings/apps. By offering a platform for brands to interact with Nike consumers, Nike has positioned itself as a key player in not only offering sports products (apparel, shoes and accessories) to its consumers, but also being an important information hub for all things related to sports, fitness and exercise. Their aim is to help their customers reach their best potential by giving them access to the best insights they can offer.
FitCoin , an app that was created by Chaotic Studies, syncs with heart rate sensing wearables i.e. Mio or Atlas to track the effort of your workout. When you workout, the app uses the power generated by your smartphone from your activity to mine Bitcoins, therefore the more you workout the more you earn. They are hoping to convert from BitCoin to their own currency – FitCoin. You can also donate your FitCoins to any charity or organisation.
Sweatcoin is another cryptocurrency that has been created to encourage physical activity. It works by tracking and verifying the steps a person takes outdoors using their phone’s accelerometer and GPS location. Every 1000 steps are converted into one Sweatcoin. Once SweatCoins have been accumulated, they can be spent on any products, services, experiences, and charities with which SweatCoin has partnered.
LindenDollars are used within the Second Life virtual community. Second Life users can purchase them using existing traditional currency or by buying or selling service offerings to other Second Life residents. If “business is doing well” Second Life vendors/entrepreneurs can earn a Linden Dollars salary from their flourishing businesses.
By: Tumelo Mojapelo
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Image credit: Starbucks AND NIKE AND The Next Web AND Netted AND Bletaverse Video credit: The Chaotic Moon
