The push for cryptocurrency adoption takes different forms. But, one of the most innovative ways has so far been gamification.
To that end, Fold, a Bitcoin rewards and payments app has come up with an interesting way to get people more invested in crypto.
Find Coins, Get Coins
Earlier this week, Fold announced the launch of an augmented reality (AR) feature that will allow users to earn crypto by “exploring their physical surroundings.” The feature works like the popular Pokemon Go game, allowing users to view their physical surroundings and search for hidden Bitcoins – as well as other rewards like cashback prizes and merchant deals.
Speaking on the new AR feature, Fold chief executive Will Reeves explained:
“The Fold AR feature provides a fun, interactive way for consumers to earn rewards in bitcoin for their everyday spending. So many people are interested in participating in the growing bitcoin economy but aren’t sure how to get started. Fold makes it easy for anyone to get their first piece of bitcoin, whether it’s through Fold AR via the app or the Fold card.”
Rachel Mersky, the company’s head of design, also explained that they got the inspiration for the new feature from Pokemon Go. as she explained, the new AR feature allows Fol to “meet customers where they are,” regardless of their crypto knowledge. By making it fun to earn crypto, the feature offers a win-win.
Fold confirmed that they will open a waitlist for users to register, with some of them getting access to the platform later this month. Access will be for just a limited time, with Fold VISA Debit Cardholders being able to get even more BTC in the ARM experience – as well as additional prizes.
Besides the AR feature, Fold also confirmed that it would take out the signup and activation fees for its Spin debit card. This means that residents in the United States can now start using the Fold card for free.
Games Work Well for Crypto
Games have become especially popular with cryptocurrencies in the last few years. Companies are using the play-to-earn model to spur excitement while also growing adoption by getting more people interested in their games.
Axie Infinity, one of the hottest crypto trends right now, is a play-to-earn game where players earn its native token – Small Love Potions (SLP). Players need these tokens to breed new Axies, which the company charges. Buying and selling Axies will also incur a 4.25 percent fee from Axie Infinity. If a player wants to cash out their SLPs, they can sell them to others in an open market.
Axie Infinity has stated that it has over 350,000 daily active players. The company also made about $120 million in revenues for July 2021 – compared to just $1.92 at the beginning of the year. AXS – the company’s other native token – is currently trading at $69.38 after starting 2021 at $0.518.
It’s a simple tactic – when people have an incentive; they tend to adopt something. Axie Infinity (AXS) has caught on to that, and so has Fold.