WazeCoin, the NFT of Waze
I'd like to share with you an idea I recently had to try to increase Waze user engagement with the app. Launch an NFT that will be linked to the points that are fetched in the app.
First, we have to understand what an NFT (Non fungible Token) is: A non-fungible token is a special type of cryptographic token that represents something unique. Unlike cryptocurrencies like Bitcoin and many other utility tokens, NFTs are not mutually interchangeable. A fungible item, such as money, can be exchanged for another.
So it would be to create a currency, which would be linked to the points obtained in the application that could be traded between its holders and between Waze. When interacting with the application with a login created, the user would earn points that would be automatically converted into WazeCoins, for example, 1000 points would be 100 WazeCoins, but this can be defined after a study of ease or difficulty in obtaining the points.
Here are some usage examples:
- In the virtual store you could buy stickers for 100 WazeCoins, shirts for 500 WazeCoins and other items produced by Waze, such as hats, mugs, etc.
- Create different moods that could only be obtained by exchanging for WazeCoins, and in this regard, moods with different degrees of rarity could be launched: very rare (1-100) that would be worth many WazeCoins, rare moods (101-1000), medium mood (1,000) -100,000), common moods (100,000 – 1,000,000).
- WazeCoins could also be used as payment on Waze's marketing platform.
- People who don't have enough points or don't use the app to “mine” points (WazeCoins), could buy from users who have it or even from Waze directly.
Currency value:
The value of WazeCoin would initially be determined by the initial launched quantity and demand of it, and Waze could have control over this value, releasing more coins into the market. It could align the value of the coin to the value of the products in the store.
Thus, Waze could profit a lot from the currency appreciation or not, there goes Waze's interest in how to manage WazeCoins.
Vitor Goiabeira
shared this idea
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GREGORY JONES commented
Earn coins/points for contributing to the app. Coins can be saved, spent in-app (skins, voices, discounts at sponsored retailers), or redeemed for cash. Should drive engagement and reward those of us who contribute to making Waze great.
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Jefferson Marshall commented
I have an innovative idea to enhance user engagement and loyalty by implementing a virtual rewards program within the Waze app.
The concept is simple: reward users with virtual "coins" for every mile they drive using Waze. The more miles logged, the more coins earned. These coins can then be redeemed in the app's shop for exclusive car avatars, icons, and other customizations that let users personalize their driving experience.
We'll keep users engaged by placing special high-value "megacoins" at local businesses and landmarks across the country as treasure for drivers to discover. Users will explore new locations and routes off their beaten path to hunt these prizes down, providing us with richer route data. Businesses will pay for the privilege of hosting megacoins as it drives new customer traffic.
The program effectively gamifies using Waze, creating a fun metagame around exploration and self-expression via custom car avatars. We can eventually sell coin bundles for real money as an added revenue stream down the line.
The benefits are three-fold:
Increased user engagement and brand loyalty from the incentives and creative outlet.
New sponsored partnership opportunities with advertisers who want megacoin placements.
Expanded user-generated data set by encouraging diverse driving habits.
I'm confident a gamified coin/avatar system would create stickiness and opportunities for revenue growth. And who doesn't like a friendly competition and chance to personalize things to show off their personality? Let's discuss how we can turn this into reality and continue innovating fun use cases that set Waze apart. I'm excited by the possibilities!Let me know your thoughts. This could be a game-changer.
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Sandra Devinson commented
I didn't know about this either, to be honest, it's quite detailed and open information that should be available everywhere. Especially the information should be accessible and interesting, not just an article. After all, it gives people inspiration to earn and invest.
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ry Noel commented
Make a crypto community token u give as a reward for using and more for interacting with waze . User adoption and interacting will skyrocket . Then you can make deals with restaurants and hotels for spending rewards crypto along routes
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Businesswoman
commented
One of the main reasons why NFT is criticized is the rather unclear relationship of tokens with copyright. People who buy NFT often wonder, "Do I own the rights to something now?" The fact is that NFT does not give any rights to the ownership of an item outside the boundaries of the blockchain platform.
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Morten Schmidt-Petersen
commented
+1000!! I've never really understood why Waze is not using these points for anything. Eg. making a deal with lets say Circle K in Europe and offering that Waze drivers can get a cup of coffee for 100, 1000 or 10000 points. This way Waze would get some amazing marketing and Circle K would get a lot of Waze drivers as customers. I really, really can't see why they haven't done this yet..
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MARCELLE AMORIM CARVALHO
commented
Excelente ideia
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URSOBRANCO4467
commented
Bom dia... Prezado Autor (Vitor Goiabeira) muito boa sua ideia. Estamos junto nessa... Abraço e sucesso, espero que consiga essa ideia.