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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Vitor Goiabeira
commented
I would like to share with you an idea that tended to try to increase the involvement of Waze users with the application. Start an NFT that will be linked to the points obtained in the application.
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 several other utility tokens, NFTs are not mutually interchangeable. A fungible item, such as cash, 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 negotiated between its holders and between Waze. When interacting with the created login application 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 online store you could buy stickers for 100 WazeCoins, shirts for 500 WazeCoins and other items produced by Waze, such as caps, mugs, etc.
- Create different moods that could only be obtained by exchanging for WazeCoins, and in that 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 moods (1,000 -100,000), common moods (100,000 - 1,000,000).
- WazeCoins could also be used as payment on the Waze marketing platform.
- People who do not have enough points or do not 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 be determined initially by the initial quantity launched and the demand for it, and Waze could have control over that value, launching more currencies in the market. It could align the value of the coin to the value of the products in the store.
Therefore, Waze could profit a lot from the currency appreciation or not, so it is in Waze's interest in how to manage WazeCoins.
NFT Examples
- The NBA recently launched a platform to sell basketball moves over the network, some of them exclusive, worth thousands of dollars.
- A game recently launched its own coin to ALICE, the game's website is https://www.myneighboralice.com/
- Gods Unchained is a great example of the success of NFTs, as it has a collection of collectible cards that are used in blockchain matches
The NFT market has been on the rise lately and in my opinion very well meets the intent of gamification (game) of the Waze application, which could be extended to the Carpool, assigning scores when giving and receiving rides.
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Crypto Dave
commented
The cryptocurrency project known as IOTA just partnered with Jaguar where their navigation system operates like Waze where participants that submit traffic conditions are rewarded with crypto, not useless points. The car acts as a mobile wallet where people can use the crypto to pay for EZ-Pass, tolls, charging station fill-ups, etc. If more car companies start doing this (I can see Tesla & Nissan doing this), your app will suffer.
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Lucio Fonseca
commented
O Waze deveria oferecer descontos em lojas, shoppings, cinema e em outros lugares, para todos que ajudam o Waze, isso seria uma forma de incentivar todos os que contribuem com informações. Pois existem muitos que só querem apenas usar o waze.