People invest in anything as long as there’s a craze attached to it and hey, I’m not making an assumption out of nowhere.
Surveys have shown that only 1 out of 10 people understand investing and 1 out of 3 people investing, actually get it and know what?
I’ve fallen prey to this notion too and I’m not alone. Let me tell you how.
Remember when crypto-mania hit in 2009 with the release of the first cryptocurrency, Bitcoin?
By May 2010, Laszlo Hanyecz, a Bitcoin enthusiast, paid 10,000 BTC to have 2 Papa John's pizzas.
The cryptocurrency passion was further fueled by the fact that anyone could create a cryptocurrency using Blockchain technology and this gave birth to Dogecoin in 2013.
In 2013, IBM software engineer Billy Markus, and Adobe software engineer Jackson Palmer mixed Bitcoin, and Doge, resulting in Dogecoin.
The Doge meme took the internet by storm in 2013, featuring a Shiba Inu dog’s picture with silly and grammatically incorrect captions to make it funny.
The two software engineers behind Dogecoin created it to make fun of the wild speculation in cryptocurrencies and guess what? People did prove them right.
Going by the popularity of #Dogecoins, Dogecoin jumped nearly 300% in value in 72 hours.
While Bitcoin to date stands to be the most popular cryptocurrency, Dogecoin is proof of how people would invest their money in cryptocurrency.
In fact, in November 2019, I ended up investing in cryptocurrency using CoinDCX after hearing about my friends and colleagues making a profit in lacs.
Why CoinDCX crypto investing app in particular? Well, they were offering free Bitcoins on sign up and Fold, a Bitcoin rewards card and shopping app offers something similar.
However, instead of simply giving Bitcoin on everyday purchases, they have gamified Bitcoin earnings.
But before we dive into understanding how they do it, let’s sunscreen-proof ourselves by knowing some basics of cryptocurrency.
Bitcoin, The New Gold?
The total number of Bitcoins that can be mined is exactly 21 million and that’s why Goldman Sachs compared Bitcoin to gold in 2022.
Due to both gold and Bitcoin being limited in supply, their note said that Bitcoin could be the new gold and has the potential to grow 2.5 times its current value in the coming years.
Reading this, I wondered why is Bitcoin such a buzzword and learned that it’s majorly related to it solving the double spending flaw.
To understand this better, let’s consider an example of spending $5 on food. When in cash, that money can’t be spent again but digital transactions make it prone to manipulation.
That’s why banks exist as middlemen to secure digital transactions but in return, charge.
Satoshi Nakamoto, an engineer noticed this flaw and developed Bitcoin cryptocurrency to decentralise transactions.
A transaction is done in Bitcoin, a digital currency that exists electronically
Instead of a third party like a bank, the transaction is encrypted via a decentralized chain of computers (Blockchain) by Miners and then added as blocks
Today, over 4000 cryptocurrencies exist but Bitcoin is by far the most popular, which explains why apps like Fold offer variable Bitcoin rewards.
Fold App: Making Bitcoin Accessible
Because of the scarcity and mining costs associated with Bitcoins, they are expensive. Today, 1 Bitcoin costs $30,063 but thankfully, Bitcoin is highly divisible.
It can be divided into 100 million Satoshis (the smaller unit) and that’s what the Fold app offers. However, the most interesting part is that users get a chance to win up to one full Bitcoin.
How? By applying Goal Gradient Effect in spin the wheel gamification. The Fold app says to transact using a Fold card, spin a prize wheel and get a Bitcoin cashback reward.
Spend: Add funds to the Fold Visa debit card
Spin: Make a transaction of $10 to earn 1 spin
Win: Spin the wheel within 1 hour if you’re a new user
Stack: Stack sats (Satoshis) and withdraw to your Bitcoin wallet upon reaching at least 50k settled sats
How Fold App Rewards Work?
All users on the Fold App or using the Fold Card will receive 1 Spin for spending,
$10 buying bitcoin
$10 buying Gift Cards
$10 with Fold Card in-store or online
$5 buying Bitcoin and $5 buying coffee with a Fold card
Launched in 2019, users can use the Fold app to spin a wheel and earn anywhere from less than 1% to up to 25% Bitcoin cash back rewards on their purchases.
To earn extra spins, they can opt for a Fold Spin+ debit card which comes with a $150 annual fee.
Fold App Hunt Bitcoin Gamification
It wouldn’t be wrong to say that Bitcoin is a game in itself where people are chasing the limited Bitcoins and the Fold app decided to leverage this by launching a Bitcoin-hunting AR game.
Niantic, the software company that developed the popular Pokémon GO game partnered with the Fold app to create a similar game but for Bitcoins.
Users can hunt Bitcoin within the app based on their surroundings. The game drops a new block in a player’s vicinity of a player every 10 minutes.
Players can claim the blocks to earn ‘Satoshis’ along with other rewards.
The game gets fun when players along with collecting bitcoin blocks also have to avoid ‘shitcoins’ or ‘poison pills’ which, if collected can make them lose the bitcoins earned.
With this, the Fold app has created a Bitcoin metaverse, motivating players to engage with their app which today has 100K+ downloads.
Quite a gamification strategy, right? Now what if I told you that just like the Fold app, you can also use Spin the Wheel to reward your users and increase engagement and retention?
“Offering rewards just for spinning a wheel won’t benefit me a business”, one may think.
If so, know that just as how the Fold app made users earn spins upon spending, you can also make yours unlock rewards won via spin the wheel only when they perform a certain action.
Curious? Here’s how Flyy’s gamification tool enables this.
How to Lock Spin the Wheel Rewards with Flyy
1. Create the wheel
Step 1a: Go to the ‘Spin the Wheel’ section under the Retention part of Flyy’s dashboard and click on ‘Create Wheel’. Add partitions of your choice by customising text, colour and probability.
Under ‘Win’, you can select which partitions to make users win rewards and which to simply display.
Step 1b: Next, you can customise the wheel's appearance in terms of colours of its border, stoke, peg, background, button as well as centre image.
Step 1c: After this, you can define the title, description and rules along with offer page banners.
Step 1d: Lastly, schedule your Spin the Wheel campaign for the user segment you’d like to make it live for, set the daily spins limit and your wheel is ready!
2. Set Reward Redemption
Step 2a: For users to be able to redeem rewards, you’ll need to create a challenge for the Spin the Wheel event.
For this, go to ‘Create Campaign’, select offer types as ‘Challenges’, reward types as ‘Coins’ if you’re offering virtual coins as rewards and select event as ‘Spin Wheel’.
Step 2b: By leaving the rest of the fields as blank, you can scroll to the ‘Compare Value’ section wherein can set individual conditions for partitions you want to reward users for.
In my case, I want to reward users when they get 50 coins and 10 coins. Hence, I need to create 2 campaigns for this, separately.
After this, set the rewards similar to that mentioned in the partitions of the wheel, along with the total campaign budget. The frequency will be set to Always.
Step 2c: Next you can set content and stylish for your campaign which won’t be visible to the users.
Then, simply select the same schedule that you chose during wheel creation, user segment, and the number of scratch cards you want to generate for a user and Save.
Don’t forget to hide this from the user.
3. Lock scratch cards
As I said, you can lock the scratch card rewards won as part of the Spin the Wheel campaign till a user performs a certain action.
This is similar to entering user details upon spinning a wheel to claim the prize. Enabling this is extremely easy under the ‘Modifiers’ section.
Step 3a: Go to Modifiers and click on ‘Create Scratch Card Lock’. Under this,
Enter the ID of the campaign you just created.
Enter the Event Key of the event you want to lock a scratch card for. This can be founder under Settings — Events
Add the message that will be shown to users when they try to redeem rewards
Lastly, you can generate the locked scratch card under the ‘Playground’ section. Add the user ID, select the campaign and click on Test FCM.
There you have it! Your Spin the Wheel campaign is all set for users to spin and win.
Here’s how the game will look within your app.