The cryptocurrency craze of the past several months has resulted in some interesting offerings from unexpected entrants into the industry, but Oscar Meyer's new 'Bacoin' might be among the strangest. The meat producer has created a faux-cryptocurrency that offers those who participate real-world rewards (in the form of Oscar Meyer bacon).
Bacoin mocks cryptocurrency more than it adheres to the technical principles of it. Bacoins do indeed exist, but they can only be translated into Oscar Mayer bacon only. By entering the competition, users automatically receive one Bacoin, and the value of that coin corresponds to the amount of sharing about the campaign on various social media platforms — or as Oscar Mayer puts it, "mining". The amount of bacon that one Bacoin represents changes every hour, and users can "cash out" (i.e. turn their coin into a bacon coupon) whenever they'd like.
Bacon-Based Cryptocurrency Campaigns
Oscar Mayer Has Unveiled a Cryptocurrency Called 'Bacoin'
Trend Themes
1. Bacon-based Cryptocurrencies - Other food companies could follow Oscar Mayer's lead by creating their own bacon-based cryptocurrencies to engage customers in a fun and unique way.
2. Gamification of Promotion - Businesses in various industries could use cryptocurrency-like campaigns with real world rewards to gamify their promotions and increase engagement with their brand.
3. Social Media Mining - Companies looking to increase their social media presence could use cryptocurrency-style campaigns to encourage users to share their brand and message online.
Industry Implications
1. Food Production - Food companies specifically could create their own cryptocurrency campaigns to boost engagement and reward loyal customers with their products.
2. Marketing and Advertising - Marketers and advertisers could use cryptocurrency-style campaigns with real-world rewards to boost the reach and engagement of their promotional efforts.
3. Social Media Platforms - Social media platforms could partner with companies to incorporate cryptocurrency-style campaigns to increase user engagement and encourage sharing on their platform.