Chat app Kik recently released its Kin cryptocurrency and Kin Rewards Engine in the hopes of creating a crypto-economy within the popular chatting service. As part of its initial release, Kin cryptocurrency will be available for use to 1,000 randomly accepted users and can be spent on the Kik store on new app themes. Earning the virtual currency can be done by answering trivia quizzes or by completing polls within the app.
The ultimate goal of the Kin cryptocurrency is to drive the Kin Rewards Engine and keep users on the app. This new ecosystem is built almost entirely on engagement and encourages developers and businesses to make engaging content or bots. The Kin cryptocurrency will also reward users for staying with the platform and hopes to draw in more users with its new virtual cryptocurrency-driven marketplace.
Chat Service Cryptocurrencies
The Kin Rewards Engine is Designed to Keep Users Committed
Trend Themes
1. Crypto-economy in Messaging Apps - Creating a cryptocurrency-driven economy within popular messaging services presents disruptive innovation opportunities for developers and businesses to create engaging content and bots.
2. In-app Rewards and Virtual Currency - Incorporating in-app rewards and virtual currency systems like Kin cryptocurrency can be a disruptive innovation opportunity to drive user engagement and loyalty within mobile applications.
3. Cryptocurrency-driven Marketplaces - The emergence of cryptocurrency-driven marketplaces facilitated by Kin cryptocurrency opens up disruptive innovation opportunities for businesses to tap into new digitally-driven transaction models.
Industry Implications
1. Messaging Services - The integration of a crypto-economy within messaging services offers disruptive innovation opportunities for developers to create engaging experiences and monetize their platforms.
2. Mobile App Development - Incorporating in-app rewards and virtual currency systems like Kin cryptocurrency can be a disruptive innovation opportunity for mobile app developers to increase user engagement and retention.
3. E-commerce - The rise of cryptocurrency-driven marketplaces presents disruptive innovation opportunities for businesses in the e-commerce sector to explore new digital transaction models and tap into emerging consumer preferences.