Initially rolled out in 2013, Bunz, the app, is meant to help friends to trade items. The app has now introduced a new model for revenue that will allow businesses to pay the user who views in-app ads or shares data.
When a user on Bunz views an ad, they get an automated payment in the app’s currency (BTZ), money which they can trade with users on the app, or exchange for goods.
The app was first launched in Canada and has now convinced 150 local stores to support its work. In February this year, the app saw a 185% increase in trades from 2018. The company states that BTZ has been used over three million times and an equivalent of one million dollars in BTZ has been spent in the stores.
One can also withdraw BTZ and add it to an Ethereum wallet.
‘Before long, the wealthiest people will be those with data. It is the internet currency in today’s world. There is a huge change in the way people handle their online data and Bunz is set on changing data monetization,’ said the CEO, Sascha Mojtahedi.
‘When innovation on the different features slows, platforms will start to look similar, and the difference will be in the value they offer. Which one would you prefer – a platform that allows you to make money from your information or one that makes money off it? We are strongly convinced that returning value to the owner of data and the person who shares it is the way to go. We use our cryptocurrency, BTZ, to move us in this direction.’
The company is committed to spending over 60% of its revenue from brand partnerships on giving the user value for their data inform of BTZ payouts. The company spends the remaining amount on paying for its investments, operation, and growth of its community.
Ads started running on the platform on 1st April, and the app users can check the monies they have earned from ad views per day.
Ads with the most engagement will generate more.
Additionally, Bunz has introduced a feature to allow businesses to sponsor surveys in the app. The user will be compensated for participating in the app’s currency. Wealthsimple, KOHO, and Lyft have already tested the polls.