CryptosRus Invited Amino Rewards on to discuss their Move-to-Earn loyalty rewards app for sports fans. According to the website, “when you join Amino, it pays to be healthy.” The free download lets users earn $AMO while improving their health and fitness. They can also spend $AMO using an Amino VISA debit card with their favorite retailers to earn cashback rewards. Users can also swap the token between other cryptos or stake it directly in the app to earn additional perks and rewards. Did Brian D. Evans and George Tung FOMO or Pass?
Andrew from Amino opened his pitch with a bit of history telling the duo about his success with start-ups and marketing in the past. He noticed sustainability was always a missing feature in projects that didn’t make it. Longevity in tokens is crucial, and Andrew started the concept for Amino during the original Move-to-Earn hype. He watched the projects progress and noticed they were too complicated which caused the projects to collapse over time. Regardless, there was a lot of interest in the Move-to-Earn projects so they analyzed the market to see how they could take the idea several steps further and bring longevity to the concept.
Amino is a health and fitness customer loyalty program. Blockchain improves the idea because it adds fungibility and utility to these existing loyalty program concepts. Members can earn for participating in fitness activity, but they also partnered with brands to reward users for engaging in the activities. Move-to-Earn doesn’t typically have a real revenue stream. Amino pulls a small percentage of the supply that they give as a rewards and keeps it as a marketing expense. Most of the rewards in the ecosystem are linked to revenue which gives them the ability to buy back and replenish the ecosystem.
Nike, Walmart, Alo, and Microsoft are just a few of the partners in their marketplace that users can shop with in order to receive loyalty rewards. Amino works specifically with the retailers to offer users better offers and bigger deals.
Amino Move is live in the app store now, and it includes challenges and other features. Alo is actually integrating Amino features into their own app right now through partner rewards. They hope to integrate several partners and offer partner rewards across brands. Amino has 600k sign ups and 75k active daily users right now.
Amino has been working with the NFL and have formed a partnership with the Washington Commanders. The point is to bring people into the program to not only move to earn but also to shop through Amino. For example, fans of the Washington Commanders can log in to the app and buy fan apparel and merchandise directly within the app. This gives them rewards and adds to the long-term sustainability of Amino.
The show transitioned to the question and answer session with Brian and George. Brian asked about the partners and had questions about how they acquired all these high-quality brands. Andrew explained that cash back rewards and affiliate partnerships is something he has worked with before. That was how he was able to quickly add all these strong brands to the rewards program. Brian then asked about Alo and how the partnership with them will progress. Andrew said Alo wants to gamify and test a simple version in the Amino app. Alo wants to start collecting data to move more into this sector and will be a marketing partner as well as an affiliate type partner.
George asked about previous apps like StepN and other Move to Earn options and how Amino will be different. Andrew said their approach is different, and he’s had the luxury to watch how they have failed. Previous aps lacked the sustainability model and didn’t bother aligning with brands. Amino corrected that flaw in order to make a model that worked and also provides offers that users would actually want.
The user experience is developed so web2 users will not have to necessarily engage with Web3 wallets if they don’t want to. The Amino shop option lets users hold $AMO as points in off chain rewards accounts that they can spend in the catalog. Web3 users can also transfer their points to their MetaMask or trust wallet to swap for other tokens.
The team excused Andrew so they could discuss the project in private. Did they Fomo or Pass? Watch the full episode here to find out.
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