George of CryptosRus and Brian D. Evans of BDE.ventures welcomed Matthias from Social Engagement Omni Platform, Bonuz to the third episode of FOMO or Pass. According to the website, Bonuz “is an engagement acceleration platform that helps businesses and individuals create immersive social experiences across digital and real world using Web3 technologies.” Matthias called his platform a “super app” that harnesses web3 technology and revolutionary new options. They use features like token gating, proof of attendance, self-sovereign identity, and dynamic NFTs (NFTs with utility inside) that are redeemable in the real world. Did the duo FOMO or Pass?
Based in Dubai, Bonuz hails from a technology friendly government that readily embraces innovation and emerging tech. The biggest hurdle Matthias sees for Web3 is onboarding users still stuck in the Web2 world. Most people still don’t understand gas fees or know how to use MetaMask.
Matthias claims that Bonuz solves this by developing a Web2 style app with custom a blockchain that make the Web3 features simple and more familiar to all users. Coming from the creator space, Matthias understands the problems they face and knows how to maximize engagement using the algorithm.
Bonuz is an aggregation platform, social engagement app and ecosystem that empowers businesses, brands, and communities to create new gateways of interaction allowing creators and fans to work together to maximize profits and share in the growth. The app does this by tracking true interaction and rewarding it with creator tokens.
It can be thought of as creators sharing affiliate links for those that share their content, but the app takes away the need for affiliate links. One partner Bonuz is already working with is an event company. Bonuz helps them with Proof of Attendance and gamification. Bonuz allows the event company to see what their fans are doing and sharing about their brand. They do this through allowing fans to connect their socials with the Bonuz app for tracking and reward purposes. When a fan shares content, the app can reward them almost like a loyalty program.
When the pitch time was up, George and Brian wrapped up the pitch by summarizing it to make sure they understood the somewhat complex design. Matthias noted that at one point they had 89 GitHub repositories because the functionality of the app is so intense. But Matthias reiterated that the point is to have creators give content to their fans, so they can share it for incentives, “creating an army of fans.”
There is a Bonuz token, and it is needed to create the creator tokens. Scarcity is key and creator tokens will ideally be sold out at launch putting them all in the hands of early supporters. The goal of the token is to barter them or hold them for clout, not necessarily trading.
Both George and Brian were concerned with the idea that creator tokens are all dropped in the beginning, they wanted to understand how new users are on boarded for each creator. Matthias pointed out that it’s not actually fair to put new tokens into the system after the initial release, because early users will be rewarded for delivering the content they receive across their own platforms.
After Bonuz left the room, George and Brian discussed what they liked and didn’t like about the project and as always, hearing these two successful investors discuss their strategies is very educational. Did they FOMO or Pass?
Watch the episode here to find out:
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