Not Only FinTech: How In-app Tokens Boost User Engagement in Other Domains
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The FinTech industry was the first to embrace blockchain and in some way paved the way for the technology’s breakthrough innovations.
These days, the majority of all existing blockchain-based FinTech projects and solutions leverage tokens — digital representations of value that can be exchanged for goods or services offered within a certain platform.
However, FinTech is not the only domain where tokens can be implemented and used. Many more sectors are also receptive to blockchain-powered facilities and capabilities, including tokenomics, and they welcome the chance to streamline their business workflows and boost ROI.
Regardless of the industry’s specifics and requirements, the elaborate and well-structured implementation of an advanced token model comes in really handy and boasts numerous substantial benefits.
To prove this, we propose you take a look at the three real success stories from different business domains. We will share how our blockchain powerhouses at PixelPlex blockchain advisory have successfully ideated and delivered sophisticated tokenomics strategies that helped the clients attain their business goals, make their solutions more user-oriented and engaging, and establish a rock-solid reputation on the market.
LaneAxis — Supply Chain and Logistics
Logistics and supply chains have to regularly deal with multiple transactions that are costly and time-consuming to process.
Eager to resolve this issue, LaneAxis — a SaaS transportation company — reached out to our blockchain consultants for help.
First of all, we advised LaneAxis to tokenize cash flows on the platform to allow for payment processing within the system, gradual replacement of third-party payment processors, and a granulated fee structure for the platform’s services.
Considering the platform’s capabilities, we have also identified an opportunity for monetization and worked out a comprehensive tokenomics strategy. We offered the client to implement a two-token system, consisting of the Circle USDC stablecoin and the AXIS utility token. The Circle USDC is supposed to be used predominantly for payments and escrow operations while AXIS allows for liquidity mining and easier fundraising.
What’s more, about 63% of drivers spend more than three hours at the shipper’s dock waiting to (un)load, which is undoubtedly tiresome and demotivating. With regard to this, we decided to introduce special tokens for drivers so as to motivate them to deliver the goods safely and on time. They can earn these tokens for fulfilling particular tasks and use them for purchasing services on the platform.
As we see, the introduction of tokens offers multiple opportunities and revenue streams for supply chain and logistics companies like LaneAxis. The solution proposed by our blockchain advisory has opened up new monetization opportunities for the firm and established the basis for a competitive, balanced economic system with a 360-degree incentivization mechanism.
Proleague — Gaming
Being very dynamic and flexible, the gaming industry stands to take advantage of tokens too.
For example, Proleague.gg — an esports startup — got in touch with us to help them build a high-level play-to-earn (P2E) ecosystem that will raise the entire esports industry to the next level and offer ample monetization opportunities to its users.
After the detailed research of the esports market, Proleague.gg discovered that only professional gamers could monetize their game skills. That is why the company decided to introduce a blockchain-based esports platform that would help establish new revenue models, enabling even non-professional gamers to make money through minting and trading.
Considering the client’s requirements and ideas, the PixelPlex team developed a robust token economy and monetization strategies.
Given that the gaming industry can cater to the interests of everyone, we delivered a tokenomics model that encompasses different roles, including gamers, viewers, referees, team organizers, league organizers, and an esports betting company.
Depending on their functions, all participants can receive tokens for engaging in different activities such as participating in bettings, resolving disputes, setting up tournaments, watching game streams, assembling teams, and referring the Proleague platform to others.
Users can make use of the received tokens to cover the costs for their annual subscription plans, pay tournament setup and participation fees, and even cover NFT minting and reselling fees.
What’s more, any gaming solution stands to gain from a custom NFT marketplace that would operate right on the platform. That is why we have put forward the development of the ecosystem’s native NFT marketplace where Proleague’s users will be able to trade, purchase, showcase, and create NFTs.
By relying on the exquisite tokenomics model, Proleague.gg has established a clear project development strategy and discovered the best monetization opportunities that helped raise the capital and gain wider traction among investors.
Patientory — Healthcare
Healthcare is another sector that can count on blockchain and tokens to bring about meaningful transformation and interoperability to its internal processes. So far, there are numerous health blockchain-based solutions and apps that make use of tokens responsible for representing the value of health data and making it easily sharable.
However, our customer Patientory — an Atlanta-based health-tech company — decided to go a step further.
The client needed an effective solution that would allow individuals not only to monitor their health status but also introduce a strategy, encapsulating different techniques and activities that would keep users engaged and motivate them to maintain their health.
That is why we initiated the creation and implementation of an elaborate, token-based rewards mechanism that enabled Patientory to draw more users to the platform and stimulate them to enhance their health and receive rewards for this.
Together with the client we have established three different token rewards categories, namely:
- Fitness and wellness reward tokens that can be earned for fulfilling daily/weekly fitness activities such as exercising, running, walking, cycling, and swimming and for accomplishing the recommended amount of meditation, reading, hobbies, and consistent sleep specified within a care plan
- Extra challenges reward tokens that are given for completing additional daily/weekly activities not included in a personalized care plan to get extra rewards.
- In-app reward tokens for referring the Patientory app to friends, completing the initial questionnaire, rating the app in Google Play and AppStore, participating in clinical trials, providing feedback, and reaching values in the Health Score.
The rewards are paid in the form of the solution’s native PTOY tokens that can be smoothly used to pay for the app’s services, including the purchase of extra storage space and care plan subscription.
Thanks to the tokenomics mechanism implemented within the Patientory mobile app, the client has managed to reach their primary goal, which is to encourage the users to lead a healthy lifestyle, perform physical activities on a regular basis, and take care of their mental health.
Closing thoughts
As you see, tokens boast a ubiquitous nature, meaning that they can be applied to literally any industry.
We have touched upon just three use cases from different domains where tokens are used as internal tools that have helped the platform’s owners identify and integrate the most effective monetization mechanisms, attract more users and provide them with unique experiences, and receive the capital needed to promote the products further on the market.
If you have been thinking about launching your own disrupting solution that is poised to tackle challenges inherent to a certain industry, consider developing and incorporating tokens in it. If designed and implemented correctly, they can help your solution stay ahead of the game and hit it off with users.
