First-ever revenue model to distribute profit to users in exchange for sharing data
TORONTO, March 28, 2019 /CNW/ - Disrupting digital marketing norms, Bunz announced today the launch of a revenue model that enables businesses to pay users in exchange for viewing advertisements or sharing data. When they participate, Bunz users automatically receive payment in Bunz's digital currency BTZ, thus defined as data-backed currency, which they can then use to trade for goods and services with other Bunz users, or at more than 150 local businesses across Canada. For the crypto-savvy, users can now also withdraw up to 500,000 BTZ to an Ethereum wallet.
The #PayPeopleNotPlatforms 60% commitment: when a brand partners with Bunz, 60% of the marketing spend will be funneled directly back to users, as a payout in BTZ. The other 40% is used toward operational costs and investment into growing the community network. Ads will launch on the app home feed on April 1, 2019. At the end of each day, users will receive an aggregate sum of BTZ for the number of ads viewed. As business pay more for more prominent or longer ad placements, users will receive more BTZ in proportion to the attention given.
"Data will be the most valuable resource in the world, and is the currency of the internet today. There is a massive shift happening in terms of how people value their online data, and Bunz is on a mission to change the way data monetization works," said Sascha Mojtahedi, CEO, Bunz.
"As innovation on features slows, and all platforms start to look the same, the distinction will become value distribution. Which would you rather use - a platform that makes money off your data, or a platform that pays you? We believe in returning the value derived from data to its rightful owner, the people who share it. The Bunz cryptocurrency BTZ is a vehicle to do this."
Businesses can also now sponsor Bunz in-app surveys, coined The Daily BTZ Drop, that currently boasts more than 13,000 daily respondents. Survey participants are paid BTZ in exchange for answering a multiple choice question. In other words, users are directly compensated for sharing their data. With the recent ethical debates around the data economy, privacy, the role of large online platforms like Facebook and Google, and the demand for people to receive compensation for sharing their information, the Toronto-born tech company is leading the industry by creating and executing a simple, easy-to-use, scalable way for platforms to distribute profit to users.
"Sponsoring Bunz surveys have given us a rare opportunity to attract new users to our platform while simultaneously gleaning valuable insights into what is important to them," said Ryan Tevel, Director of Partnerships at KOHO.
Since the January 2019 beta launch, like-minded businesses such as Wealthsimple, KOHO, and Lyft, have sponsored a Bunz survey, collected valuable data related to their business and directly compensated every Bunz app user who chose to participate in their respective surveys. To date, over 73 million BTZ (about $730,000 CAD) have been paid out to users via The Daily BTZ Drop.
What the sharing economy did to create liquidity for cars and houses, the data economy will do for people's data, attention and contributions. As long as the demand for consumer data exists, BTZ will remain valuable as a data-backed currency. It's like a trackable, digital version of the now defunct-gold standard, offering a new stable economy.
In the last 12 months, BTZ were used 3.2 million times and the equivalent of $1 million worth of BTZ were spent at local businesses. The monthly average of BTZ spent at local businesses has increased by nearly 1000% since launching in April 2018; Bunz is projecting the equivalent of $50,000 in BTZ will be spent at local businesses in April 2019. Bunz user-to-user trades are also up nearly 200% in the last year.
Users can download the Bunz app here, activate their wallet, claim BTZ, and start participating in a more sustainable future now.
Businesses can learn more about partnering with Bunz here.
About Bunz Trading Zone: Bunz was founded in Toronto 2013 as a secret Facebook group for trading things with friends. As invitations spread, a revolution began: a cashless culture emerged, rooted in a commitment to building a more sustainable future through the power of barter and human connection. The app, alongside Bunz.com, launched in 2016 and today is active in every major Canadian city, as well as major centres around the world. Bunz has helped its loyal, passionate community members complete 1 million trades, make 2 million offers, and start more than 20 million conversations across the world. As people are becoming increasingly aware of the need to reduce consumption and become more sustainable, more people are turning to Bunz. Trades increased by 185% between February 2018 and February 2019.
In 2018, Bunz furthered its commitment to sustainable and local economies by launching a digital token, BTZ (Bunz Trading Zone, pronounced 'bits'). People with the Bunz app can earn and spend BTZ through trades with fellow users, or at retail partners for coffee, food, designer clothing, vinyl, beer and much more. Since launching, more than 430 million BTZ have been spent between both Bunz users and at local businesses, with more than 48,000 Shop Local purchases made. The app is available for Apple and Android.