Red Bull Attempts to Boost Digital Engagement Via Crypto
Red Bull is experimenting with cryptocurrency as a new way to incentivize people to answer polling questions online — per an AdWeek report. The project revolves around Kik’s native cryptocurrency, Kin, and its associated app Kinit — which is specifically designed for digital engagement.
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Red Bull and Swarovski Tap Into Kin
Red Bull, through Swelly’s chatbot, has begun rewarding users with Kin — a cryptocurrency created by the Canadian messaging app, Kik — in exchange for their time answering polling questions. The energy drink company has been joined by Austrian lead glass manufacturer, Swarovski, in the pilot trial.
Both companies are helping to pioneer Kin’s initial release, with the beta version of the crypto’s app, Kinit, having launched last month. The app lets users earn Kin by engaging with brands and other platforms via quizzes, surveys, and videos.
Swelly’s Appetite for Answers
Given Swelly’s established presence on other social media sites, it’s only natural that it was one of the first to plug into the app when it first went live. Since then, Swelly has been conducting surveys on the platform using Kin — first for Red Bull, then Swarovski.
The cryptocurrency aspect has added another dimension to the process of rewarding participants and, according to Swelly CEO Peter Buchroithner, has helped garner engagement quickly. This is especially helpful for the company, given that it is often shooting for between 500 and 2,000 responses per question.
Each question is short and to the point, being only 80 characters long, and is accompanied by two photos for users to choose from. Every time a user answers ten questions, they’re rewarded in Kin.
Kin’s Beta Launch and ICO
While the ICO was still considered successful, Kik initially expected to raise $125 million. Over 10,000 people from over 117 countries around the world participated.
Kin is an ERC-20 token based on the Ethereum blockchain standard, but is deployed on the Stellar network for its superior transaction speeds. People can earn Kin through the Kinit app by completing quizzes, surveys, and watching interactive videos.
What do you think of Red Bull’s use of Kin to boost digital engagement? Let us know in the comments section below.
Images via Kinit, Kik, Red Bull