Bunz, the app that originally launched in 2013 to help friends trade items, has just rolled out a new revenue model that allows businesses to pay its users in exchange for viewing in-app adverts or sharing data.
If a Bunz user views an ad, they receive an automated payment in Bunz currency (BTZ), which can be traded for goods or with users on the community.
Bunz originally launched in Canada back in 2013 and now also has 150 local stores backing its initiative. In February 2019 trades on the app increased 185% compared to 2018. The company adds that BTZ have now been used 3.2 million times and an equivalent of $1 million BTZ have been spent in stores.
Its own cryptocurrency can also be withdrawn (up to 500,000 BTZ) and added to an Ethereum wallet.
“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.”
The launch is part of the company’s commitment to funnel 60% of marketing spend coming in through brand partnerships back to its users in the form of BTZ payout. Bunz uses the remaining 40% to actually pay for its operation and investment and grow its community.
Ads will start showing from 1. April 2019, and Bunz users can check the sum they earned by viewing ads on a daily basis.
Ads which receive more engagement also generate a higher BTZ sum.
Additionally, the company has added a feature that lets businesses sponsor in-app surveys. Users are then compensated for their participation in BTZ.
Bunz surveys have already been tested by Lyft, KOHO and Wealthsimple.