Key points to remember
- The SocialGood mobile app will allow users to receive up to 100% crypto cash back rewards on online purchases.
- The project is an effort to reduce wealth inequalities by providing everyday buyers with access to crypto assets.
- The project’s native token aims to turn buyers into investors.
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SocialGood tackles wealth inequalities by allowing buyers to earn crypto assets from their online purchases.
Mobile App Offers Crypto Cashback Rewards
In the late 1990s and early 2000s, e-commerce transformed retail consumption by providing a way for people to purchase goods over the Internet. E-commerce has exploded with the mass adoption of the Internet, forever changing retailing. As companies adapted their business models to respond to the online boom, many introduced cashback offers to reward customers.
Today, it is common for retailers to offer cashback as a marketing strategy to attract online shoppers. According to the Global Cashback Report 2020, the global cashback market was worth 108 billion dollars in 2020, with more than 450 companies identified as industry leaders. By working with affiliate merchants and deploying a variety of techniques, cashback companies offer competitive rewards for retail transactions to incentivize spending.
In recent years, the rise of Bitcoin and tokenized assets has made the cashback vertical ripe for disruption. In the cashback market, blockchain-based loyalty networks are gaining popularity with end consumers. One of the most notable projects operating in this space is SocialGood, an app that allows users to accumulate crypto assets simply by purchasing using the app on various portals.
SocialGood is a mobile crypto cashback application.
It was started by the Social Good Foundation of Japan with the aim of solving the growing problem of economic inequalities in the world. It introduces a new system that allows consumers to acquire crypto assets while shopping online.
The app, available through Apple’s App Store and Google Play, allows users to shop at a variety of leading e-commerce stores like eBay, Lazada, Best Buy, AliExpress, Zalora, Myntra, etc. . Users are offered 100% cashback on their online purchases in the form of SocialGood (SG) token rewards up to a value of $ 10,000 per transaction.
SocialGood’s model differs from most other cashback companies out there. Where SocialGood returns 100% cashback, competitors typically offer between 1 and 3%. Additionally, SocialGood distributes rewards within 30 days, while other businesses can take up to three months to pay users.
The SocialGood token can currently be traded on the Bittrex and Bitmart cryptocurrency exchanges, as well as the popular automated market maker Uniswap. Exchanges allow users to trade SGs for fiat currencies, stablecoins, or crypto assets like Bitcoin and Ethereum (since Uniswap is a decentralized exchange on Ethereum, it does not support fiat currencies or Bitcoin).
Data from SocialGood shows that 270,000 users from over 160 countries had registered with the app as of July 2021. The annual growth rate of users exceeds 185%.
In addition to offering cash back rewards, the project distributes tokens through retail partners in exchange for affiliate marketing and commission agreements with the retail partners.
SocialGood Network Effect
SocialGood occupies a unique position compared to other global cashback players. Few other cashback companies have their own native token. With continued adoption, the SG token could see increased utility in the ecommerce space.
By offering 100% cash back, retail shoppers are incentivized to keep the full value of their online purchases in crypto tokens, which could drive demand for the app and its token. This model could help SocialGood grow exponentially as the network effect grows stronger.
In the long run, wider adoption of SocialGood and the SG token could increase the value of the network. In crypto, there is often a direct correlation between the number of token holders and the token’s market cap. Bitcoin and Ethereum, the two most valuable cryptocurrencies, have the most wallets in the entire crypto market.
At the time of writing, SG is current price at $ 1.50, which gives the project a market cap of $ 315 million. At the end of September 2021, SocialGood is offering 15% APY on SG token staking within the app, which should be another incentive for users to keep their rewards, reducing the selling pressure. SocialGood’s cashback model and token have the qualities of an asset, helping to turn consumers around the world into investors. The system is designed to have a limited number of tokens issued and incentives for long-term holding.
All in all, SocialGood is an innovative project that could be extremely disruptive for retail. It is the first of its kind to offer buyers 100% cash back on their purchases and could usher in major changes in the e-commerce space. By offering buyers significant economic incentives with its own native token, SocialGood is leveraging the benefits of cryptocurrency technology. As the space enters the mainstream, SocialGood is well positioned to achieve wider adoption in the years to come.
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