You can now earn crypto when shopping; Everything you need to know about Shop-To-Earn

Shopping is not exactly a convivial activity. Sure, you come home with a bag full of products you need or love, but in the end, it’s still just a debit entry in your financial journals, isn’t it? ?

While product manufacturers make big profits from their customers, buyers aren’t rewarded much for their loyalty. But that is about to change!

Shop-to-Earn platforms attempt to reinvent the shopping experience by merging blockchain technology with retail shopping. These apps reward consumers for their daily spending, allowing them to earn crypto with every purchase. Looks interesting? Let’s take a deeper look.

How does Shop to Earn work?

Although different apps have different interpretations of the shop-to-earn model, the core philosophy remains the same: to reward customers with crypto for their purchases. The more you buy, the more crypto you earn.

There are several shopping to earn apps available today. Some of the most popular include StormX, Social Good and ShopNext. All three platforms reward you in their native cryptocurrencies for transactions made within their merchant network.

They all have over 600 merchants in their respective networks, including some big names in fashion, electronics, appliances, and other verticals. Social Good has over 1,800 such merchants.

Every purchase you make will earn you crypto rewards. The rewards differ from one platform to another and depend on the merchant and the amount of the purchase. Some platforms also offer subscriptions that further amplify the rewards with every purchase. For example, with StormX, you can earn between 0.5% and 85% crypto cashback, depending on your membership level.

You can then transfer these tokens to your crypto wallet and exchange them for fiat currency or other crypto tokens.

You can also wager your reward to earn more chips

Social Good and StormX also allow you to stake your rewards to earn even more crypto. According to a CoinDesk article, you can stake SG, the native token of Social Good, and earn up to 15% APY as staking rewards. On the other hand, you can earn an additional 7.5% to 50% per year by staking STMX, the native token of StormX. These rewards will be sent to your StormX account every week.

A budding market

According to a May 2022 CoinDesk report, there are 5 billion mobile users worldwide. About 2% of these mobile users own crypto in one form or another. Additionally, 55% of shoppers expect to be rewarded with cashback or other perks. This brings the potential user base of the shop-to-earn model to 55 million people worldwide.

However, this does not take into account the growth of the crypto industry or the increase in the number of mobile users. CoinDesk estimates that the crypto industry will grow 10x over the next two years, bringing the potential user base for S2E platforms to 550 million by the end of 2023.

But you don’t have to wait that long to get your hands on these burgeoning digital assets. You can buy/trade cryptocurrencies on the WazirX platform today. You can also receive exciting sign-up bonuses and even better rewards for referring your friends. So why wait? Start trading now!

Disclaimer: Cryptos are unregulated virtual assets, which are not legal tender and are subject to market risk.

To note: This is a partnership position.

First post: STI


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