The Seamless Switch from App to DApp
The common denominator in the downfall of many blockchain projects, no matter how bright the idea, has been the failure in user acquisition. Getting people on board with alternatives to the many brands they’ve become used to apparently wasn’t worth the promise of fee-less platforms or even their added privacy features. The power of brand equity truly was at the root of this puzzling forefront. However, the playing field welcomed a new, formidable opponent that could potentially avoid this struggle altogether and it was coined the “Reverse ICO.” With an established group of users, token adoption was sure to work, right?
As we move into the next decade, many of these reverse ICOs have had, to say the least, disappointing trade volumes. Whether or not general market sentiment or lack of proper token economics played significant roles in these volume slumps is unclear. The true culprit could also be deemed as the overall intimidation users have from cryptocurrencies in general. Therefore, a reverse ICO clearly requires a business model where established users are eased into the app→DApp transformation so meticulously that they barely notice the difference from the incorporation of a digital asset.
Easier said than done, you think? Not when the conversion hardly affects the existing business model and said business model integrates harmoniously with a DApp’s token economics. At Ludena Protocol, we have overwhelming confidence that we have found this precise fit to make a seamless switch.
Our existing mobile application, GameTalkTalk, is a social platform that has been available to the Korean market for 7 years and has garnered over 3 million registered users. These users are enticed to keep coming back for more due to the partnerships we have secured with many of the gaming industry’s heavy hitters. Users are rewarded with in-app ‘stars’ for posting about their favourite games or liking or commenting on others’ posts, which is the platform’s social aspect. Stars are also rewarded to users for downloading new games or achieving certain goals in existing games, such as Brawl Stars or Lineage II, both of which are extremely popular around the globe. Our users would play many of these games anyway, so why not get paid for it? The stars can then be converted for either digital items like in-game items or Google Play store gift cards or for items from convenience stores or global brands such as Dominos Pizza.
When making the switch from app to DApp, users will no longer be rewarded in stars but receive Ludena Protocol’s LDN token instead. That is the only change that is scheduled to happen in the current rewards system, as we hope to make the shift as smooth as possible for our user base. The DApp will incorporate an embedded crypto wallet to ensure token safekeeping. From there, users will be able to convert their LDN tokens for the same rewards they are used to now, along with additional reward options that will be made available in the future.
As of now, GameTalkTalk’s reward events are paid for by game publishers in fiat currency. As previously outlined in our article entitled: “A Game Publisher Nightmare: A daunting look at today’s increasing marketing costs,” these entities are suffering at the hands of ever rising marketing expenditures that are required in today’s gaming industry.
The goal of that marketing effort is always to drive users to the game, but more importantly, users who spend money within that game. Since our application collects all of the gaming-related data from our users, we can know the level of in-game spend for either individual games or the total figure. This information is very enticing to game publishers, who seek to target our VIP or VVIP gamers, which are a group of individuals who surpass a certain in-game spend threshold.
Once the DApp version of GameTalkTalk is complete, these publishers will ultimately pay for our marketing services with the LDN token, as convert the fiat to digital currency to add to the reward pool. A portion from he reward pool will be used for rewarding users upon completion of the outlined task. This token economy is extremely simple and is the revenue-generating business model that GameTalkTalk has been using for years.
In conclusion, our ecosystem participants are minimally affected from the app→DApp transformation, our business model is proven successful and market trends are showing a worldwide increasing interest in gaming itself, which is our bread and butter. That being said, we have full confidence in the coming success of Ludena Protocol and invite you to download GameTalkTalk from your app store.
To find out more information about us visit our website:
Ludena Protocol, please visit: www.ludenaprotocol.io
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