The popular bitcoin rewards startup is using augmented reality (AR) in a bid to make crypto fun for the masses.
Crypto rewards app Fold is trying out a new way to get its users excited about bitcoin: an AR crypto scavenger hunt in the style of “Pokémon Go.”
Fold’s AR feature allows users to explore their surroundings while searching for bitcoin and other rewards, including merchant deals and cashback prizes. The app’s waitlist went live today with a full launch slated for later this month.
“One of the barriers to entry with bitcoin is that it’s money, but it’s not visible for everyday people,” Will Reeves, Fold’s CEO and co-founder, told CoinDesk. “This augmented reality experience allows people to see bitcoin, to pick it up, and essentially brings the world of bitcoin, which exists in zeros and ones, and makes it tangible.”
Fold is not the first to make a game out of bitcoin. In recent years, gamification in crypto – and finance in general – has been on the rise, from Robinhood adding game-like features to its investing platform to all-out crypto adventures like Satoshi’s Treasure, which used a bitcoin prize to promote tokens.
Fold cardholders will be able to access the AR feature every hour, while users who only have the app will be able to access it once per day. Bitcoin prizes range from what Reeves describes as “a couple satoshis” to “a goldmine” of bitcoin.
During the current beta period, Fold will give away approximately $100,000 worth of bitcoin, but Reeves said the number would fluctuate in future months depending on sponsorship and user interaction levels.
The launch of Fold’s new AR feature coincides with the removal of all signup and activation fees associated with its Spin debit card, which offers rewards of up to 25% back in bitcoin on purchases.