The “token economy” is growing in the gaming industry

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This photo provided by Yanadoo shows its Yafit Cycle home workout service platform.

SEOUL, Jan 24 (Korea Bizwire) The so-called “token economy” is growing, in which companies distribute tokens that can be exchanged for tangible and intangible goods to induce consumers to engage in certain behaviors.

Home-training service platform Yafit Cycle, run by online education startup Yanadoo, sells cycling machines equipped with a tablet PC and subscriptions for a “cycle app” that allows users to participate in virtual cycling competitions with friends.

Every time users open the app to ride a bike, miles are accumulated which can be used to purchase various items from an exclusive store.

The so-called “play to win” (P2E) business model is becoming a new trend in the gaming industry.

“Infinite Breakthrough Three Kingdoms Reverse,” a mobile game that awarded cryptocurrencies in exchange for completing certain quests, topped the Google Play Store charts last year.

‘Challengers’, the so-called ‘habit-building app’ popular among people in their 20s and 30s, invites users to join a habit-building quest to wake up at 7 a.m. every in the mornings by placing a bet over 10,000 won ($8.37).

Anyone who does not reach 85% of the pass will lose some of their money. Those who achieve 100% success will receive their money, plus an additional bonus.

The growth of the token economy is mainly driven by consumers willing to invest in cryptocurrencies and stocks, as it becomes increasingly difficult to buy a house with your salary alone.

The opportunity to “earn money” by playing games, exercising and studying attracts consumers.

M. H. Lee (mhlee@koreabizwire.com)


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