Bunz, a Toronto-based goods and services trading platform, has launched a new business model that will enables brands to pay users for interacting with in-app advertising and sharing data. Bunz users can now earn a growing amount of Bunz’s digital currency, BTZ, each day, which can go towards trading items with other Bunz members or be used at more than 150 Canadian businesses.
The business model, named #PayPeopleNotPlatforms, promises partners that 60 per cent of their marketing spend will go back to Bunz users. The remaining 40 per cent will go towards operational costs and expanding the app’s user-base. Ads will become viewable on the app’s home feed starting April 1, 2019.
"Data will be the most valuable resource in the world and is the currency of the internet today. There is a massive shift happening in terms of how people value their online data, and Bunz is on a mission to change the way data monetization works," said Sascha Mojtahedi, CEO, Bunz.
"As innovation on features slows, and all platforms start to look the same, the distinction will become value distribution. Which would you rather use - a platform that makes money off your data, or a platform that pays you? We believe in returning the value derived from data to its rightful owner, the people who share it. The Bunz cryptocurrency BTZ is a vehicle to do this."
In addition to advertising, businesses can now sponsor Bunz in-app surveys, which will also reward users with BTZ. Bunz already releases daily surveys, which attracts around 13,000 regular respondents. Since beta-testing, businesses such as Wealthsimple, Koho and Lyft have sponsored Bunz surveys.