Kik Brings Kin Crypto Tokens to IMVU's Avatar-Based Social Network
Messaging conglomerate Kik has informed a new partnership with IMVU, the world's largest avatar-based social network.
Kik messaging service has more than 15 million users per month, including 1 in 5 USA teens, and the Kin cryptocurrency project is created to allow users to earn Kin through platform engagement and then spend it on related services. The partnership will connect IMVU to other services using Kin, and allow IMVU users to win on their platform where the average user spends almost an hour a day customizing avatars and interacting with other users.
The network will allow users to earn Kin tokens on platforms such as Kik and IMVU, which can then be spent on services offered by other partners such as Blackhawk Network. The company is a major provider of e-gift cards that gives users access to services such as Netflix and Xbox Live, and Unity, the multiplatform game engine behind Kerbal Space Program and other popular games.
Kik discovered for the first time the potential of allowing its users to buy goods and services through the currency obtained by interacting with the platform with the launch of the Kik points. The points system allows users to choose to view ads in exchange for points that can be exchanged for digital products such as stickers on the platform.
Like the IMVU Credits system, a points system that allows users to earn money by creating and selling digital products on IMVU, Kik points operated in a closed ecosystem that did not interact with other platforms or services. The success of the project demonstrated the potential for using a credit system within the platform.
The idea is to allow users to spend and win on different platforms, which led to the launch of Kin tokens, that raised $100 million last year. While IMVU allows users to exchange IMVU credits for fiat currency within the IMVU market, the new partnership aims to open that closed ecosystem to a wider market by connecting IMVU users with other applications and services related to Kin.
Half of IMVU users make transactions on the IMVU platform every month, and more than half of them already use Kik, a connection that both teams believe will create a smooth transition to Kin adoption. Although it is estimated that 90% of the world's cryptos users are men, more than 70% of IMVU users are women, which may also allow Kin to reach an untapped demographic of female content creators and crypto-traders.
How To Use Kin Crypto Tokens In IMVU?
IMVU users will activate their wallets, allowing them to earn Kin tokens by participating in surveys and other services and then spend the Kin on virtual goods on IMVU offers or electronic gift cards and other services.
Kik's team believes that bringing in a significant use case for crypto that allows users to win and spend cryptography on the products they enjoy will help accelerate the massive adoption of crypto in general.