A forward-thinking apparel brand is successfully using cryptocurrency to appeal to a younger audience.
Cryptocurrencies and blockchain technology are most often thought of as payment solutions. This is understandable considering Bitcoin was the first-ever project and many of the top 10 cryptocurrencies are similar ideas. However, the fashion brand, Fjällräven, is using the technology in more of a unique way.
Outdoor Digital Currencies
As an outdoor apparel brand, the company created a currency it calls “Fox Coins” as an attempt not only to bring more awareness to itself but also to push people outdoors. Their asset is built on top of other blockchain currencies called Vatoms – a project that describes itself as “a digital representation of a real-world object that provides people with the right to own, share and redeem the items they acquire.”
At first, fans of the brand could go around different universities in the United States in search of Fox Coins on their phones, a similar-sounding idea to the popular mobile game, Pokémon Go. Nathan Dopp, CEO of the American branch at Fjällräven, commented on the idea, stating: “This project reinforces our longstanding values of going on an adventure in nature, navigating new territory, and welcoming everyone to the outdoors.”
On top of this, participating users who provided their email information were presented with additional activities to earn more. Partakers were sent a link that invited them to find a unique, Fox Coin-branded wallet that held an asset. Then, these users were given the spot of other wallets which they could hunt for via their on-device GPS.
Incentivized Use Cases
After all of the effort, users could spend Fox Coins for discounts on top-tier items or even redeem them entirely for lower-tier items at the brand’s online store. While this may sound gimmicky, the company saw an increase of 253% in participants when compared to its promotions from back in late 2018, which didn’t have any sort of cryptocurrency.
This project is a fantastic example of introducing cryptocurrencies to the mainstream in a risk-free way. While there’s still a huge amount of misconceptions and fear surrounding the concept, projects like this, Bitcoin futures, ETFs, options, and other alternatives to straight-up buying cryptocurrencies are what we need to push adoption.
What do you think about this promotion? Do you think it’s a good way to introduce cryptocurrencies to the mainstream? Let us know your thoughts in the comments below.
Images are courtesy of Shutterstock.
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