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    You can now earn crypto when you shop; all you need to know about shop-to-earn

    You can now earn crypto when you shop; all you need to know about shop-to-earn

    You can now earn crypto when you shop; all you need to know about shop-to-earn
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    By CNBCTV18.com  IST (Updated)

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    Shop-to-earn platforms are reimagine the shopping experience by amalgamating blockchain technology with retail purchases. These applications reward consumers for their day-to-day spending, allowing them to earn cryptocurrencies on each purchase.

    Shopping is not exactly a pocket friendly activity. Sure, you come home with a bag full of products you need or love, but at the end of the day, it's still just a debit entry in your financial logs, right?
    While product manufacturers make hefty profits through their customers, buyers are not rewarded much for their loyalty. But that's about to change!
    Shop-to-earn platforms are trying to reimagine the shopping experience by amalgamating blockchain technology with retail purchases. These applications reward consumers for their day-to-day spending, allowing them to earn crypto on each purchase. Sound interesting? Let's take a deeper look.
    How does shop-to-earn work?
    While different apps have different renditions of the shop-to-earn model, the basic philosophy remains the same: to reward customers in crypto for their purchases. The more you purchase, the more crypto you earn.
    There are several shop-to-earn apps available today. Some of the more popular ones include StormX, Social Good and ShopNext. All three platforms reward you in their native cryptocurrencies for transactions made within their merchant network.
    They all have upwards of 600 merchants in their respective networks, including some top names in the fashion, electronics, home appliances, and other verticals. Social Good has 1,800+ such merchants.
    Every purchase you make will earn you crypto rewards. The rewards will differ from platform to platform and depend on the merchant and purchase amount. Some platforms also provide memberships that further amplify the rewards on each purchase. For instance, with StormX, you can earn between 0.5 percent and 85 percent in crypto cash back, depending on your membership level.
    You can then transfer these tokens to your crypto wallet and exchange them for fiat currency or other crypto tokens.
    You can also stake your reward to earn more tokens
    Social Good and StormX also allow you to stake your rewards to earn even more crypto. According to an article by CoinDesk, you can stake SG, Social Good’s native token, and earn up to 15% APY as staking rewards. On the other hand, you can earn an additional 7.5% to 50% p.a. by staking STMX, StormX’s native token. These rewards will be sent to your StormX account every week.
    A budding market
    According to a CoinDesk report from May 2022, there are 5 billion mobile users worldwide. Around 2 percent of these mobile users possess crypto in some form or the other. Also, 55 percent of shoppers hope to be rewarded with cashbacks or other perks. This brings the potential user base of the shop-to-earn model to 55 million people globally.
    However, this is without factoring in the growth of the crypto industry or the increase in the number of mobile users. CoinDesk estimates the crypto industry to grow by 10x in the next two years, bringing the potential userbase for S2E platforms to a massive 550 million by the end of 2023.
    But you don’t have to wait that long to get your hands on these burgeoning digital assets. You can buy/trade cryptocurrencies on the WazirX platform today. You can also receive exciting signup bonuses and even better rewards for referring your friends. So why wait? Start trading now!
    Disclaimer: Cryptos are unregulated virtual assets, not a legal tender and subject to market risks.
    Note: This is a partnered post.
    Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
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