NEW YORK—Blockchain enthusiasts tout that crypto is the currency of the future. Millennials, who number over 75 million in the US, are rapidly entering the space—and new startups are emerging to serve them. Praise is one such platform gearing up for its debut into the cryptocurrency and NFT market. Their edge? Gamified currency with a human touch.
Praise differs from most current cryptocurrencies because it includes a reward system that gives customers native Praise tokens as a bonus for every transaction.
“Praise operates on incentives,” explains Jesse Tevelow, Founder and CEO. “Whenever a user gives Praise to another, more Praise tokens are added to the network. The sender’s account receives some tokens as a reward. Users are also incentivized to transact with Praise immediately because the reward percentage is reduced across the entire platform at pre-programmed transaction thresholds.” In other words, the rewards are bigger in the beginning and smaller as the market expands.
The digital-currency market has grown considerably over the past few years, peaking around $2.5 trillion earlier this year. But that doesn’t indicate automatic success for entrepreneurs. Many cryptocurrencies are still failing.
Tevelow says he’s considered the risk and mitigated it with brand partnerships energized by the rise of NFTs, which are already generating billions of dollars. Praise partners with top brands to create 3D-rendered, limited-edition tokens. Users can then buy, sell, or trade them with the native Praise token. The collectibles create a marketplace, giving Praise utility as a means of exchange from the onset. The company plans to drop its first NFT with Rock Mafia, the music collective that collaborates with mega superstars like Eminem, Zedd, Miley Cyrus, Migo, and many others.
“The project is uniquely attractive to the end user. Ultimately, that’s all that matters. And it certainly helps to have the right people involved!” said Brian Evans, an advisor and early investor in the company. Contributors to-date include the former VP of Design for Coca-Cola, a Boston University professor, a former FBI agent, the former CFO of a multi-billion dollar startup, and a former SEC lawyer.
Beyond the product itself, Tevelow’s passion lies in developing an organization that fosters curiosity, growth, and happiness in everyday life. Benevolence and compassion are critical in serving the younger generations, he says. “We’re establishing a culture of empathy, both inside and outside the company. We want to change the robotic, emotionless nature of money by injecting joy directly into it. If we can do that, we can change the culture of commerce itself.”
Learn more about Praise on its website.