LOS ANGELES—Bitcoin maximalists say cryptocurrency is the future—a claim bolstered by the proliferation of Defi (Decentralized Finance), NFTs (non-fungible tokens), and the surging price of Bitcoin over the past year—despite the recent dip. Although public interest remains high, consumers still want better real-world applications for using crypto.
Praise, a Los Angeles-based startup, is entering the crypto space with a “people first” strategy. The company wants to reframe the concept of money, primarily through gamification features and a focus on the user experience.
“You can think of Praise as an incentive-based digital currency,” says founder and CEO, Jesse Tevelow. “Our growth and retention mechanics will mirror the structures typically found in the gaming world, but with a twist—the more Praise a user gives, the more they will receive.”
Whenever Praise is shared, new Praise is added to the network from a fixed supply. A portion is delivered directly to the sender’s account. “We programmatically release more Praise into the market with every transaction. Instead of handing out fees, we hand out rewards.”
Because every currency needs a healthy market to sustain its own value, Praise has built urgency and growth mechanics directly into its framework. “Network rewards decrease over time, incentivizing early adopters,” Tevelow explained.
Praise is gamified to help it grow, but the currency still needs a function to become more than just a store of value. The proliferation of NFTs has created an ideal marketplace. “We partner with top brands to create 3D-rendered limited-edition NFTs that carry their own market value and unlock special experiences,” said Tevelow. “Users can buy, sell, and trade these collectibles with Praise tokens inside the app. Our first NFT drop is with Rock Mafia, a music collective that collaborates with mainstream artists like Miley Cyrus, Eminem, Migos, and Zedd.” Tevelow noted that every token will have an element of social-good. “We want our coins to become a symbol for the joy in humanity. Donations to causes and acts of social good will be baked into every token drop.”
Praise’s visual brand was conceptualized in partnership with James Sommerville, the former Global VP of Design for Coca-Cola, and now a core advisor to Praise. “The biggest brands in the world use storytelling to form an emotional bond with their audience,” said Sommerville. “Praise has figured out how to code ongoing stories and experiences into the coins themselves. It’s potentially ground-breaking.”
The millennial generation is a critical audience for Praise. According to a study by Morgan Stanley, millennials will reach peak consumer-spending within the next few years and hold the biggest collective spending power of any generation in history. “The world is shifting from the corporation to the individual,” says Tevelow. “Unfortunately, most millennials don’t trust businesses, but I don’t blame them. Hopefully, Praise can fix that. It will allow currency to flow more freely to artists, musicians, influencers, writers, and anyone with an audience. It removes friction, letting customers and brands connect as humans. We’re entering a new phase of commerce that gives leverage back to the people. Soon, we will all choose the brand of currency we use, the same way we choose the brand of shoes we like to wear. The era of solely government-issued currencies is coming to an end. And that’s a good thing.”To learn more about Praise, visit its website.
