Lympo is starting to make higher revenue as more advertisers are joining.
Translation from original article IT.Chosun.com (The biggest IT media in S.Korea).
Yoo Jinsang, reporter
While blockchain projects are having trouble with creating a proper revenue model, a fitness reward blockchain project, Lympo, is getting love calls from advertisers. The project is worthy of notice, whilst the sustainability of many blockchain projects are being questioned.
On the 3rd of September, Lympo revealed that two brands advertised their products for Korean users in the last week of August. Those are Decathlon Korea — a sports equipment brand, and Snowball — a masculine cleanser brand that used Lympo as a channel to reach Korean users of Lympo.
The schedule is getting busier, in the first week of September, IROA — a brand that provides essential nutritional supplements for urban life, and ActiveLife — seller of Aftershokz bone conduction headphones, are scheduled to run advertisements too. The ads will run not only in Korea but also in the United States of America and Lithuania.
The essence of Lympo app is a reward for users when they complete an exercise challenge by either walking or running. The challenge itself is a revenue model. Sports, well-being, and lifestyle companies can sponsor challenges and reward users using their brand name. An increase in brand image and awareness, sales profits, and the influx of new users can be expected in this type of cooperation.
Sungmin Kim, Korean market manager of Lympo, said: “So far, an advertisement was something for users to endure, thinking that this is a way for a company to survive but in the Lympo app advertisement is something that is welcomed and appreciated. Every time there is a new corporate advertisement challenge, users’ response is very positive.”
As a matter of fact, the participation level of corporate advertisement challenges is higher than other ordinary challenges.
Manager Kim addressed: “We run all needed tests with sports, well-being, and lifestyle companies who are actively interested in Lympo and find the best advertisement solutions which give the greatest benefits to both companies and users.”
Meanwhile, Lympo app, accomplished 250,000 users (25,000 in Korea), 20,000 daily active users(DAU) (5,000 in Korea), 42,000 weekly active users(WAU) (10,000 in Korea) , 90,000 monthly active users(MAU) (17,000 in Korea) since its first launch in November 2018. The total amount of user reward given since launch is over 450 million KRW (≒$371,164). Among the reward, 130 million KRW(≒$107,225) went to Korean users. The recent amount of reward that went to Korean users is 30 million KRW((≒$24,744).
Lympo is a startup established in Estonia. Taavi Rõivas, former prime minister of Estonia, is the chairman of the supervisory board and Antanas Guoga, a member of the European Parliament working with blockchain policies, is the largest investor. Lympo’s cryptocurrency, Lympo Token (LYM), is listed on various exchanges such as Bitfinex, Huobi, Gate.io, KuCoin, and Gopax.
