LOS ANGELES-The world is experiencing a shift in how it approaches currency. Millennials are the powerhouse for consumer spending in the United States, on track to carry the most wealth of any generation in history within the next few years. Investors are paying close attention to this key demographic as a leading indicator for broader economic trends to come.
In particular, the growing use of cryptocurrency among millennials has been a hot topic. Millennials are drawn to cryptocurrency because they feel it equalizes accessibility and minimizes questionable transactions. For some, it is already a significant component of their financial strategy. According to a survey conducted by CNBC, nearly half of millennial millionaires hold at least 25% of their wealth in cryptocurrencies. But at the same time, most millennial consumers are still wary of trusting a non-government backed currency.
Jesse Tevelow, Founder of Praise, hopes to win over millennials by combining money with fun. Praise is a digital currency and NFT platform that ties gaming, collectibles, and currency into a single mobile experience. "Our goal is to foster a community around the idea of 'currency with a conscience,'" said Tevelow. "To do that, we added joy directly into the product. Most DeFi projects are missing this."
The method for growing the Praise network is gamified at the core. Whenever a user gives someone Praise, new Praise is added to the network from a fixed supply. A portion is delivered directly to the sender's account as a reward. But at pre-programmed network-wide transaction thresholds, the reward percentage is reduced across the entire platform, so the rewards are bigger in the beginning and smaller as the market grows.
"We also partner with brands to create beautifully designed collectible coins, which are then tradeable on our platform," said Tevelow. The special coins, called NFTs (non-fungible tokens), grant their owners access to exclusive experiences and content. It gives brands an opportunity to connect with their consumers in a new way. "We're not just selling pretty coins. The coins act as keys that unlock custom opportunities. Imagine owning a collectible coin from your favorite sports team that gives you access to VIP areas and limited-edition merchandise, for example. It's like a loyalty program on steroids."
Tevelow believes the feel-good approach will be a hit with Millennials. "For two decades, I have built and consulted with hundreds of companies. Every company that stands the test of time has one quality in common: A strong culture. We're a relationship company first and a technology company second. Millennials are starving for human experiences that help them express who they are-and that's what we're serving." Tevelow is a bestselling author and entrepreneur who previously co-founded a successful gaming company that has generated tens of millions of dollars through in-app digital currency sales. He now runs LaunchTeam, an international marketing agency that has served over 50 clients since 2016.
Praise plans to release collectible tokens with major celebrities, brands, and music artists like Rock Mafia, the music collective that has collaborated with seemingly everyone, including Miley Cyrus, Eminem, Migos, and Zedd. "We're excited about the promise of Praise," said Tim James, co-founder of Rock Mafia. "I've known Jesse for a long time, and he cares about artists. He's a writer himself. Praise is shaping up to become a solid way for artists to connect with their fans while generating revenue-not only for the artists, but for their fans as well via the secondary market."
Being well aware of millennials' preference to associate with elevated brands, Tevelow sought out James Sommerville, the former Global VP of Design for Coca-Cola, to lead brand design for Praise. "When Jesse showed me the idea, I was in. It feels good to work on a project like this," said Sommerville. Tevelow's sights are set on creating a globally recognized digital currency that establishes trust and loyalty with brands, businesses, and individuals around the world. "I want Praise to become part of the millennial lifestyle-something they can look forward to every day. We all deserve some Praise."
Learn more about Praise on its website.