The toolbar was Incent Loyalty’s major product. Launched at the beginning of this year on Australia Day, it was designed to be a proof-of-concept app that rewarded users just for browsing the internet. The idea was that we would test the market to see whether our approach resonated with users and use that information and lessons to refine the product. It was also a way to distribute; building interest and promoting a market for INCNT.
It’s fair to say the toolbar has proven a success over the last six months:
Over $66,000 AUD worth of INCNT rewarded to users
70% active user rate for the toolbar
The toolbar has conclusively demonstrated there is mainstream demand for INCNT, and insights gathered during that time have informed our marketplace decisions and subsequently the direct merchant integrations we’ve been working on. All of that has also been incredibly important in our wider business development efforts. Interest at the Online Retailer conference in July was outstanding, with over 100 expressions of interest from Australian businesses.
As we continue to push on and build out our core products and markets, it’s clear that there is a future for the toolbar. What was originally just a temporary proof-of-concept has far more to offer. It has always been our vision at Incent to make it possible to reward valued behaviour across the broadest spectrum of activity – not just customer purchases – and the toolbar has proven to us that so long as we are open and honest, people are happy to trade a known sample of their browsing data if appropriately rewarded. In fact, engagement has been phenomenal, with over 75% of all our community active daily.
This gives us huge confidence that rewarding trackable engagement is worthy of further focus. As a result, we’ll be overhauling the toolbar to provide an improved user experience functionality and better mechanics, before we relaunch it to the mass market as an integral part of our overall strategy for crypto-adoption.
We’ve decided that the best way to capture best quality data and offer superior value proposition is to make the toolbar a premium product that sits behind a paywall. Users will pay a low fee via PayPal – probably in the region of $30 per year – for the opportunity to earn up to $365 in INCNT every year by browsing approved sites, in the first instance.
The scope for monetising this is huge, since it offers a powerful toolkit for marketing. We know that conventional online marketing is broken, and we think we’ve got one of the solutions. We can reward diverse behaviour online, monetising click-through rates, incentivising users to read articles, distributing INCNT as part of promotions, rewarding sign-ups, and so on.
To make all this happen, we’re retiring the current iteration of the toolbar. Don’t worry, all INCNT legitimately earned will still remain in your account and be available for withdrawal if you wish. While the toolbar will temporarily be unavailable, one immediate impact will be a smoother withdrawal process for everyone – and we’re excited about the new and enhanced functionality the next toolbar release will offer. We’ll keep you posted about the new release, when we’re ready.
In the meantime, we want to say a big ‘thank you’ to the community that has backed us this far. Many of you have been enthusiastic users of the toolbar, and we’re pleased to see that you have accumulated a healthy balance of INCNT. As mainstream merchant demand builds, we look forward to seeing your confidence in us rewarded further.