NEW YORK--(BUSINESS WIRE)--Six months after being qualified by the SEC as the first consumer-facing crypto token in the US, Props tokens have been earned and used by more than 1 million users, Props Public Benefit Corporation (PBC) announced today. Props PBC also announced that social chat app Camfrog is completing its integration of Props and, starting in two weeks, Camfrog users will begin earning and using Props on the Camfrog app. In addition, Listia, a peer-to-peer marketplace, has begun the integration of Props into its app. Props is expected to go live on Listia in March.
Backed by a diverse group of investors, ranging from top venture capital firm Union Square Ventures to social media star Casey Neistat, the Props network continues to expand with new use cases and diverse communities. The new additions are expected to expand the Props network by more than a million new users. Props is set to empower more users, across apps, to participate in the wealth generated on the network to which they contribute their time, money and energy.
When consumer apps integrate Props, they reward their users with Props tokens for activities that increase app engagement and loyalty. The first app on the Props network, video app YouNow, has seen a dramatic improvement in user engagement and revenue: 43% growth in average daily revenue in the six months since the integration of Props. See case study here. Users value the Props token reward and the extensive in-app benefits the token unlocks and are engaging in deeper and more meaningful ways in order to increase their Props balances.
Camfrog is launching Props in the coming weeks with the intention of similarly impacting user behavior. A video chat app with an established community in South East Asia, Camfrog enables content creators who generate popular content and their paying fans to earn a financial stake in the network through Props.
“We expect that Camfrog users will become more engaged and loyal, driven by the incentive of earning a financial stake in the network they are helping to grow and that retention and, potentially, revenue will follow,” said Jason Katz, CEO of Peerstream (otcbb: PEER), Camfrog’s parent company. Camfrog is the second app to launch Props, and five apps in total have so far joined the network or have announced their integration of Props.
Listia, a peer-to-peer marketplace for used items, also announced today that it is integrating Props into its app. The app boasts 60,000 transactions per month. By integrating Props, Listia will further incentivize its most active buyers and sellers to participate in the app in increasingly valuable ways.
“We have chosen to use the Props token, as regular consumers without crypto-specific experience can legally and easily earn and use the token,” said Listia CEO, Gee Chuang. “In peer-to-peer marketplaces like Listia, where the community creates the value of the network, Props tokens help ensure that the people who are most responsible for driving that value -- buyers and sellers -- share the network’s potential, long-term, financial upside.”
The Props network, governed by Props PBC, a Delaware public benefit corporation, is built to empower the people who help digital communities thrive. Props provides open-source infrastructure for a network of apps capable of transparently and fairly rewarding users with a shared token. The Props platform abstracts blockchain’s technological and regulatory complexity for apps, enabling them to easily plug Props Tokens into any app in the network, in order to grant their users unique benefits and a financial stake in the very networks they help grow. Props is backed by Union Square Ventures, Venrock, Comcast Ventures, Zeev Ventures, and others.
For more information, go to www.propsproject.com.
Camfrog is a cross-platform, worldwide video chat community with millions of active users in thousands of video chat rooms. The app enables users to video chat with anyone in the Camfrog community across multiple platforms and operating systems. In order for users to unlock multiple cams in chat rooms and enhance their status within the community, Camfrog offers several different premium subscription options.
For more information, go to www.camfrog.com.
Listia is a premier online trading marketplace for new and used goods. The popular service launched in 2009 and now claims over 9 million members. Listia was founded on the premise that consumers can unlock the value of items they no longer need by trading them online using an innovative, cashless system. Listia leads the way in giving people the chance to participate in the sharing economy.
For more information, go to www.listia.com.
YouNow is a live streaming social media app dedicated to discovering the unlimited potential of human creativity. The interactive entertainment platform pioneered the concept of a mobile two-sided marketplace in the US and has over 47 million registered users.
For more information on YouNow, go to www.younow.com.