Bitcoin Gets the 'Pokémon GO' Treatment in New Rewards App From Fold

The popular bitcoin rewards startup is using augmented reality (AR) in a bid to make crypto fun for the masses.

AccessTimeIconAug 18, 2021 at 3:55 p.m. UTC
Updated May 9, 2023 at 3:22 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Crypto rewards app Fold is trying out a new way to get its users excited about bitcoin: an augmented-reality crypto scavenger hunt in the style of “Pokémon GO.”

Fold’s AR feature allows users to explore their surroundings while searching for bitcoin and other rewards, including merchant deals and cashback prizes. The app's wait list went live today with a full launch slated for later this month.

  • Earn Alliance CEO on Helping Gamers Discover Web3
    17:22
    Earn Alliance CEO on Helping Gamers Discover Web3
  • Web3 Gaming Market Still Growing in 2023: Game7 Data
    01:21
    Web3 Gaming Market Still Growing in 2023: Game7 Data
  • State of Web3 Gaming in 2023
    08:11
    State of Web3 Gaming in 2023
  • Metaverse-Focused Gala Games to Airdrop Version 2 Tokens in May
    05:55
    Metaverse-Focused Gala Games to Airdrop Version 2 Tokens in May
  • “One of the barriers to entry with bitcoin is that it's money, but it's not visible for everyday people,” Will Reeves, Fold’s CEO and co-founder, told CoinDesk. “This augmented reality experience allows people to see bitcoin, to pick it up, and essentially brings the world of bitcoin, which exists in zeros and ones, and makes it tangible.”

    Fold is not the first to make a game out of bitcoin. In recent years, gamification in crypto – and finance in general – has been on the rise, from Robinhood adding game-like features to its investing platform to all-out crypto adventures like Satoshi’s Treasure, which used a bitcoin prize to promote tokens. 

    Fold cardholders will be able to access the AR feature every hour, while users who only have the app will be able to access it once per day. Bitcoin prizes range from what Reeves describes as “a couple satoshis” to “a gold mine” of bitcoin. A satoshi is the smallest unit of bitcoin. 

    During the current testing period, Fold will give away about $100,000 worth of bitcoin, but Reeves said the number would fluctuate in future months depending on sponsorship and user interaction levels.

    The launch of Fold’s new AR feature coincides with the removal of all sign-up and activation fees associated with its Spin debit card, which offers rewards of up to 25% back in bitcoin on purchases.

    Update (Aug. 18, 16:34 UTC): Corrects app launch date.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.