Token-gated platforms have become an increasingly popular trend in the crypto sector. Though many are still in early development, the SocialGood App has long stood out as a leader in the market. With more than 68 patents and a growing user base of more than 2 million, SocialGood App is well on its way to achieving its mission of building the world’s largest global platform.
The gamified, shop-to-earn app made headlines in March following a $14.2 million Series A funding round that was backed by prominent investors led by Miyako Capital. The app had experienced growth of five times in the three months before the funding round, with significant adoption from users in the U.S.
At the center of SocialGood App’s leading development is its native SG token. SG leverages a strong tokenomic model and incentive system to attract new users to the platform. In addition to gaining access to the SocialGood App, users can also receive up to a 15% annual percentage yield (APY) in staking rewards on SG held in the app or a wallet like MetaMask.
What is the SocialGood (SG) token?
SG is a utility token, specifically functioning as a membership access pass for the SocialGood App. To start shopping with the 1,800-plus shopping sites partnered with SocialGood and receiving the perks of shopping on the app, users will be required to hold at least 200 SG after an upcoming update.
In addition to gaining access to the SocialGood App, users can receive up to a 15% APY in staking rewards on their SG. SG staking rewards are part of the SocialGood App’s shop-to-earn ecosystem and are rewarded every six hours.
Similar to bitcoin, SG is a fixed-supply token with a maximum supply of 210 million SG. This means that while staking rewards and demand for SG increase, the total supply will remain constant and theoretically increase in value. According to the project’s white paper, SocialGood also uses affiliate and advertising partnerships with the sites listed in the app to generate revenue for token buybacks. In doing so, SG acts as a deflationary asset in terms of the total circulating supply.
According to data from Etherscan, there is a reported total of nearly 19,000 holders. Despite seeming fairly low, that number doesn’t exactly reflect the true number of holders. That is because the majority of SocialGood’s 2 million users and SG holders hold SG within the app, which is currently not visible on the blockchain. SocialGood plans to launch an update to correct that.
With the new update to the SocialGood Ecosystem, those 2 million users will be required to hold SG in their wallets on the blockchain, making the true popularity of the SG token visible to the world.
The benefits of shopping with SocialGood
Through token ownership, anyone can become a member of the SocialGood App. Boasting a robust app designed with more than 68 patents, the SocialGood App offers a rewarding shopping experience unlike anything that’s on the market now.
First, SocialGood puts the power of shopping back in the hands of the shoppers, not major corporations. With nearly 2,000 stores partnered with the app, users can easily search and compare prices all in one place. The wide range of in-app stores, including eBay, AliExpress, Lazada, Flipkart, Walmart and others, provides an end-to-end shopping experience at all of your favorite stores. With the app available on both the Apple and Android app stores, you can always shop knowing that you’re getting the best price.
In addition to bringing power back to shoppers through competitive price comparisons, SocialGood offers a shop-to-earn feature that offers up to 100% crypto back on purchases. Through a gamified crypto-back reward system and partnerships with stores like Magzter that offer up to 25% crypto back, SocialGood offers you many ways to earn more for shopping.