After achieving exponential growth to gain over 2.3 million users and successfully raising $14.2 million in VC equity funding, the SocialGood project has reached yet another impressive achievement. Its Shop-to-Earn platform, the SocialGood app, implemented its new membership system on Nov. 11, 2022, effectively token-gating the app.
The update was intended to add utility and additional value to the SG token, as stated on the SocialGood project’s website. After the app became token-gated, the SocialGood team announced on social media that the price of SG had increased approximately fourfold.
What’s bringing all of these users and investors to SocialGood in the first place? Beyond its mission to provide financial freedom to everyday people worldwide and a supportive network of SocialGood members, the app offers the best cashback rewards compared to other similar apps. The SocialGood app lets you receive up to 100% back on your purchases, compared to rates of around 0.5% to 2.5% on other shopping rewards apps like Honey or Rakuten. These rewards are earned in the SG token, which can be exchanged for USDT and BTC on major exchanges like MEXC, Bitmart and Uniswap.
The SocialGood app has also gained attention for its generous bonuses, including the current $100 bonus that members earn by spending one cent or more at any of its partnered shops via the app. With a huge selection of over 20,000 connected sites including eBay, Walmart, Best Buy, Home Depot, Booking.com, AliExpress and Hotels.com, many users will find that it’s not very difficult to spend more than $0.01. Although the maximum reward is $1,000 of SG for each checkout, there is no limit on the number of times that members can shop through the app.
Previously, the monthly limit for withdrawing SG from the app was set at $50 for all users, but it has recently been increased to $60. The limit is set to increase as the value of SG rises. This means that for users who download the SocialGood app now and aim to withdraw the $100 signup bonus right away, it would take two months to withdraw the full amount. If the user chooses to stake instead of withdrawing immediately, they will earn up to 15% APY staking rewards.
Future plans for the SocialGood app include implementing an individualized monthly withdrawal limit that increases the more that the user shops via the app.
If you’re looking to brave the crypto winter and start earning crypto cashback rewards with SocialGood, all you need to do is download the app, purchase 200 SG in the app via the Coinbase Commerce feature and start earning rewards every time you shop online.
Not only does cashback offer you another way to beat inflation and save money, but SocialGood’s native SG token also provides staking rewards to its holders. After activating your membership, you can climb the app’s ranks and receive staking rewards of up to 15% APY on all of your SG, including your shopping rewards and any SG you hold in your connected wallet.
What sets SocialGood even further apart from its competition is that you don’t have to wait for a quarterly combined payment. SocialGood app lets you receive your shopping rewards as soon as your purchase is confirmed, and the rewards are in crypto, which doesn’t face the same limitations as store-specific loyalty points.
As e-commerce continues to grow worldwide, a recent study from the Global Cashback Report found that of the 6.5 billion mobile users globally, 55% of them are looking for cashback rewards when they shop online. With over 20% of the population expected to hold crypto by 2030, SocialGood aims to provide easy access to crypto shopping rewards for over 700 million people in the future.
The SocialGood app is aiming to capture this demand for online shopping rewards to fuel its growing user base, with the intention of bringing more value to the SG token due to the token-gating system. This could in turn attract more users, leading to a virtuous cycle of growth for the project. In fact, the company running the SocialGood app recently moved its headquarters to a larger office in Tokyo, Japan, and renamed the company from “Social Good Foundation Inc.” to “SocialGood, Inc.,” to more closely match the app.
Shoppers looking to survive the crypto winter or to get some extra capital to buy the dip may find the SocialGood app a useful platform to meet their goals.
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