Earning Loyalty Points: Where and How?
Loyalty points are an excellent gateway to the digital market and various tech projects. Through participation in bonus programs, one can earn points that are readily exchangeable for project tokens, NFTs, or even cash.
Understanding Loyalty Points Mechanics
Startups often incentivize user participation in their marketing initiatives by offering reward points. These activities might include anything from signing up for newsletters to reposting content and staking tokens. The more a participant engages, the more points they accumulate.
The types of rewards you can exchange these points for vary with each project, but they usually include tokens that can be either held or sold later on. This approach is similar to airdrops, yet it spans over a longer period.
Seasoned point hunters often participate in several programs, finding it a worthwhile income source. For newcomers, it's an opportunity to familiarize themselves with digital projects and their potential.
But keep expectations realistic: earnings from a single program often range from $10 to $100, though there are occasional exceptions with higher returns.
Check out our curated list of profitable projects offering reward points in 2024.
Rainbow is a Web3 wallet that successfully closed a Series A funding round in February 2023, raising $18 million. This round was led by the venture capital fund Seven Seven Six, founded by Reddit co-founder Alexis Ohanian.
In December 2023, Rainbow introduced the Rainbow Points initiative. Every Ethereum network user is eligible for these reward points. Additionally, those switching from MetaMask to Rainbow will receive an even greater number of points, surpassing those awarded to regular loyal wallet users. Users who used MetaMask's redemption feature in the past year can claim up to 150,000 extra points upon transferring their MetaMask wallet to Rainbow.
Rainbow incentivizes its dedicated users. Source: rainbow.me
Earning points with Rainbow can be done through several steps:
- Transferring a MetaMask wallet to Rainbow;
- Engaging in cross-chain exchanges within Rainbow;
- Participating in swap activities;
- Joining the referral program, which offers a 10% bonus on points earned by friends.
Grass, in contrast, is a decentralized network for web-page parsing, currently in its beta phase. Users of this network can sell unused internet bandwidth, which occurs seamlessly using a suite of AI applications on their home computers.
Put simply, Grass users generate passive income by selling surplus internet traffic to third parties.
In December 2023, the Wynd Network team, responsible for Grass, completed an initial funding round of $3.5 million, led by Polychain Capital and Tribe Capital. Subsequently, the project increased its marketing efforts and started rewarding its customers with points redeemable for the company's services.
Presently, Grass offers a referral program and a point accumulation campaign. Users will earn loyalty points for selling their unused traffic, which will be an additional reward to their primary earnings. These points will be convertible into network ownership rights after the testing phase concludes.
Grass’s point accumulation system is anchored in its referral program. Source: getgrass.io
The loyalty point acquisition strategy includes:
- Downloading and setting up Grass and its requisite applications;
- Accumulating points for every 100 hours of reliable operation;
- Engaging with the project’s social media networks;
- Recommending the service to others, earning 20% from direct referrals and 10% from secondary referrals.
The maximum points a user can earn are capped by their rank, which is determined by the number of invitations sent out. Higher ranks, ranging from iron to diamond, increase the likelihood of becoming a network stakeholder and earning ongoing passive income from its operations.
Reiki is an AI-driven platform based on Web3Go, offering a data2bot toolkit that doesn't require coding skills. In July 2023, Web3 Go successfully secured $4 million in initial funding. Binance Labs, a major supporter of the project, sees considerable investment potential in Reiki, which is marketed as a bot laboratory.
Users who engage with the platform to create chatbots are rewarded for their contributions.
Reiki boasts a unique interface. Source: reiki.web3go.xyz
Participants earn 'golden leaves' as activity points, which are awarded for activities like referring new users, interacting with the AI in chat, and linking social media accounts. The accumulation of these points elevates a user's level on the platform, unlocking more features and opportunities.
The Web3 Go team plans to reveal how these rewards can be utilized later in the spring.
Simultaneous with the launch of the Blast network, the renowned NFT marketplace introduced the Blur Points season, set to end in May 2024. Rewards are split, with 50% allocated to BLUR token holders and the remaining 50% to members of the Blur community.
More information on how to earn these points has been detailed in our previous article.
Regardless of how you plan to spend your earned points, remember the importance of conducting independent research on the project before integrating your wallet with the platform or submitting personal information to the service.