With the average marketing company spending between $4,000 and $7,000 per month on social media marketing, competition is intense among marketing consultancies to provide the best eMarketing and technology solutions. The Friendz app may have outdone them all by unleashing individual creativity to promote businesses on social media networks. Over 200,000 users now endorse commercial products by sharing them with their social network friends over the Friendz app.
Going Public With Friendz
Friendz is putting more marketing muscle behind its word-of-mouth advertising by moving it to the blockchain and rewarding peer advertisers with its own cryptocurrency, the Friendz Coin (symbol FDZ). The products of over 200 multinational brands are promoted through this digital advertising tool, but Friendz believes the network could be much bigger if issues of trust in the online advertising community are addressed. Only seven percent of internet users have a positive view of online ads, and more than 50 percent use an ad blocker, according to a Choozle survey. Meanwhile, bots are increasingly creating fraudulent traffic, further straining the trust of users.
Receiving ads endorsed by friends is helping rebuild trust in the digital advertising network. Friendz is creating more trust by launching its own cryptocurrency. Using the Friendz Coin, big companies can now pay Friendz promoters (called ‘goldfish’) to use their creativity to promote their products through personal social networks.
On March 1st, the Friendz team opened its ICO to the public. ICO, which stands for Initial Coin Offering, is the first step for crowdfunding in the cryptocurrency world. Nowadays, it is the most common, and fastest method used by digital startups to obtain funds for developing their businesses. In less than 48 hours, Friendz received more than 13,000 contributions worth $20 mln, which corresponds to 350 mln Friendz Coins.*
Friendz has created a system to guarantee priority to smaller contributions and maximizes the number of participants, setting themselves apart from other ICOs. This was done because one of Friendz’s main goals is to make the advertising