TAP Coin — Tokenizing Good Times
Blockchain technology and the digital token revolution are continuing to enable new business models for all sorts of industries. Whilst few token-based blockchain projects dare to venture beyond the technology industry, the experience subscription provider Hooch now goes all the way with the announcement of TAP Coin.
From a Drink-a-Day to Full Experience
Hooch’s original business model is a service that gets its clients one drink every day in participating bars and restaurants for a subscription costing $9.99 per month. This works surprisingly well because people hardly ever go to a restaurant for a single drink and participating in the program means additional business for bars and restaurants.
Recently, the company introduced a new membership tier at the premium rate of $295 per year. The Hooch Black subscription service is application-only and provides additional lifestyle experiences, VIP offers, and even concierge services, converting Hooch into an exclusive “good times provider”.
Never shy to innovate, Hooch now plans to translate its business model to a blockchain-backed service. The newly announced TAP Coin is a cryptographic token awarded to subscription members. The token can be used to access lifestyle experiences, VIP offers, discounts, home delivery services and many other perks. Basically, the token provides access to having a good a time.
The Power of Exposure and Data
So how do lifestyle experience providers benefit from accepting TAP Coin in exchange for their services? Well, firstly there is the obvious marketing and exposure effect. Just like a-drink-day, discounts and exclusive offers drive customers to participating businesses, and these customers are known to appreciate a good time and will pay for services.
In addition, participating businesses get access to the customers’ subscription history. In today’s data-driven world, this is a very powerful incentive for service providers of all sorts. They can analyze this data, gain insights into people’s entertainment patterns and customize their services accordingly.
Doing it Right
Tokenizing subscription services sounds simple. However, so far, the world has yet to see seamlessly integrated cryptographic token services that can be used without a technical background. Yes, wallets and apps abstract the underlying blockchain technology away from the user, but in practice, token users tend to have at least some technical background. The lifestyle experience users, in particular, can be a tough crowd to please in this respect. Nobody wants to worry about private key infrastructures, transactions, and proof-of-work consensus when trying to claim a free drink.
An Experienced Company
Hooch is planning to provide something special in terms of usability for its target audience and they are ideally placed to achieve this. Whereas most tokens launched these days are from brand new companies without a product, Hooch already has a working business model. Importantly, they have recently secured $5 million in seed funds, in addition to $2.75 million already raised in earlier rounds. In the world of token sales and blockchain startups, it is unusual to come across proposals with existing funding and a working product.