Listia is Partnering with Props to Build a Large-Scale Consumer Token Economy
We have some big news to share! Listia will be partnering with Props to integrate their consumer-facing token into the Listia marketplace and apps. The Props Token, which has already been earned and used by more than 1 million users, will power a newly revamped rewards and loyalty system on Listia. We are huge believers in the power of a token that not only unlocks features and gives you more value within marketplaces, but also gives you a true financial stake in the network. As the first legally qualified consumer-facing token in the US, Props is in a unique position to help us realize that vision.
While Ink Protocol and XNK have worked well as a peer-to-peer reputation system and medium of exchange within Listia and Replin for the last couple of years, it still has not been able to fulfill all the things we set out to achieve. So, we knew it was time for an upgrade. Over the last few months, we have been experimenting with various options, such as adding functionality to Ink Protocol, reworking the mechanics of XNK, and finding suitable partners. We believe we have found an ideal solution with the Props partnership and are extremely excited to join forces with Props to push the vision of a large-scale consumer token economy together. All of our existing technology and product initiatives will remain the same, but they will run off of Props instead of XNK and all current XNK users will be able to upgrade to Props easily within the apps.
Together, we are able to create a much larger network of users more quickly than we could have alone. Props is the only token available to US consumers that can truly give our users both added utility and also a tangible financial stake in the networks they are helping to create.
Easy Upgrade Path for XNK Users Inside and Outside of Listia
(updated with product launch details) Once the integration is complete, Listia will start using a stable in-app currency as the medium of exchange, called Listia Points, and switch to using Props for rewards, incentives, and network ownership. Listia will also launch an upgraded rewards and gift card store, which should be a welcome change for all our power sellers and buyers. We plan to make the transition to Props very easy for all of our users. All current XNK users may receive a one-time award of Props for their continued loyalty as active users and members of the community and marketplace. The amount of Props will be based on each user’s existing activity, status, reputation, etc. at Listia’s sole discretion. Existing account balances can always be spent in the marketplace as usual or rolled into the new Props status levels at a rate of 1 Prop per 76 XNK within the app. Props is also built on top of Ethereum as an ERC-20 token, so it is freely transferable and can be used within the Listia marketplace or any of the growing number of other apps on the Props network.
Upgrading to Props on Listia:
- Props will give users a financial stake in the success of the platform and also provide real in-app benefits like lower fees for sellers, discounts for buyers, rewards, and more.
- All Listia users may receive a one-time grant of Props deposited into their Listia accounts upon launch.
- If you have XNK balances outside of Listia that you wish to use in your account, you will first need to sign up for a new account or login to an existing account on Listia.com or through our mobile apps. You can then easily deposit your XNK upon launch.
- The amount of Props will be based on past activity, transactions, positive feedback, purchases, and various other factors for continued loyalty within the platform.
- Listia users can continue to earn more Props through active participation in the marketplace, such as providing great buying and selling experiences.
- All existing XNK store credit within Listia will become a new stable in-app currency, called Listia Points, and can still be used to buy anything on Listia.
- Any withdraw-able XNK on Listia can be spent as usual, rolled into the new Props status levels within the app, or withdrawn.
- Any future Props withdrawals from this point forward will go through the normal Props withdrawal process, including KYC and other checks.
- As of this announcement, depositing of new XNK into Listia will be temporarily disabled until after the Props launch.