Niantic and Fold Announce Fold AR
Fold and Niantic (Pokemon Go developers) forge an alliance to develop a crypto play to earn augmented reality game. You will be able to earn Bitcoin by exploring your physical surroundings. A small fraction of people can currently try out the app for a short period during the game’s development. The augmented reality aspect will most likely be built into the “Fold” app rather than creating a whole new separate app.
What is the Fold app?
The Fold app has been around for a while now, allowing users to get Bitcoin back as a cashback reward for everyday spending. The app will enable you to spin a wheel of fortune to see how much Bitcoin satoshis you will be rewarded with after every purchase. Currently, you’re able to earn between 1% cashback for every purchase up to 1 whole Bitcoin. According to Fold, 13 users so far have been rewarded one whole Bitcoin from using the app.
Why should I care?
Currently, the Fold app allows you to earn Bitcoin by simply making purchases that you would typically do with your debit card. A few companies already have a system set up where you get money in return just for spending. However, few offer you crypto in return. Considering the trajectory of crypto for the last decade, you can see why getting crypto in return over fiat is beneficial.
If you ever played Pokemon Go, you would need to go and walk around your city/town to play. The game used landmarks around your surroundings and your GPS location to function. In the future, you will be able to earn crypto just by playing the game. It seems like they will put a new skin over Pokemon Go to achieve a very similar effect, but instead of rewards being XP for your character, you will earn fractions of Bitcoin.
Philosophy of Fold AR
In a statement, Fold’s CEO Will Reeves said that they wish to make participating in the Bitcoin economy accessible for anyone. They want to make Fold AR the easiest and most fun way to get your first piece of Bitcoin. So it will certainly be interesting to see and follow the development of the app.
Niantic is a company responsible for developing Pokemon Go based on their previous project, Ingress. These two games both use augmented reality elements to make you travel around your surroundings to progress in the game. Players familiar with Ingress and Pokemon Go can tell that Pokemon Go is a skin on top of the core Ingress game with additional features added. Fold AR will most likely be developed the same way.
How do I participate?
Currently, you can download the Fold app from Apple and Play store and order your card. However, the game is restricted to a small fraction of players for a limited amount of time. If you’re interested in participating, they have a website to sign up to get notified when the game is released.
What do we think of this?
Honestly, it’s cool, but it’s nothing special. Unless you specifically want Bitcoin as a cashback reward, you can probably earn better percentages and directly invest in Bitcoin. Also, the fact that there is a gambling factor involved makes us less optimistic about this project. They are a business, and they’re making money one way or another. That means they can afford to give you a chance to win a whole Bitcoin. This also means that the cashback percentages could be way higher if you didn’t have to gamble for the chance.